WORLD TRADE WT/MIN(98)/ST/94
20May1998
ORGANIZATION(98-2117)
Original: English MINISTERIAL CONFERENCE
Second Session
Geneva, 18and20May1998
GUYANA
Statement Circulated bytheHon. Michael Shree Chan,
Minister ofTrade, Tourism andIndustry
AtSingapore, IsaidthenthatGuyana iscommitted to:
- Promotingofanopen,non-discriminatory,fairandequitablemultilateraltradingsystem
thatwillenable countries -particularly developing countries -toimprove theireconomic
structures andenhance theliving standards oftheirpeoples through sustained economic
development;
- improving market access fortrade ingoods andservices;
- promoting andsupporting policies, bothdomestic andinternational thatmake economic
growth andenvironmental protection mutually supportive;
- fostering global economic policy-making thatsafeguards thevitalinterests ofthesmall
andvulnerable economies inthedeveloping world.
Guyana wishes torestate these principles allofwhich express theveryessence oftheUruguay
Round Agreements aswellastheobjectives oftheWorld Trade Organization.
Much have been achieved since Singapore -wehave concluded Agreements onBasic
Telecommunications andonFinancial Services andhaveimplemented theAgreement onInformation
Technology. Ourdispute settlement system isfunctioning wellbutwehaveallrecognized theneed
forimprovement. Wehaveexpanded themembership oftheWTO andareconsidering theacceptance
ofnewmembers intotheOrganization.
These successes oftheWTO arereflected initssignificant contribution toeconomic growth,
employment andstability within theframework ofincreasing tradeliberalization andexpansion oftrade
thuscontributing totheimproving ofstandards ofliving.
Wehavecome alongway,butIdaretosuggest thatwestillhavealongwaytogo.Forwhile
attheglobal leveltheindicators areverypromising, Isubmit thatthereisneedforacloser examination
oftheimpact ofourpolicies atthenational level, particularly thesmaller economies.
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Ireferspecifically tomyowncountry, Guyana -wehaveundertaken comprehensive structural
adjustment programmes incollaboration withtheWorld Bank andtheInternational Monetary Fund.
Werecognize theimportance oftransforming oureconomy inorder thatwecould takeadvantage of
theopportunities afforded from theliberalization ofthemultilateral trading system.
Needlesstopointout,Mr.Chairman,Guyanacontinuestoparticipateintheliberalizationprocess
despite theharsh realities which wesometimes face. Wemusttakeintoaccount thedelicate balance
between human resource development ononehand, anddemocracy andeconomic growth, ontheother
hand.
Guyana 'sdebtburden continues tobeverysevere. Debtservicing asapercentage ofcurrent
revenues increased from 42.6percentin1996 to54.1percentin1997 andisexpected tofurther
increase in1998. Ourbalance-of-payments current account balance deteriorated byG$10.2 billion
from 1995 to1997. Wecontinue toexperience anetoutflow offinancial resources. Subsequently,
wewelcome theinitiative ofthemultilateral financial institutions regarding theHIPC countries and
urgethatevery effort bemade toensure thatthedebtproblem iseradicated.
Guyana submits thatthereisaninterlocking relationship between thedeveloped anddeveloping
economies. Forwhile trade expands andstandard ofliving improves inthedeveloped world, itis
theincumbent thatdeveloping economies experience similar improvements intheabsence ofwhich
there isthelikelihood thatthepeople ofthepoorcountries willresort toproduction andexportation
ofdrugs tothedeveloped countries. Thiswemust prevent atallcosts.
Inconclusion, while wecontinue toconstruct asingle global village, Guyana believes thatwe
need tobuild apolitical framework thatisunderpinned bytheruleoflaw,democracy andgood
governance thatisallinclusive andconsensual. Thisneeds tobestated withfirmpolitical commitment.
Finally, Iwish tojoinsomany ofmycolleagues incongratulating youonyourveryable
chairmanship andatthesame timeexpress mysincere thanks totheGovernment andthepeople of
Switzerland formaking ourstaysuchanenjoyable andfruitful one.
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