WT/TPR/G/422 /Rev.1  
31 May 2022 
(22-4064) Page: 1/15 
Trade Policy Review Body   Original: English  
 
 
TRADE POLICY REVIEW  
REPORT BY  
GUYANA  
Revision  
Pursuant to the Agreement Establishing the Trade Policy Review Mechanism (Annex 3 of the 
Marrakesh Agreement Establishing the World Trade Organization), the policy statement by Guyana  
is attached.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 WT/TPR/G/422/Rev.1 • Guyana  
 
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  CONTENTS  
1   INTRODUCTION  ................................ ................................ ................................ ..........  3 
2   ECONOMIC POLICY ENVIRONMENT  ................................ ................................ .............  3 
2.1   Monetary and Fiscal Policy  ................................ ................................ ............................  4 
2.2   The Effect of the COVID –19 Pandemic on the Economy  ................................ ....................  5 
2.3   Infrastructure Development  ................................ ................................ ..........................  6 
3   TRADE POLICY DEVELOPMENTS  ................................ ................................ ..................  6 
3.1   International Trade Policy  ................................ ................................ .............................  6 
3.2   Trade Performance  ................................ ................................ ................................ ...... 8 
3.3   Preferential Market Access and Free Trade Agreements  ................................ ....................  8 
3.4   New and Emerging Sectors  ................................ ................................ ...........................  9 
4   MULTILATERAL TRADE RELATIONS  ................................ ................................ ...........  11 
4.1   Doha Development Agenda (DDA)  ................................ ................................ ................ 11 
5   FUTURE POLICY DIRECTIONS: OPPORTUNITIES AND CHALLENGES  ..........................  11 
5.1   The COVID –19 Challenge  ................................ ................................ ............................ 11 
5.2   Public Infrastructure and Transport Infrastructure  ................................ .......................... 12 
5.3   Oil and Gas Sector  ................................ ................................ ................................ ......12 
5.4   Energy  ................................ ................................ ................................ ...................... 12 
5.5   Export Diversification  ................................ ................................ ................................ ..13 
5.6   Reforming Traditiona l Industries  ................................ ................................ ................... 13 
5.7   Climate Change and Environmental Impact  ................................ ................................ ....13 
5.8   Public -Private Dialogue  ................................ ................................ ................................ 14 
5.9   New Technologies and ICT  ................................ ................................ ........................... 14 
5.10   Forestry  ................................ ................................ ................................ ................... 14 
 
 
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  1  INTRODUCTION  
1.1.  Guyana welcomes this fourth round of its Trade Policy Review (TPR) by the World Trade 
Organi zation (WTO) , Trade Policy Review Body. The Government of Guyana acknowledges the virtual 
consultations with WTO Secretariat staff during the preparations of the TPR and appreciates the  
valuable work undertaken under difficult circumstances due to the COVID -19 pandemic restrictions.  
1.2.  Guyana is a small vulnerable economy that still heavily relies on a narrow export base, 
comprised of agricultural and extractive industry products, which are  increasingly playing a key role 
in the country's export revenue. Guyana continues to import most of the products it needs, but the 
current policy is to encourage domestic production of products that are hitherto being imported. 
Guyana remains a strong adv ocate for a transparent, rules -based, multilateral trading system. Most 
of Guyana's import and export trade is based on reciprocal preferential market access based on free 
trade agreements with international and regional trading partners.  
1.3.  During the review  period  (2015 -2021) , Guyana sought to diversify the economy and create 
opportunities in all economic sectors. With the development of the oil and gas sector, the country 
started exporting oil, and intends to use the revenues to invest in critical developme nt priorities 
importantly in infrastructure to catalyse the diversification of the economy as well as in education 
and health sectors . In its bid to expand the economy and its export  base, Guyana continues to 
embrace multilateralism, and deepen  regional in tegration within the context of the Caribbean 
Community (CARICOM). It continues to advocate for the removal of barriers to trade to encourage 
greater access to markets in the countries of the Region.  
1.4.  Prior to the COVID -19 pandemic, Guyana's economy had exp erienced steady growth over the 
years, but this was disrupted by the pandemic. Like other countries, and economies it is hoped that 
with the easing of restrictions and opening up of economies, Guyana's economic growth, which was 
steadily rising from 3.8% i n 2016 to 5. 4% in 20191, and gr ew by 4 3.5% in 2020 , will continue its 
upward trajectory .  
2  ECONOMIC POLICY ENVIRONMENT  
2.1.  Guyana has had a positive economic performance during the review period, with an average 
growth rate of above 12. 2% from 2016 to 2020, wi th a 3.8% growth in 2016 and 43. 5% in 2020 .2 
The high growth rate in 2020 was a reflection of the early production of  the oil and gas sector as 
well as other measures by the Government to improve the overall business climate and attract 
investment in other sectors of the economy. The generally favourable international environment 
coupled with increased interest in the economy by mostly international investors has been the main 
catalyst for the much -improved macroeconomic performance. Even  without the growth 
rate of 43.5% in 2020 which is attributed to the oil and gas sector, the average rate of growth for 
the four  preceding years is over 4%, which is above the regional average for the same period. 
Guyana is positioned to attract increased long-term investments, especially in the oil and gas -related 
services as well as other economic sectors and tourism.  
2.2.  Guyana's GDP at Current Basic Prices (US D million ) (2012 Base) rose from US D 4,089.9 in 
2016 to US D 4,904.4  in 2020, while the per capita GDP (US D) (2012 Base) rose from US D 5,979.2 
to US D 6,855.1 during the same period .3 This consistent improvement in Guyana's GDP is a 
reflection of the steady economic growth that the country has witnessed over the past decade. This 
economic growth continu es to be registered largely due to the robust performance of several  sectors 
of the economy due to the Government's targeted measures.  
2.3.  The agricultural sector, comprising rice, sugar and non -traditional crops, as a key contributor 
to the economy in terms of the national GDP during the previous review period, has been overtaken 
by the extractive industries over the recent past.  Besides, oil and gas , other products of mining and 
quarrying, including gold and bauxite were key export revenue earners for Guyana  during the review 
period. It is expected that these exports from the  mining and quarrying  sector, which has seen some 
 
1 https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=GY .  
2 https://data.world bank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=GY . 
3 https://finance.gov.gy/wp -content/uploads/2021/02/Budget -Speech -2021.pdf . WT/TPR/G/422/Rev.1 • Guyana  
 
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  growth during the review period, will continue to be the key contributors to  the economy in the short 
and medium -term.  
2.1  Monetary and Fisca l Policy  
2.4.  During the review period, the Central Bank of Guyana continued to exercise its power to guide 
Guyana's m onetary policy with the aim of influencing the availability and cost of money and credit, 
to achieve national goals such as a low, stable and predictable rate of inflation and sustained 
economic growth. The principal objectives o f the monetary  policy were accordingly designed to foster 
domestic price stability through the promotion of stable credit and exchange conditions, as well as 
sound financial intermediation conducive to the growth of the economy of Guyana by strict 
observance of the reserve requireme nts and open market operations.4  
2.5.  In this respect during the review period , there was a  change in reserve requirement, which 
was implemented in 1999, and remained in force up to 23 August  2020. Subsequently, there was a 
temporary amendment of the rate to 10% effective 24 August to 31 December  2020, as agreed 
between the Bank and the commercial banks in relation to the supplementary relief measures for 
the COVID -19 pandemic. The Bank of Guyana has managed to maintain a stable bank rate, which 
is determined by the 91 -day treasury bill rate, which remained unchanged .5 The 91 -day treasury bill 
yield remained unchanged at 1.54 % due to the non -issuance of the bill during the review period 
while the spread between the Bank rate and 91 -day treasury bill stood at 3 .5%. 
2.6.  The Government continues to apply a fiscal policy that is geared towards long -term stability 
and growth. The implementation of the VAT in the previous review period moderni zed Guyana's tax 
regime and VAT administration was strengthen ed and streamlined during the reporting period. VAT 
at the rates of 14% or 0%  is charged on the taxable supply of goods and services within Guyana by 
a registered person and the supply of machinery and equipment for obtaining, generating, and 
utilizing electricity from renewable energy sources is VAT exempt ed, besides other items including 
international transport services, locally mined raw gold or diamonds, educational services, residential 
rent, financial services, and certain medical services, food items, and consumer products, while 
goods and services for export and certain medi cal supplies are zero-rated .6  
2.7.  The Bank of Guyana managed to maintain a low inflation rate for the respective years during 
the review period with the highest 12 -month inflation rate recorded being at 2.08% in 
December  2019. This has helped maintain  stable  consumer prices over the years. The exchange rate 
against all major convertible currencies remained relatively stable during the review period. During 
the review period, Guyana maintained a stable public debt, which has however witnessed a slight 
increase  in 2020. This slight increase notwithstanding, the country remains in a good position to 
service its external debt given its maturity structure and currency composition. Guyana has 
benefitted from debt relief, made substantial repayments, and exerci sed prudent debt management, 
leading to a decline in the country's debt ratios over the past decade and has seen the debt-to-GDP 
ratio decline from 36 % in 2015 to 33 % in 2019 . The latest debt sustainability analysis (DSA), 
conducted by the International Monetary  Fund in 2019, concluded that the risk of external and 
overall debt distress is moderate, but debt dynamics will improve significantly as oil production 
begins. ( The Government of the Cooperative Republic of Guyana Public Debt Policy 2021 – 2024).7 
2.8.  During  the review period, there was the establishment of Natural Resource Fund (NRF) Act 
No. 12 of 2019. This Act became operational as Guyana realized the need to rationalize the 
management of the anticipated revenue of its oil and gas resources. The governance  structure within 
the oil and gas sector is further bolstered with the enactment of the Natural Resource Fund Act 
No. 20 of 2021 and the Local Content Bill No.  21 of 2021. The Natural Resource Fund is intended  to 
manage the natural resource wealth of Guyana for the present and future benefit of the people in 
an effective and efficient manner by ensuring that volatility in natural resource revenues does not 
lead to volatile public spen ding; ensuring that natural  resource revenues do not lead to a loss of  
economic competitiveness; fairly transferring nat ural resource wealth across generations to  ensure 
that future generations benefit from natural resource  wealth; and using natural resource  wealth to 
 
4 www.bankofguyana.org.gy . 
5 https://bankofguyana.org.gy/bog/images/research/Reports/ANNREP2020.pdf . 
6 https://taxsummaries.pwc.com/guyana/corporate/other -taxes .  
7 https://finance.gov.gy/wp -content/uploads/202 1/05/Public -Debt-Policy -2021-2024-The-Cooperative -
Republic -of-Guyana.pdf . WT/TPR/G/422/Rev.1 • Guyana  
 
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  finance nation al development priorities including any initiative aimed at realising an  inclusive green 
economy. The Fund is a pub lic fund held in the name of  the Bank of Guyana on behalf of the 
Gover nment and the people of Guyana.8  
2.9.  The Local Content Bill 20219 will "provide for the implementation of local content obligations 
on persons engaged in petroleum operations or related activities in the petroleum sector ". The Bill 
also "supervision, coordination, monitoring and evaluation of, and participation in, local content in 
Guyana; to promote competitiveness and encourage the creation of related industries that will 
sustain the social and economic development of Guyana; and for other related matters ". A Local 
Content Secretariat will be established for the purpose of overseeing the general implementation 
and monitoring of the Policy.  
2.10.   Guyana is open to foreign investments, and there is no discrimination between foreign and 
domestic investors with regard to their investments, except in small -scale mining sector. Unde r the 
Income Tax (In Aid of Industry) Act, the Minister of Finance may grant an exemption from some 
taxes with respect to new economic activity of a developmental and risk -bearing nature in specified 
economic fields. Guyana has consistently been ranked ver y high in UNCTAD's FDI performance index 
during the review period. The Government actively supports potential investors through the Guyana 
Office for Investment (GO -Invest). Significant investments have been made during the review period 
in all major secto rs, especially in the oil and gas sector, and services sector activities linked to the 
oil and gas industry. The Government is seeking to widen the spread of investments in new areas of 
manufacturing for value addition, agriculture and agro -processing indu stries, as well as in the 
services sector especially in information communication technology (ICT) and the tourism sector.  
2.11.   Guyana's economy was ranked among the five fastest growing economies in the world by 
Nasdaq, Bloomberg and the International Monetar y Fund (IMF); at a time when the rest of the 
world's economy was in decline. The country's GDP for 2019 was USD 4.5 billion , and there was  a 
43.5% growth in 2020 according to the World Bank . Exxon Mobil has projected to produce at least 
750,000  barrels of oil per day by the year 2025.  Guyana is on the verge of becoming the largest oil 
producing country in the world on a per capita basis. Guyana has already established  regulatory 
framework to manage the sector and the investments that would follow.10 
2.2  The Eff ect of the COVID –19 Pandemic on the Economy  
2.12.   Guyana remains largely a commodity exporter and is therefore exposed to developments on 
the global commodity markets, and the COVID -19 pandemic created much uncertainty in these 
markets, with mixed effects across the main commodities of export interest to Guyana. While the 
average world market price of rice and sugar may increase in the immediate post -pandemic era, the 
global metal prices including gold, aluminium and oil were lower during the pandemic compa red to 
the years before, although the price of oil is set to rise again. The pandemic created slow growth of 
the rest of the economy, which was characteri zed by the closure of most major sectors, including 
wholesale and retail trade, tourism and most of th e services sector. The few sectors that remained 
open only operated far below normal capacity. The economic shocks on the economy from the 
COVID -19 pandemic are likely to be far more severe and far more lasting than was originally 
anticipated. Thus, Guyana 's real Gross Domestic Product (GDP) in 2020 grew by 43.5 %11, somewhat 
lower than previously expected, while according to the Bureau of Statistics  the non -oil economy 
contracted by 7.3 %. 
2.13.   While it is not clear when or if the pandemic is ending, it is eviden t that the COVID –19 
pandemic will impact the Guyanese economy both in the short and long term. The declining and 
weak global economy has already negatively impa cted remittances by Guyanese in the diaspora who 
used to significantly contribute to Guyana's fo reign exchange revenue. Some businesses and sectors 
may never recover, or they may take a long time to find their footing again. Except in the oil and 
gas sector, investments in other sectors of the economy stalled since the pandemic and this has a 
ripple effect on employment and purchasing power within the economy. The Government of Guyana 
 
8 https://finance.gov.gy/publications/natural -resource -fund /. 
9 https://nre.gov.gy/wp -content/uploads/2021/12/Extra_15DECEMBER2021Bill21of2021LocalCon t.pdf. 
10 www.goinvest.gov.gy . 
11 https://bankofguyana.org.gy/bog/images/research/Reports/ANNREP2020.pdf .  WT/TPR/G/422/Rev.1 • Guyana  
 
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  provided relief to alleviate the impact of COVID –19 both in cash and in kind to the population, as 
well as tax waivers on essential products, but this relief may not be a long -term solution.  
2.14.   Despite the slowdown in the economy, Guyana's real GDP is projected to grow with the 
reopening of the economy after the COVID -19 restrictions are gradually lifted and are, therefore, 
subject to significant downside risks. The non -oil economy including the agriculture, forestry and 
fishing sector is expected to expand driven by growth across all subsectors , as well as the mining 
and quarrying sector is expected to grow significantly driven by growth across all industries, namely 
oil, gold, bauxite, and other mining and quarrying. The performance of the manufacturing sector is 
projected to also improve on account of anticipated growth in sugar, rice, and other manufacturing. 
Regarding the services sector, significant improvements are ant icipated commencing in the 
short-term following the phased reopening of the economy, largely driven by anticipated expansions 
in wholesale and retail trade, transportation and storage, and financial and insurance activities, 
which are all expected to grow significantly when the pandemic eases .12  
2.3  Infrastructure Development  
2.15.   The modernization and development of the country's economic infrastructure remain key to 
strengthening the economy and transforming the landscape for economic development. During the 
review period, the Government sought to enhance and expand public physical infrastructure, through 
public investment and strategic partnerships for much needed finance. The Government expanded 
and moderni zed Guyana's international airport at Timehri to improve  air transport services and 
enhance Guyana's connectivity with its partners. The privately owned airport at Ogle, near 
Georgetown , was also expanded and upgraded to international airport status, to create an 
alternative option for international travellers out of Guyana. The road network both within and 
beyond the main port city of Georgetown has been enhanced by constructing new roads and/or 
renovating and expanding existing roads and bridges. The improvement of airports and the road 
networks resulted in in creased international arrivals and also eased transportation for both goods 
and citizens as they ply their business and services within the country. Significant investments in 
transport and other infrastructure are planned in the near term.  
3  TRADE POLICY DE VELOPMENTS  
3.1  International Trade Policy  
3.1.  Guyana considers trade policy to be at the centre of its economic development since trade, 
both exports and imports contribute significantly to the National Gross Domestic Product (GDP). The 
Ministry of Foreign Affairs  and International Cooperation is responsible for coordinating Guyana's 
trade policy, specifically through the Department of Foreign Trade. The Ministry oversees the 
National Advisory Committee for External Negotiations (NACEN) which is a forum for public -private 
stakeholders and ensures their participation in trade policy matters. The NACEN has quarterly 
meetings  to get briefing s and give guidance based on Guyana's interests, on key ongoing trade 
policy matters. The NACEN is convened and chaired by the Min ister.  
3.2.  Guyana remains open to investment as the basic code and regimes are the same as they were 
during the last Review. As a member of CARICOM, Guyana benefits from  well-established 
mechanisms which are in place for the waiver of tariff duties on inputs. Such waivers are still followed 
by local producers. The general trade policy regime as it relates to locally and regionally produced 
items remain constant as per the last review, which  enjoy s some amount of tariff protection from 
extra-regional imports, in particular agricultural products. Guyana only uses ad valorem  tariffs and 
has not imposed any import quotas.  
3.3.  Guyana is a founding member of the Caribbean Community (CARICOM) and in accordance with 
the R evised Treaty of Chaguaramus, Guyana conducts its external trade policy through the 
CARICOM, including negotiation of external trade agreements with third  countries. Any external  
trade agreement Guyana may wish to negotiate independent of CARICOM must be n otified to 
CARICOM for no objection from member states. A key feature of the CARICOM is the operation of  the 
Common External Tariff (CET) by member countries and the CARICOM Single Market 
 
12 https://finance.gov.gy/wp -content/uploads /2021/02/Budget -Speech -2021.pdf . WT/TPR/G/422/Rev.1 • Guyana  
 
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  Economy  (CSME), which member countries have sought to deepen and str engthen to facilitate 
categories of people that may freely move as service providers during the reporting period.  
3.4.  During the reporting period, Guyana under the auspices of the Caribbean Forum (CARIFORUM) 
Group of countries negotiated with the United  Kingdo m (UK) of Great  Britain and Northern Ireland 
an Economic Partnership Agreement (EPA). This EPA is essentially a rollover agreement 
from the CARIFORUM -European  Union (EU) EPA. Guyana signed the CARIFORUM -UK EPA on 
22 March  2019. This EPA is being provisiona lly applied since 1 January  2021. This Agreement has 
since been notified to the WTO Committee on Regional Trade Agreements.  
3.5.  The governance institutions of the CARIFORUM -UK EPA will match those of the CARIFORUM -EU 
EPA, namely the Joint Council (at Minister ial Level), the Trade and Development Committee 
(TDC,  meeting at Technical Level), the Parliamentary Committee and the specialised Committees on 
Agriculture and Fisheries, Services and Development Cooperation. The TDC had its first meeting 
in October  2021,  and the Joint Council will meet during the first quarter in 2022.  
3.6.  The CARIFORUM -EU EPA there continues to be the main vehicle for trade between CARIFORUM 
States and the EU. Consequent to the exit of the UK from the EU, the Region's trade with the EU will 
be affected. However, with the mandatory second five -year review underway it is hoped that 
measures will be identified to ensure real market access and presence for CARIFORUM Member 
States. The Joint Declaration that was signed at the conclusion of th e EPAs mandate that a review 
of the operations of the EU must be undertaken in five -yearly intervals. The first such took place in 
2015 and the second was due to have been completed during 2020 but was affected by the ongoing 
COVID -19 pandemic. It is antic ipated that this second review will be completed during the first 
quarter of 2022.  
3.7.  The Cotonou Partnership Agreement that governed the relationship between 
CARIFORUM  States and the EU came to an end in January  2020. Formal negotiations for a successor 
agreement were launched in September  2018 and draft texts of the Agreement were initialled by 
the respective lead Negotiator for the two sides on 16 April 2021. This new arrangement sees a 
foundation -type agreement at the "all -ACP" level and is supported by Re gional Protocols that were 
tailored to the respective regional specificities. To allow for the signing of and implementation of the 
new Agreement the Cotonou Agreement has had several extensions, the latest of which will end on 
30 June 2022. It is anticipa ted that the new Foundation -type agreement will be signed in Apia, 
Samoa before the expiry of the latest extension.  
3.8.  Since 2015, Guyana has taken  several  steps to foster Trade Facilitation (TF) reforms to  
accelerate the implementation of the World Trade Organization (WTO) Trade Facilitation 
Agreement  (TFA). Guyana submitted its requisite notifications to WTO under the TFA during the 
period 2015 –2020, which  includes nine Category  C measures.  
3.9.  During the period under review, Guyana also benefitted from  a number of Technical Assistance 
(TA) activities  under  the United Nations Conference for Trade and Development's  (UNCTAD) 
Empowerment  Programme. UNCTAD's support ensured continuity of the work of the National 
Committee on Trade Facilitation (NCTF)  and led to the  development of a Roadmap.  The roadmap  is 
considered a living document and is intended to guide  Trade Facilitation reforms beyond the TFA for 
the period 2019 -2024.  Presently, Cabinet's endorsement is being sought to further encourage active 
engageme nt at the NCTF and to  achieve  the priority goals set out in  the Roadmap. Reviewing  the 
roadmap  and coming up with  a work plan is being discussed at the national Committee level.  
3.10.   Guyana  currently has an implementation rate of 83.2% under the TFA.  To address  its 
Technical Assistance and Capacity Building (TACB)  needs, the country  successfully  mobilized  support  
under the WTO Trade  Facilitation Agreement Facility (TFAF) Grant program me. Support under the  
TFAF Grant Program  led to the development of nine  project proposals aligned with Guyana's nine 
notified Category  C measures under the TFA. The foregoing is intended to facilitate further 
collaboration with donor support partners  to ensure that there is implementation  of each  C measure 
through engagement a t the NCTF level. A notification  on TFAF  Project Preparation Grant is expected 
to be submitted to the WTO to reflect these additional updates.  
3.11.   The NCTF meets  quarterly and is jointly coordinated by the Ministry of Foreign Affairs and 
International Coopera tion (Foreign Trade Department) and the Guyana Revenue Authority WT/TPR/G/422/Rev.1 • Guyana  
 
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  (Customs  Administration). In  addition, the NCTF membership includes other  key border and 
regulatory agencies.  
3.12.   Guyana  also remains  committed to engagements  on Trade  Facilitation  at the levels of 
CARICOM within the Regional Committee on Trade Facilitation  and the WTO within  Trade Facilitation 
Committee (TFC).  The former is intended to support the region's approaches  towards 
implementation  of Trade Facilitation reforms in keeping with  Article 24.5 of the TFA  and the latter 
remains important, given that  the work  of the NCTF is also guided by the decisions emanating at 
the WTO -TFC.  
3.13.   Through the implementation of the Trade Facilitation Agreement, Guyana has continued to 
streamline and facilita te movements of goods across its borders, with the inten tion of ensuring that 
there is increased transparency and efficiency for importers and exporters. In the same v ein, Guyana 
is in the process of instituting measures that will allow for the operation o f a single electronic window 
to execute customs procedures at the border. This is expected to allow increased predictability and 
reduce time needed to handle and clear trade goods.  
3.14.   Agriculture is a major contributor to Guyana's Gross Domestic Product (GDP)  and the current 
Administration intends to continue investing in the sector to expand it and return it to profitability. 
Since August, the Government has made massive investments in the sector, which at the end 
of 2020 accounted for 27.1 % of the non -oil GD P and 21.3 % of non -oil exports. The Government has 
crafted a holistic plan for agriculture aimed at reali zing Guyana's potential of becoming the 
breadbasket of the Caribbean. This year, expenditure in the agriculture sector is expected to increase 
to GYD 22.6 billion from GYD 18.3 billion  in 2020.  
3.2  Trade Performance  
3.15.   Guyana has seen a strong export growth during the review period. The mining and quarrying 
sector has largely contributed to Guyana's increased export revenue, especially since the 
commencement of  petroleum exports. Gold and aluminium exports have also made a significant 
contribution to Guyana's export. The traditional agricultural products including rice, sugar and rum 
also continue to play a key role in Guyana's exports besides the fisheries and forestry products. 
Guyana is looking to increase diversification of it s exports. During the review period , Guyana's 
imports have also increased tremendously in response to the development of new sectors, like the 
oil and gas sector. Imports have grown as w ell, and Guyana continues to have a significant trade 
deficit. The imports are dominated by machinery and industrial ly manufactured goods and the 
increased imports have dictated an increase in Guyana's trade deficit over the years during the 
review period.   
3.16.   Just as Guyana has sought to diversify its exports during the review period, export markets 
have also been diversified to new destinations although the traditional markets in the United States , 
Canada, U nited Kingdom  and E uropean  Union remain strong beside the regional markets. During 
the review period , increased imports were sourced in new markets, including China, India , Brazil, 
Singapore and the United  Arab Emirates, among others. Diversification and expan sion of Guyana's 
export and import markets is a key priority for Guyana, as the country seeks to engage in the 
production of new products.  
3.17.   Most of Guyana's trade is currently dependant on preferential trade arrangements with 
partner countries. Although there is still relatively limi ted trade with Guyana's regional neighbours, 
this trend is changing as Guyana makes investments in the gas and oil sector as well as the 
agro-processing industry. Strategic investments in physical infrastructure are being planned by the 
Government to facil itate trade on a larger scale with regard to both products and market 
destinations.  
3.3  Preferential Market Access and Free Trade Agreements  
3.18.   Guyana as a member CARICOM continues to be an active proponent and promoter of 
the Caribbean regional integration proc ess. CARICOM administers a CET on extra -regional products 
and tariff -barriers for trade in goods within the Region have been largely abolished, to encourage 
and enhance regional production. A significant share of Guyana's imports and exports are 
with CARIC OM states, especially Trinidad and Tobago and Barbados. Successful implementation of WT/TPR/G/422/Rev.1 • Guyana  
 
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  the CSME is a priority for both the Government of Guyana and its regional partners as a way of 
strengthen ing regional integration and facilitat ing unimpeded movement of re sources across all the 
countries in the region.  
3.19.   Besides the CARICOM where Guyana enjoys preferential treatment regarding market access, 
it also receives preferential access for most of its products in key markets of the UK, the EU and 
Canada. Accordingly, Guyana's market presence in these markets has remained strong during the 
review period. The UK and EU's preferential market for Guyana's exports of sugar, rice and rum has 
been crucial for the development of these sectors. Guyana together with CARIFORUM me mber 
countries signed the Economic Partnership Agreement with the EU in 2007 and with the UK alone in 
2019 after Brexit. Both Economic Partnership Agreements are being provisionally implemented with 
progressive liberali zation of Guyana's imports from these  markets while enjoying market access 
substantially for most of the exports. Despite these seemingly favourable terms, Guyana's exports 
have not significantly increased during the review period but have remained stable. Guyana looks 
forward to the full imp lementation of both agreements and is intensifying efforts to attract 
investments from both markets.  
3.20.   The United  States grants duty -free access for a wide range of products under the 
Caribbean  Basin Initiative (CBI). The Caribbean Trade and Partnership Act (CTPA) was extended 
to 2030 and Guyana will continue to enjoy preferential access to the US market until then .13 The 
United  States is also the major source of non -oil imports for Guyana.  
3.21.   Under the CARIBCAN arrangement, Canada extends to Guyana and other C ARICOM countries 
non-reciprocal preferential access to the Canadian market for a wide range of products that satisfy 
specific rules of origin. The current arrangement is due to expire in 2023. Gold, diamonds aluminium 
and rum have consistently remained Guy ana's key exports to Canada over the review period. 
Negotiations between CARICOM and Canada o n an enhanced Trade & Development Agreement to 
strengthen the trade and economic relationship between the parties have stalled for some time.  
3.22.   Guyana together with  other CARICOM countries has signed (Free Trade Agreements) FTAs 
with a number of Latin American countries, including Cuba, the Dominican Republic, Costa  Rica, 
Colombia and Venezuela. Guyana has also signed a bilateral Partial -Scope Agreement with Brazil. 
Trade between Guyana and these countries has been very limited despite efforts to reinvigorate the 
performance of all the agreements during the review per iod. One contributing factor is the limited 
transportation infrastructure between the parties.  
3.23.   Guyana seeks to enhance its trade relations through new or improved trade agreements with 
a view to diversifying export markets as well as products. There is a concerted effort to attract 
investments from key markets to specifically produce for export markets. The Government is also 
adopting and implementing measures to create an enabling environment for increased production 
and export of non -traditional exports and investing in trade infrastructure, including transport 
networks as well as trade facilitation at ports and customs points.  
3.4  New and Emerging Sectors  
3.24.   The Guyanese economy has until the recent past relied o n a few industries, notably sugar, 
rice, bauxite,  rum, fisheries and forestry products. During the review period , these traditional sectors 
were outpaced by the mining and quarrying sector, particularly gold and diamonds. The oil and gas 
sector has been recently developed and has become key to Guyana's e xport revenue. While the 
traditional sectors remain key to the economy, sugar exports have witnessed a drop in revenue due 
to erosion of preferences, especially in the EU and UK markets. Accordingly, value addition to the 
traditional products will be key t o continued relevance to the economy. In this regard rather than 
relying on the export of primary products, the focus is shifting to agro -processing and light 
manufacturing to add value before export. There exists great potential in various emerging 
sub-sectors for investment and growth in the agriculture sector, including fruits and vegetables, 
livestock and aquaculture where most of Guyana 's products are exported as primary products.  
3.25.   Guyana, in the context of the CSME, has lead responsibility within CARIC OM for Agriculture, 
Agriculture Diversification and Food Security. In exercise of this responsibility, the President of 
 
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  Guyana, His Excellency President Dr  Mohamed  Irfaan  Ali, presented a proposal, Advancing the 
CARICOM Agri -Food Systems Agenda: Prioritisi ng Regional Food and Nutrition Security , 
which was adopted by the Conference of Heads of Government of CARICOM at their 
Thirty -Second  Inter-Sessional Meeting held on 24 and 25 February  2021. The said Conference also 
approved the establishment of a Special Ministerial Taskforce (MTF) on Food Production and 
Food Security to follow -up and monitor the implementation of the strategy.  
3.26.   The Strategy envisages a two -tiered approach to reinvigorate growth and development in the 
CARICOM agri -food sector: full commerc ialization of the agri -food system, involving large scale 
private sector investment and potentiating the contribution of MSMEs, including the Region's farmers 
and fisherfolk, through forward and backward linkages; and swift tackling of the strategic policy  
priorities required to address structural challenges to commercialization. The result should be a 
modern, highly efficient regional food production and distribution system that responds to the food 
and nutrition needs of the Region's consumers in terms of  quality, affordability, reliability and 
sustainability.  
3.27.   The initiative can be seen as integral to enhancing regional food and nutrition security and 
"building back better" after the C OVID -19 pandemic, by strengthening the Region's self -reliance in 
meeting basic human needs on a more secure basis. This is particularly relevant to employment 
opportunities, given the devastating impact of the pandemic on the tourism sector and the 
challenges posed in the rolling out of vaccine programmes gl obally.  
3.28.   Besides improving on the traditional agricultural products for export, the Government 
of Guyana is also actively promoting accelerated diversification of the economy and developing 
non-traditional sectors including the services sector, tourism, al ternative energy and information 
technology besides the gas and oil sector. During the review period, the Government has sought to 
strengthen the trade in the services sector through the revitalization of the Coalition of Services 
Providers and preparing k ey legislation for specific services including architects and engineers, 
building infrastructure for ICT and promotion of Internet connectivity in the country. Since the 
exploitation of oil, the gas and oil related services sector grew tremendously during the review period 
and the trend is not about to stop. The Government is also pursuing investments in alternative 
renewable energy including biofuels, hydropower, and solar energy in response to climate change 
and the need to reduce dependence on fossil fue ls. 
3.29.   Guyana's Low Carbon Development Strategy (LCDS) 2030 is geared towards a massive 
expansion of renewable energy across the country. The strategy aims to decouple economic growth 
from the use of fossil fuels for electricity generation by developing low -carbon energy resources 
(Solar, Hydro, Wind, Biomass, and Natural Gas) to meet the rapidly rising demand and keep 
greenhouse gas emissions low. The Government's Hinterland Electrification Programme aims to 
utilize the most technical and econ omically feasible solution (interconnection to the larger grid, solar 
PV and/or mini -hydro) that will include the enhancement of the productive usages of energy to 
increase the long -term sustainability of the mini -grids. It is anticipated that the programm e would 
be implemented during the period 2023 -2026.14 
3.30.   The Government of Guyana remains committed to providing affordable, stable and reliable 
energy that will benefit both households and businesses. Under this initiative, the Government will 
advance an ene rgy mix of solar, hydropower, natural gas, and wind, which will lead to more 
than 500 MW of newly installed capacity while reducing the country's dependence on imported fossil 
fuels for electricity generation and the cost of electricity.  
3.31.   The Government is  committed to implementing the following policy measures:  
• Completion of the 165  MW Amaila Falls Hydroelectric project . 
• Production of about 300  MW in the interim, from natural gas . 
• Investment in solar and wind systems for off -grid areas . 
• Expansion of the hi nterland electrification programme . 
• Replacement and upgrade of solar systems in the hinterland . 
• Urgent action to improve and upgrade the national grid (transmission and distribution) . 
• Development of micro -grids for large hinterland areas . 
 
 
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  3.32.   Guyana became an  oil producing country in December  2019 and currently has recoverable 
reserves exceeding 10  billion barrels.  
3.33.   As new sectors in the economy emerge and outpace the traditional sector as drivers of the 
economy, the Government of Guyana puts special emphasis o n institutional strengthening, skills 
development and training to enable citizens to have the opportunity to participate in shaping the 
future of the country. In this regard, Guyana has adopted a local content policy, especially for the 
oil and gas sector,  but will also influence other economic sectors. Research and development remain 
at the cent re of Government's initiative to promote and strengthen the emerging sectors for them 
to be key in enhancing production levels. It is the Government's commitment fo r these sectors to 
provide employment and jobs, especially to the youth and help to achieve the Sustainable  
Development Goals  (SDGs) and reduce poverty besides reducing the country's vulnerability to 
external shocks.  
4  MULTILATERAL TRADE RELATIONS  
4.1  Doha Development Agenda (DDA)  
4.1.  Guyana continues to support and advocate for the resumption of the now stalled Doha 
Development Round of negot iations with a view to achieving its successful conclusion with a 
balanced, development -oriented outcome. The Government of Guyana is committed to having the 
issues under the Round concluded under a multilateral framework taking into account the different 
circumstances of all Members. Guyana's position in the Doha round negotiations remains closely 
aligned to the position of its regional CARICOM partners and the Small and Vulnerable 
Economies  (SVEs) group. Guyana continues to keenly follow developments at the WTO and looks 
forward to working with like -minded members to have the Round concluded.  
4.2.  Guyana's interests in the Doha Development Agenda negotiations on agriculture remain 
premised on the need to have food security for the vulnerable countries that are  prone to the effects 
of global warming and climate change; removal of prohibited subsidies by developed countries, 
especially those which have market distorting effects for agricultural products from countries like 
Guyana; the need to provide adequate pol icy space for domestic and CARICOM agriculture as well 
as other issues that are necessary for sustainable growth of our agricultural sector. Guyana is well 
aware that the proposals of the SVE group have always had acceptance among the membership in 
as far as they provide a supportive trade environment to agriculture. Market access for agricultural 
products continues to be of concern due to unjustifiable technical barriers as well as damaging 
preference erosion to products of interest to Guyana including sug ar, rice and rum.  
4.3.  Guyana looks forward to tackling and resolving the issues related to WTO Reform. It is 
appreciated that the current multilateral trading system as created at the end of the last century, 
no longer adequately fulfils Members' expectations and needs to adjust to the realities of the current 
times. In this regard, it will be important to continue working on consensus building on those issues 
that remain unresolved. There is  a need to end the impasse with the Dispute Settlement Body so 
that me mbers have a forum to settle any existing and future disputes. It will also be crucial to 
restor ing confidence in the institutions and operation of the multilateral trading system. The 
moratorium on tariffs on electronic transmissions has been beneficial t o small countries, including 
Guyana and provided relief in access to the Internet and participating in the global electronic 
commerce economy. Guyana supports the extension of the moratorium and members should 
consider making it permanent in order to help small vulnerable countries attain the required 
development.  
5  FUTURE POLICY DIRECTIONS: OPPORTUNITIES AND CHALLENGES  
5.1  The COVID –19 Challenge  
5.1.  During the past two years the entire world has been faced with a health crisis that translated 
into an economic slowdo wn that affected all countries, without exception. Guyana, like other small 
developing countries, has been affected by the crisis much more than developed countries that were 
better positioned to manage the consequences associated with the crisis. In the s hort to medium 
term, Guyana like other countries will continue to design and implement policies to alleviate the 
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  to find solutions that will enable equitable ac cess to medical supplies by vulnerable countries without 
manufacturing capacity of their own. The COVID –19 pandemic has demonstrated to the entire world 
how economic disparities lead to other more serious challenges that require global intervention.  
5.2  Public  Infrastructure and Transport Infrastructure  
5.2.  The COVID –19 pandemic and related economic negative consequences notwithstanding, the 
Government of Guyana remains committed to creating a conducive environment for trade and 
investment and has continued to adop t appropriate policies aimed at making Guyana a better place 
for business and investments. A relevant policy framework has been developed to attract sustainable 
investment, and the Government continues to explore new possible markets for Guyanese products 
through agreements with partner countries. Extensive investments have been made in developing 
trade related public infrastructure including airports and road networks in order to make Guyana 
more competitive. Guyana has moderni zed the international airport  at Timehri and also 
commissioned a second international airport which mainly services the regional market to improve 
connectivity and efficiency as a key component of the tourism industry and provision of other 
services. The road networks linking agricult ural production areas to the rest of the country, especially 
to the port city of Georgetown have been upgraded to ease transportation of products and open up 
the interior regions for productive activity. In partnership with neighbouring Suriname , the 
Government is in the final stages of constructing a bridge at the common border to boost trade 
between the two countries. The Government is focused on export diversification through 
value -addition to primary products that were previous exported with minimum pro cessing. Particular 
attention is also being given to the services sector, which is being developed as a catalyst for 
developing other economic sectors.  
5.3  Oil and Gas Sector  
5.3.  Although the COVID –19 pandemic and the consequent economic slow -down would necessarily 
lead to decreased export revenue, Guyana hopes the oil and gas sector would  make up for the 
revenue missed from other sectors of the economy. Guyana is developing a low carbon green 
economy, while at the same time developing the oil and gas sector as a key component in enhancing 
economic development. The Government of Guyana has developed necessary policies to manage a 
robust oil and gas sector as a backbone and enabler t o other sectors by facilitating the development 
of the industrial sector as well as the services sector. Consequently, Guyana looks to attract 
investments not only in the gas and oil sector but also in other areas that feed into this sector, 
especially ser vices.  
5.4  Energy  
5.4.  Guyana is cognisant of the negative consequences of climate change and as a country with a 
low-lying coastline hosting most economic activities will continue to put emphasis on measures 
designed to avert the causes of climate change and envir onmental degradation. The supply of 
electricity in Guyana also faces difficulties with reliance on imported oil for its power supply, prone 
to price shocks on the oil market. In this respect , the Government intends to invest in the continued 
diversification of the economy by supporting non -oil sectors and areas of the country away from the 
coastline. This will involve support for physical infrastructure – including river, road and air transport 
networks, the electricity grids; the n ational digital connectivity network; and  more. It will also 
involve  repairing coastal and hinterland climate  protection infrastructure, as well as targeted support 
for agricultural expansion in non -forested parts of  the country – to enable Guyana to addre ss national 
and regional food and nutrition security concerns. Measures have been put in place to encourage 
the use of solar energy, while studies are being made to develop hydropower generation plants to 
support economic activity across the country. There  are also plans to use wind power, and the 
Government is addressing the demand side through increased efforts to reduce technical and 
commercial losses. Clean and sustainable power generation is expected to have a very positive effect 
on the competitivenes s of the manufacturing sector. Guyana's potential for the generation of 
hydropower could also be used to export energy to neighbouring countries.  
5.5.  Guyana's energy challenges include disparity in energy access between coastal and the remote 
Hinterland and r iverine communities, dependence on aged fossil -fuel based generation capability, 
inadequate generating capacity resulting in supply shortfalls, a porous transmission and distribution 
network resulting in high technical losses and commercial losses. The Gov ernment is currently WT/TPR/G/422/Rev.1 • Guyana  
 
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  advancing its commitment to achiev ing a low carbon economy and propelling the country's transition 
towards clean energy development.  
5.6.  This energy transition is expected to undergo three stages:  
• In the period 2022 to 2027, a combination of natural gas (300  MW) and the 165  MW 
Amaila  Falls Hydro plant will be added to the Demerara -Berbice Integrated System (DBIS), 
coupled with a major expansion of solar power, with batteries, on the rural networks.  
• From 2027 to 2032 there will be continued replacement of HFO, with the expansion of 
wind and solar and the commission of Guyana's second hydro plant (to be identified before 
2025).  
• From 2032 onwards, future expansion will be determined by prevailing market conditions, 
but it is likely that batter y and hydrogen technology will be sufficiently advanced to enable 
solar and wind to provide new capacity increases while contributing to further downward 
pressure on electricity prices.  
5.5  Export Diversification  
5.7.  Hitherto Guyana has relied on a limited number of products for its export revenue. These 
exports consist of agricultural commodities and mining and quarrying products as well as forestry 
and fisheries products which are normally exported in raw or semi -processed form. Thus, the Guyana 
economy remains v ulnerable to price shocks and the erosion of preferences for agricultur e has not 
been helpful. Guyana seeks to reverse this situation by encouraging and undertaking value addition 
for exports for both traditional and non -traditional exports. Strategic inve stments need to be made 
in this regard in order to increase exportable products. This will as a consequence lead to the 
development of Guyana's industrial sector and create employment for citizens.  
5.6  Reforming Traditional Industries  
5.8.  The sugar industry which used to be one of the major contributors to the national revenue has 
been under stress for some years. This was largely due to the loss of preferential prices in the 
EU market after the CARIFORUM –EU EPA came into force. The industry is being reformed and h as 
downsized personnel after the closure of some factories. Efforts are being made to continue the 
modernization that started sometime back and explore diversifying into other value -added products 
besides sugar , which  is expected to bring substantial impro vements to the industry. During the 
review period , sugar was registered as a geographical indication together with rum and molasses in 
Guyana and in the EU with a view to making it more competitive with added protection. The rice 
industry has continued to grow over the years although the sector continues to experience flooding 
and climate change related challenges which increase costs. The industry continues to look for new 
markets and diversify into new products. Although these two traditional products as well as rum 
remain key exports for Guyana, they continue to face challenging market access condition s and will 
continue to require  necessary investments and reforms to remain viable on market.  
5.7  Climate Change and Environmental Impact  
5.9.  Guyana's economy remai ns susceptible to the negative effects of climate change and global 
warming which significantly impact the economy. Guyana's coastland where most of the country's 
economic activities occur lies below sea level. Changes in climate and weather patterns conti nue to 
negatively affect most economic activity including the agricultural sector and business. Therefore, 
the Government has put policies to combat climate change at the core of its program me and play 
its part in the fight to mitigate the negative impacts  of climate change. Guyana integrated its 
rainforest  in a global carbon credit scheme within the United Nations Framework Convention on 
Climate Change (UNFCCC), under the proposed REDD mechanism (Reducing Emissions from 
Deforestation and Degradation) and h as been at the forefront of the global climate change advocacy. 
In this regard, Guyana as a potential provider of environmental services and such activities could 
help to secure revenue to allow addressing adaptation needs, such as improved sea defence and  
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  5.8  Public -Private Dialogue  
5.10.   Government considers public –private sector network and dialogue to be a key pillar in shaping 
general government policy. Indeed trade –related policy i n Guyana is d etermined through 
consultations and discussion between public sector agencies and private sector stakeholders. 
The NACEN is the key instrument that is utilized in the consultative process which affords the 
Government the opportunity to enhance its understa nding and appreciation of how the 
Guyanese  private sector stakeholders are utili zing or are impacted by the trade agreements with a 
view to designing measures to improve market access conditions.  
5.9  New Technologies and ICT  
5.11.   Information and communication technologies (ICT) are key enablers of innovation. 
Recogni zing the importance of digi tal infrastructure for national development, and economic and 
social empowerment – Guyana's 2013 Low Carbon Development Strategy (LCDS) included several 
now completed initiatives including the expansion of Guyana's fibre optic capability, support for call 
centres and business process outsourcing, and completion of telecommunications liberali zation.  
5.12.   The Government of Guyana has also invested heavily in expanding the national 
telecommunications network to reduce the digital divide between hinterland and coast , and between 
Guyana and the rest of the world; employing new technologies to improve national health, education 
and security; increasing digital literacy; and ensuring that the policy environment promotes 
competition and innovation.  
5.13.   The eGovernment projec t, which concluded in 2015, encompassed the construction and 
commissioning of a data centre, 54 (4G) LTE towers, and a fibre ring around Georgetown. This 
infrastructure is now the backbone of Guyana's national eGovernment programme and has since 
been expan ded to include 55 (4G) LTE sites, 9 third -party (leased) point -to-point connections, 
1 satellite ground station supporting 91 satellite (VSAT) sites, over 227  km of fibre and 
658 mobile  (LTE) units – with fibre and LTE being accessible in the coastal regio ns, and satellite 
technology being utilised in the hinterland and remote parts of Guyana. With the recent completion 
of the national broadband project, Guyana's Safe  City initiative was launched in 2021. This 
ICT solution supports the 911 call centre and l ocal crime fighting efforts and is serviced through this 
network. Data transmission services are provided to over 150 Intelligent Video Surveillance (IVS) 
sites etc. all of which are monitored and managed from a purpose -built command centre. Internet, 
private leased circuits, and cloud services (i.e. virtual, email and website hosting and data storage 
facilities) are also provided to 319 educational institutions, 16 fire stations, 17 police stations, 
54 health institutions, 104 other government agencies, 12 8 ICT hubs, and 436 Public Internet Access 
Points (PIAPS). The Government's efforts to bridge the previously mentioned digital divides also 
continue  – the ICT Access and eServices for Hinterland, Poor and Remote Communities project is 
ongoing and LCDS 2030  includes plans for the expansion of Government's satellite, LTE and fibre 
optic networks, data centre capacity, and service -oriented government programmes.  
5.14.   Notwithstanding the above, one of the most significant achievements is the liberalization of 
the telecommunications sector on the 5  October  2020 which ended a 30 -year telecommunication 
monopoly in Guyana.  
5.15.   This change is expected to increase the number of service providers in the sector, lead to a 
wider variety of services, greater service availability,  and improved service quality. Already, crucial 
reductions in the cost of Internet bandwidth have been observed and while 4G LTE is being offered 
by both of Guyana's mobile telecommunications providers, one provider this year announced their 
intent to upgr ade to 4.5G LTE or LTE advance. These are all signs that Guyana's investment in this 
sector has started to yield the hoped -for returns, with improved business innovation 
and productivity, jobs creation, and government service delivery through the adoption of e-health, 
e-education, e -security, e -agriculture, and other services soon to follow.  
5.10  Forestry  
5.16.   Guyana notes with pride that it has a very robust and strong system for forest management 
and forest governance. The Forest Sector is governed by a suite of le gislation and policy documents. 
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  Statement (NFPS). These documents were updated and received Cabinet approval in 2018. The main 
programmatic areas of the NFP are as f ollows:  
• Deriving development benefits from the forest (ECONOMICS) . 
• Conserving, protecting and sustaining the forest (CONSERVATION) . 
• Governing the forest to ensure current and future benefits (GOVERNANCE) . 
• Building human and institutional capacity for management of activities in the forest 
(CAPACITY).  
 
5.17.   Guyana and by extension the Guyana Forestry Commission (GFC) places high emphasis on 
forest governance in support of sustainable forest management. In 2014 , the Government of Guyana 
commenced negotiation of the EU FLEGT Process with the aim of signing a Voluntary Partnership 
Agreement (EU VPA). The EU FLEGT – VPA as it is commonly referred to is aimed at strengthening 
forest management and legality hence reducing illegal logging, develop ing capacities for strong 
forest governance and increas ing trade through access to niche and sensitive markets. In  2018, the 
Government of Guyana completed the first stage of this process, and the agreement was initialled 
in November  2018. The next three to four years will f ocus on implementation activities and capacity 
development across sectors.  
5.18.   Forest covers over 80% of Guyana's landmass at an estimated 18.5  million hectares of forest. 
The forests provide a range of services and ha ve a rich biodiversity. The economic value  of Guyana's 
forest ecosystems is estimated to be over US D 40 billion  annually. The forest protects against 
climate change. Since the launch of Guyana's first Low Carbon Development Strategy (LCDS  2009) 
Guyana has been pursuing payment for Forest Carbon Se rvices. Extensive work has been done on 
the platform to access these services and to date , Guyana has developed a World Class Monitoring 
Reporting and Verification System (MRVS). Guyana, through the GFC is now pursuing a 
market -based mechanism for payment of forest climate services. Extensive development and 
progress have been made in this area in 2020 and continuing in 2021 through the ART – TREES 
Programme (Architecture for REDD+ Transactions). This is an integral part of the recently launched 
draft of Gu yana's Low Carbon Development Strategy 2030.  
5.19.   Guyana's forest has a range of species that can be used for a wide range of applications from 
external heavy construction, marine works, rails, decking as well as species for high value -added 
products such as fu rniture, kiln dried lumber, flooring, decking, plywood, veneer, shingles and 
building components. This segment of the forest sector has been expanding and new operators and 
products have developed over the period. The GFC will continue to promote and suppo rt value added 
and product diversification.  
5.20.   In 2019 , the Guyana Forestry Commission commenced a National Forestry Inventory (NFI) 
Program me. Forest Inventory is an important tool for planning and resource allocation purposes. 
An NFI was deemed necessary fo r Guyana in order to boost the planning capability of the forestry 
sector and maximize the potential of our rich, tropical, multiple use forests; where the core of the 
project relies on extensive field work to collect empirical forest resource data in 12.3  million hectares 
of State Forests. NFI will address the current lack of accurate, updated and complete forest resource 
inventory data at the national level since previous smaller scale inventories were being done non 
contiguously at varying intensities, t ime periods and purposes; and therefore, cannot be used in 
consolidation to produce a single, comprehensive, reliable and accurate representation of the entire 
state forest estate.  
5.21.   It is envisioned that upon completion of NFI, the forestry sector will be revolutionized in terms 
of sustainable forest management and allocation, yielding economic, social and environmental 
benefits for a diversity of stakeholders. Data collected from NFI will be analy sed to produce much 
needed forest resource statistics and co mprehensive reference databases that will directly enable 
evidence -based forest management and planning. NFI will also fulfil GFC's national commitments to 
the National Forest Plan and Policy Statement 2018 which emphasizes the need for resource 
inventory under Policy. The program me will be completed in 2022.  
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