Guyana was prominently featured in the World Trade Organization’s (WTO) public forums held from September 9 to September 14, highlighting the urgent need for a more equitable global trade regime amid re-globalisation efforts.
Minister of Tourism and Commerce, Oneidge Waldron, alongside Ambassador Leslie Ramsammy, represented Guyana in critical discussions about trade’s role in fostering development.
The forums gathered trade ministers, government officials, and representatives from multilateral organisations to explore how trade can drive sustainable growth.
Since the WTO’s inception in 1995, global trade has expanded significantly, lifting approximately 1.5 billion people out of absolute poverty. However, the benefits of this trade expansion have not been evenly distributed, raising concerns about equity in the trading system.
As the WTO prepares to celebrate its 30th anniversary, the 2024 Public Forum will focus on how re-globalisation can create a more inclusive trade environment, ensuring its advantages reach a broader demographic.
Minister Waldron participated as a guest panelist in two significant sessions. On September 12, she contributed to a discussion titled “Inclusive Policies, Global Impact,” where she emphasised Guyana’s commitment to trade liberalisation and its importance for the agricultural sector.
She outlined government strategies aimed at enhancing agricultural exports and stressed the need for improvements in the global approach to Special and Differential Treatment (SDT) to facilitate better market access for key food staples from Guyana and other Small Island Developing States (SIDS).
In another session on the same day, titled “The Big Blue Agenda,” Minister Waldron addressed the challenges SIDS face in embracing the Blue Economy.
She underscored the WTO’s role in correcting existing flaws in the global trade system to support these nations in diversifying their economies through sustainable practices.
On September 13, Ambassador Ramsammy joined a forum focused on “Global Trade and Food Security,” alongside other regional leaders.
He highlighted that, despite Latin America and the Caribbean producing over 17% of the world’s food, approximately 250 million people in the region still experience hunger. He attributed this stark contrast to an inequitable trade system and emphasised the necessity for greater regional integration in agri-food trade.
Ambassador Ramsammy also discussed the 25 X 25 Food Security Initiative, launched by President Irfaan Ali, aimed at significantly reducing CARICOM’s food import bill. Since its introduction, CARICOM’s food imports have reportedly decreased by about 15%, with an ambitious goal of achieving a 25% reduction by 2025.
He further noted the substantial increase in Guyana’s agricultural budget, which has surged by 800% since 2014, anticipating that this funding boost will enhance food security within the region.
Guyana aims to meet 100% of its needs for soya and corn by 2026/2027 and to become an exporter of these crops by 2028. The country has also expanded its agricultural output to include new crops, such as millet, red beans, and quinoa.
In his address, Ramsammy advocated for a fairer global trade system that rewards countries for their contributions to climate security, highlighting Guyana’s position as a leader in carbon credits. He pointed out that Guyana is the only country certified to offer carbon credits to the aviation industry, further demonstrating its commitment to environmental sustainability.
Ramsammy praised Guyana’s efforts in mangrove restoration and the expansion of the aquaculture industry, particularly the remarkable 755% increase in brackish shrimp production between 2021 and 2023.
The WTO forums concluded with a renewed commitment to leveraging trade agreements to foster regional cooperation and enhance food security, underscoring the vital role of equitable trade in achieving sustainable development goals.
