Fixing the disparities: Guyana, Trinidad Business Chambers sign MoU to boost trade

The Georgetown Chamber of Commerce and Industry (GCCI) and the Trinidad and Tobago Chamber of Industry and Commerce (TTCIC) have signed a new Memorandum of Understanding (MoU), paving the way for the establishment of a joint complaints desk, and bilateral efforts to remove trade barriers.

GCCI President, Kathy Smith, said Guyana imports significantly more from Trinidad and Tobago than it exports, and posited that Guyanese businesses should be able to expand their footprint in the Trinidad market once several non-tariff barriers are removed.

Smith said challenges associated with exporting agricultural produce — including wiri-wiri peppers, pineapples and honey — are among those that Guyanese businesses want resolved. She expressed optimism that working alongside the Trinidad chamber would help resolve such issues.

“We will work towards actively identifying and resolving barriers to market access and cooperatively addressing these for mutual benefits,” Smith said.

Per the MoU, a formal trade complaints mechanism that includes a joint trade desk, would be established. TTCIC Chief Executive Officer Dr Vashti Guyadee said this could be set up in about three months’ time. Additionally, she said the Trinidadian body is interested in reviewing taxation issues, and lobbying for an updated fresh produce protocol in the Twin Island Republic to facilitate the import of agricultural produce now confronted by the non-tariff barriers.

Non-tariff barriers include quotas, embargoes, sanctions and levies that affect some exports to CARICOM markets. TTCIC President, Karen Yip Chuck said the chambers have already engaged their membership and will not work on resolving issues identified in a structured way.

“Today’s signing is not simply about executing a Memorandum of Understanding, rather, it is about creating an enduring framework through which the private sectors of our two countries can work together to identify challenges, advocate for solutions, and unlock new opportunities for business,” she said