GCCI moves to boost trade with Canada, Cuba and India
In front row from left: Cuban Ambassador to Guyana Narciso Reinaldo Armador Soeorro; Canadian High Commissioner Lilian Chatterjee; and Indian High Commissioner Venkatachalam Mahalingam. Minister of Business Dominic Gaskin and GCCI’s President Deodat Indar, are among those in the back row. (Delano Williams photo)
In front row from left: Cuban Ambassador to Guyana Narciso Reinaldo Armador Soeorro; Canadian High Commissioner Lilian Chatterjee; and Indian High Commissioner Venkatachalam Mahalingam. Minister of Business Dominic Gaskin and GCCI’s President Deodat Indar, are among those in the back row. (Delano Williams photo)

THE Georgetown Chamber of Commerce and Industry (GCCI) has established three trade councils to facilitate business between Cuba, India and Canada.

The idea to establish the councils was birthed during visits to Cuba and Canada in 2017, when of three Memoranda of Understanding (MoU) were signed between GCCI and the Chamber of Commerce of the Republic of Cuba; GCCI and the Federation of Indian Export Organisations (FIEO); and GCCI and the Newfoundland and Labrador Environmental Industry Association (NEIA).

During a joint press conference on Monday at the GCCI’s Waterloo Street, Georgetown, head office, the organisation received the full support of the Government of Guyana, the High Commission of Canada, the High Commission of Indian and the Cuban Embassy, as it embarks on this new trade venture.

GCCI’s President Deodat Indar explained that each of the trade facilitation councils will be chaired by a representative of the body, and will include representatives from the Ministry of Foreign Affairs; the Ministry of Business and Go-Invest; the Bar Association of Guyana; the Guyana Manufacturing and Services Association (GMSA); and a representative from the respective commissions.

According to him, once the members of the councils have been identified to operate in keeping with the Terms of Reference (TOR) of each council, a reporting mechanism would be put in motion to update GCCI and its partners on the progress being made. Minister of Business Dominic Gaskin in offering brief remarks, assured of the Government’s full support even as he applauded the move by the chamber, which is expected to allow for an increase in trade activities between Guyana and the identified countries.

Executive Director of the Foreign Ministry’s Department of Global Economic Cooperation, Trade and Investment, Ambassador Rawle Lucas said the initiative undertaken by GCCI is extremely important, noting that trade is perhaps the biggest driver of the Guyanese economy.

“It is therefore important for us to manage it, improve it, in whatever ways we could,” Ambassador Lucas added. He said that the government is cognisant of the needs for mechanism such as the trade facilitation council. “We recognise as important partners in development Canada, India and Cuba, it matters that we can have mechanisms of the type you are putting in place to enable us to see the extent to which we could strengthen our trade, improve our productivity, improve our competitiveness and improve the incomes that we have,” Ambassador Lucas further added.

Cuban Ambassador to Guyana Narciso Reinaldo Armador Soeorro, said that the establishment of a National Trade Facilitation Council (NTFC) is a very important step in improving bilateral relations with Cuba and Guyana. He used the opportunity to congratulate the chamber on the significant move.

Weighing in on the new development, Indian High Commissioner Venkatachalam Mahalingam alluded to the Joint Business Council, noting that after the agreement was signed in 2003 nothing much had happened.

The High Commissioner said he has been trying to ascertain the reasons behind the failure to operationalise the council, but came up empty handed. However, Mahalingam said he is pleased that the NTFC will include representatives from the High Commission of India and the GCCI.

He added that the Export-Import Bank of India (EXIM Bank) has been constantly visiting Guyana to sign agreements for a number of development projects. Based on discussions, it is possible for Guyana and India to have an export credit for the benefit of both countries, he said. The Indian High Commissioner also used the opportunity to extend an invitation to the GCCI to engage in discussions with the bank to benefit from such financial system.

Canadian High Commissioner Lilian Chatterjee, like the other diplomats, said that it is a good step for Guyana in the area of trade. She reminded that in 2016, Guyana was Canada’s largest trade merchandise partner in the Caribbean Community (CARICOM), noting that in 2017 the trade merchandise was valued at approximately $700M.

The Canadian envoy noted that since the GCCI and the Newfoundland and Labrador Environmental Industry Association (NEIA) signed the MoU in 2017 six partnerships were formally developed. Next week, two high-level deputy ministers from Newfoundland will be in Guyana to meet with State Minister Joseph Harmon and the other ministers of government. Also a trade mission is expected in Guyana in September.

“We have been working together for a long time, and this trade facilitation council is only going to help things to be done in a more organised way,” she posited.

In mid-November 2017, the chamber while in Canada had signed a MoU with NEIA, where the parties agreed to recommend and introduce to each other trade opportunities for cooperation and partnership for investment and trade. It was during the 35th Havana International Trade Fair (FIHAV) in 2017, that the MoUs with Cuba and India were signed.

The chambers had agreed to regularly exchange market information and promote the development of trade, in addition to exchange visits by businessmen, missions and business delegations.

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