RESTRICTED  
  
WT/TPR/S/422  
26 January 2022  
(22-0561) Page: 1/84 
Trade Policy Review Body   
 
 
TRADE POLICY REVIEW  
REPORT BY THE SECRETARIAT  
GUYANA  
This report, prepared for the fourth  Trade Policy Review of Guyana, has been drawn up by the WTO 
Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing 
the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World 
Trade Organization), sought clarification from Guyana on its trade policies and practices.  
 
Any technical questions arising from this report may be addressed to Masahiro Hayafuji 
(tel. 022 739 5873)  and Cato Adrian (tel. 022 739 5469) . 
 
Document WT/TPR/G/ 422 contains the policy statement submitted by Guyana.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: This report is subject to restricted circulation and press embargo until the end of the 
first session of the meeting of the Trade Policy Review Body on Guyana. This report was drafted in 
English.  
  WT/TPR/S/422 • Guyana  
 
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  CONTENTS  
SUMMARY  ................................ ................................ ................................ ........................  5 
1   ECONOMIC ENVIRONMENT  ................................ ................................ ..........................  8 
1.1   Main Features of the Economy  ................................ ................................ ......................  8 
1.2   Recent Economic Developments  ................................ ................................ ................... 10 
1.3   Developments in Trade and Investment  ................................ ................................ ........ 13 
1.3.1    Trends and patterns in merchandise and services trade  ................................ ................ 13 
1.3.2    Trends and patterns in FDI  ................................ ................................ ....................... 17 
2   TRADE AND INVESTMENT REGIMES ................................ ................................ ...........  18 
2.1   General Framework  ................................ ................................ ................................ ....18 
2.2   Trade Policy Objectives  and Implementation  ................................ ................................ ..19 
2.3   Trade Agreements and Arrangements  ................................ ................................ ........... 20 
2.3.1    WTO ................................ ................................ ................................ ...................... 20 
2.3.2    Regional and bilateral agreements  ................................ ................................ ............. 20 
2.3.3    Other non -reciprocal arrangements  ................................ ................................ ............ 21 
2.4   Investment Regime  ................................ ................................ ................................ ....22 
2.4.1    Business environment  ................................ ................................ .............................. 22 
2.4.2    Foreign investment regime  ................................ ................................ ....................... 22 
3   TRADE POLICIES AND PRACTICES BY MEASURE  ................................ ........................  24 
3.1   Measures Directly Affecting Imports  ................................ ................................ .............. 24 
3.1.1    Customs procedures, valuation, and requirements  ................................ ....................... 24 
3.1.1.1    Documentation requirements and trade facilitation measures  ................................ .....24 
3.1.1.2    Customs valuation  ................................ ................................ ................................ 25 
3.1.2    Rules of origin  ................................ ................................ ................................ ......... 25 
3.1.3    Tariffs  ................................ ................................ ................................ .................... 26 
3.1.3.1    Bound tariff  ................................ ................................ ................................ .......... 26 
3.1.3.2    Applied MFN tariff  ................................ ................................ ................................ .26 
3.1.3.3    Tariff-rate quotas  ................................ ................................ ................................ ..29 
3.1.4    Tariff preferences  ................................ ................................ ................................ ....29 
3.1.4.1    Tariff concessions and other schemes  ................................ ................................ ......30 
3.1.5    Other charges affecting imports  ................................ ................................ ................. 30 
3.1.6    Import prohibitions, restrictions, and licensing  ................................ ............................ 31 
3.1.7    Anti-dumping, countervailing, and safeguard measures  ................................ ................ 33 
3.2   Measures Directly Affecting Exports  ................................ ................................ .............. 34 
3.2.1    Customs procedures and requirements  ................................ ................................ .......34 
3.2.2    Taxes, charges, and levies  ................................ ................................ ........................ 34 
3.2.3    Export prohibitions, restrictions, and licensing  ................................ ............................. 34 
3.2.4    Export support and promotion  ................................ ................................ ................... 35 
3.2.5    Export finance, insurance, and guarantees  ................................ ................................ ..36 
3.3   Measures Affecting Production and Trade  ................................ ................................ .......36 WT/TPR/S/422 • Guyana  
 
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  3.3.1    Incentives  ................................ ................................ ................................ ............... 36 
3.3.2    Standards and other technical requirements  ................................ ............................... 37 
3.3.3    Sanitary and phytosanitary requirements  ................................ ................................ ....41 
3.3.4    Competition policy and price controls  ................................ ................................ ......... 42 
3.3.5    State trading, state -owned enterprises, and privatization  ................................ ............. 43 
3.3.6    Government procurement  ................................ ................................ ......................... 44 
3.3.7    Intellectual property rights  ................................ ................................ ........................ 46 
4   TRADE POLICIES BY SECTOR  ................................ ................................ .....................  48 
4.1   Agriculture, Fisheries, and Forestry  ................................ ................................ ............... 48 
4.1.1    Agriculture  ................................ ................................ ................................ .............. 48 
4.1.2    Fisher ies ................................ ................................ ................................ ................. 51 
4.1.3    Forestry  ................................ ................................ ................................ .................. 52 
4.2   Mining  ................................ ................................ ................................ ....................... 52 
4.2.1    Gold ................................ ................................ ................................ ....................... 54 
4.3   Energy  ................................ ................................ ................................ ...................... 54 
4.3.1    Petroleum  ................................ ................................ ................................ ............... 54 
4.3.2    Electricity  ................................ ................................ ................................ ............... 55 
4.4   Manufact uring ................................ ................................ ................................ ............ 57 
4.5   Services  ................................ ................................ ................................ .................... 59 
4.5.1    Main features  ................................ ................................ ................................ .......... 59 
4.5.2    Financial services  ................................ ................................ ................................ .....59 
4.5.2. 1   Banking  ................................ ................................ ................................ ............... 60 
4.5.2.2    Insurance  ................................ ................................ ................................ ............ 62 
4.5.2.3    Securities  ................................ ................................ ................................ ............. 64 
4.5.3    Telecommunications  ................................ ................................ ................................ .64 
4.5.4    Transport  ................................ ................................ ................................ ................ 66 
4.5.4.1    Air transport  ................................ ................................ ................................ ......... 66 
4.5.4.2    Maritime transport  ................................ ................................ ................................ 70 
4.5.5    Tourism  ................................ ................................ ................................ .................. 71 
5   APPENDIX TABLES  ................................ ................................ ................................ .... 72 
 
CHARTS  
 
Chart 1.1 Merchandise trade by main HS section, 2015 and 2020  ................................ ............ 14 
Chart 1.2 Merchandise trade by main origin and destination, 2015 and 2020  ............................. 15 
Chart 2.1 Reciprocal trade agreements, September 2021  ................................ ........................ 21 
Chart 3.1 Process flow for commercial cargo  ................................ ................................ ......... 25 
Chart 3.2 Frequency distribution of MFN tariff rates, 2021  ................................ ....................... 28 
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  TABLES  
 
Table 1.1 Basic economic indicators, 2015 -20 ................................ ................................ .........  8 
Table 1.2 Main monetary indicators, 2015 -21Q1  ................................ ................................ ....11 
Table 1.3 Central government finances, 2015 -20 ................................ ................................ ...13 
Table 1.4 Balance of payments, analytical summary, 2015 -20 ................................ ................. 16 
Table 1.5 Foreign direct investment inflows and outflows by sector, 2015 -20 ............................ 17 
Table 3.1 Structure of the tariff schedule in Guyana, 2014 and 2021  ................................ ........ 26 
Table 3.2 Summary analysis of Guyana MFN tariff, 2021  ................................ ......................... 27 
Table 3.3 Lines where MFN applied rate is higher than consolidated  rate, 2021  .......................... 29 
Table 3.4 Import prohibitions under the Customs Act, 2021  ................................ .................... 32 
Table 3.5 Import restrictions under the Customs Act, 2021  ................................ ..................... 32 
Table 3.6 Import licensing regime, 2021  ................................ ................................ ............... 33 
Table 3.7 Export duties, 2021  ................................ ................................ .............................. 34 
Table 3.8 Items requiring endorsement for exportation  ................................ ........................... 35 
Table 3.9 Export allowance, 2021  ................................ ................................ ........................ 35 
Table 3.10 Technical regulations, April 2021  ................................ ................................ .......... 38 
Table 3.11 Active SPS measures of import prohibition, 2021  ................................ ................... 41 
Table 3.12 Tender award thresholds, 2020  ................................ ................................ ............ 44 
Table 3.13 Government procurement, 2016 -20 ................................ ................................ ......45 
Table 4.1 Agricultural production, 2015 -20 ................................ ................................ ............ 48 
Table 4.2 Tax exemptions for agriculture, 2021  ................................ ................................ .....50 
Table 4.3 Mining production, 2015 -20................................ ................................ ................... 53 
Table 4.4 Fiscal incentives to manufacturing industries, 2021  ................................ .................. 58 
Table 4.5 Air transport traffic, 2019 -20 ................................ ................................ ................. 66 
Table 4.6 Key features of air services agreements, 2021  ................................ ......................... 67 
 
BOXES  
 
Box 1.1 Guyana's new petroleum sector  ................................ ................................ ............... 10 
Box 1.2 Natural Resource Fund (NRF)  ................................ ................................ ................... 12 
 
APPENDIX TABLES  
 
Table A1.1 Merchandise exports by HS section and main chapter, 2015 -20 ............................... 72 
Table A1.2 Merchandise imports by HS section and main HS chapter, 2015 -20 .......................... 74 
Table A1.3 Merchandise exports by trading partner, 2015 -20 ................................ .................. 76 
Table A1.4 Merchandise imports by trading partner, 2015 -20 ................................ .................. 77 
Table A2.1 Selected notifications to the WTO, January 2015 -September 2021  ........................... 78 
Table A2.2 Guyana's preferential trade agreements, September 2021  ................................ ......80 
Table A4.1 Main bodies active in the agriculture sector  ................................ ........................... 84 
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  SUMMARY  
1. Guyana is a relatively small economy traditionally based on mining of gold and bauxite, and 
exportation of sugar and rice. Furthermore , Guyana is now also an exporter of crude oil, the result 
of successive major offshore discoveries beginning in  2015. In 2 020, oil exports swung Guyana's 
trade balance into surplus and thereby mitigated the otherwise significant negative effects of the 
COVID -19 pandemic on the domestic economy. GDP per capita has been rising steadily and reached 
nearly USD  6,900 in 2020.  
2. The general recent economic performance was in line with past trends from 2016 to 2019, 
when real GDP expanded at annual rates ranging from 3.7% to 5.4%. Data on unemployment are 
sketchy, but the Bank of Guyana (BOG) indicates an unemployment rate of around 12 %. Monetary 
policy is formulated and implemented by the BOG. The objective of monetary policy is to achieve 
sustained non -inflationary growth and a stable national currency (Guyana dollar (GYD)). The policy 
appears to have been successful on both fronts du ring the review period. Annual inflation was 
negative in 2015, and then picked up to stabilize around 1.5%, before declining again in 2020. The 
exchange rate of the Guyana dollar moved from GYD 206.50 to GYD 208.50 per US dollar in 
June 2018 and has remain ed stable since then . 
3. A Natural Resource Fund has been set up to protect Guyana's future fiscal policies from the 
fluctuations  of world oil prices. The stock of government debt, including guaranteed debt, totalled 
USD 2.6 billion at the end of 2020. Althou gh Guyana's debt to GDP ratio (47.4%) may not seem 
very high by international standards, Guyana's vulnerability has been illustrated by debt relief 
provided by lenders in the past.  
4. Other countries in the Americas dominate Guyana's foreign trade, taking 62%  of its exports 
and supplying 70% of its imports in 2020. All crude oil is exported , as Guyana lacks domestic refining 
capacity. Petroleum product imports are largely sourced from the United  States , Trinidad and 
Tobago, and Suriname. The E uropean  Union is an important market for Guyanese sugar under the 
EU/ACP Sugar Protocol, and the E uropean  Union is also an important purchaser of rice.  
5. The merchandise trade balance recorded a surplus of USD  434 million in 2020 compared with 
a deficit of USD  315 million in  2015. Guyana is a net importer of services. Its growing deficit in 
services trade since 2018 is mainly traced to the development of the petroleum sector. The current 
account accordingly remained in deficit also in 2020 but continued to be covered by signi ficant 
foreign investments offshore. Guyana's diaspora of nearly 500,000 people is also a reliable source 
of remittances.  
6. Guyana is an original Member of the WTO and provides at least MFN treatment to all trading 
partners. On 1  October  2016, Guyana establi shed its mission to the WTO in Geneva. Various 
notifications were submitted to the WTO during the review period, mainly relating to regional trade 
agreements and technical barriers to trade. Notifications concerning, inter alia , customs valuation, 
import l icensing, sanitary and phytosanitary measures, state trading, and agriculture remain 
overdue.  
7. Guyana's trade policy is formulated by the Ministry of Foreign Affairs and International 
Cooperation, and is coordinated within the Caribbean Community (CARICOM).  During the review 
period, Guyana signed and ratified the Caribbean Forum (CARIFORUM) Economic Partnership 
Agreement with the United Kingdom on 22  March  2019 as a roll -over agreement from the 
European  Union Economic Partnership Agreement with the CARIFORUM , after the United Kingdom 
left the European Union.  
8. There have been no major changes in the legal framework for business and investment in 
Guyana since its last Review in 2015. The Government intends to encourage inward foreign direct 
investment  (FDI) . National treatment is applied to all economic activities except for certain mining 
operations. Incentives for FDI include income tax holidays, and tariff and value  added tax (VAT) 
exemptions.  
9. ASYCUDA World, a fully automated customs management system, has bee n Guyana's 
integrated platform for electronic clearance of goods since January 2019. A Trusted Trader 
programme, backed by post -clearance audit and risk management, allows qualified participants WT/TPR/S/422 • Guyana  
 
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  faster customs clearance with fewer documentation requirement s upfront. Guyana ratified the 
WTO Agreement  on Trade Facilitation in 2015, and has notified its Category A, B , and C 
commitments.  
10. Guyana has bound all tariff lines with ceiling bindings for agricultural goods (at 100%) and 
non-agricultural goods (at 50%), with a different rate for jewellery (at 70%). Similarly, it has bound 
"other duties and charges", mostly at 40% on agricultural goods and 30% for other items. For 
applied MFN rates, Guyana follows the Common External Tariff of the Caribbean Community , 
resulting in a simple average tariff of 12.6% in 2020  (22.9% for agriculture and 10.6% for other 
goods ). Imports from other CARICOM countries that meet the rules of origin criteria are admitted 
duty-free, and extensive duty -free or preferential tariff tr eatment is accorded to imports from 
Costa  Rica, Colombia, the Dominican  Republic , Cuba, the European  Union , the United Kingdom, and 
Brazil under regional or bilateral trade and economic agreements.  
11. Guyana levies VAT at a standard rate of 14% on most goods and services, as well as excise 
taxes on alcoholic beverages, tobacco products, petroleum products, and motor vehicles. In addition, 
beverages sold in non -returnable containers attract an environmental levy of GYD 10 per unit. 
Numerous changes in the zero -rated and VAT exempt items were carried out during the review 
period. Some of these changes eliminated differential treatment between domestically produced 
goods and imports, but a few new cases may have emerged (such as bedsheets and pillowcases). 
As befo re, Guyana charges export duties, at a general rate of 1.5% on "non -manufactured" goods, 
but with many exemptions.  
12. Concerning prohibitions, restrictions , and licensing of imports (and exports), Guyana's regime 
has essentially remained unchanged since the l ast Review. Some long -standing import prohibitions 
remain in place as SPS measures. The authorities maintain that restrictions, applied in accordance 
with the Customs Act or other legislation, are required to safeguard public health, security, and 
morality , or for the enforcement of international obligations undertaken by Guyana. Import licences 
are issued free of charge by the Ministry of Tourism, Industry and Commerce, provided prior 
endorsement has been obtained from other agencies for the imports (or ex ports) in question.  
13. A National Entrepreneurship and Innovation Council is under establishment. Support to 
entrepreneurs has been provided under the Micro and Small Enterprise Development Programme, 
the Green Business Technology Fund, and an emergency Smal l Business COVID -19 Relief 
Programme administered by the Small Business Bureau.  
14. In the TBT area, a National Quality Policy has been launched to modernize the institutional 
framework, improve laboratory facilities and equipment, and implement a national exp ort and 
investment policy. Guyana has about 600 approved standards, of which 371 are considered 
international, 43 are CARICOM standards, and the remainder nationally developed standards or 
adaptations of other national standards. More than 50 technical reg ulations are currently in force.  
15. The financial performance of public enterprises is uneven in Guyana. The National Industrial 
and Commercial Investments Limited (NICIL) was set up in 1990 to manage state ownership in the 
economy. However, NICIL has not pre sented audited accounts, nor annual reports, since 2013. 
Major state -owned enterprises include the Guyana Sugar Corporation (GuySuCo), Guyana Power 
and Light (GPL) Inc., and the Guyana Gold Board. GuySuCo received GYD 12 billion in 2015 and 
GYD 11 billion in 2016 to stay afloat, and GPL has not been able to cover higher fuel prices with 
hikes in its tariffs.  
16. Government procurement is governed by the Procurement Act 2003, the Procurement 
Regulations 2004, and the Small Business Act 2004 , together with vario us manuals and guides. The 
National Procurement and Tender Administration Board is the lead agency for public procurement. 
The value thresholds for ministerial - and regional -level procurement were adjusted upwards during 
the review period. There were no ch anges to laws and regulations relating to copyright or industrial 
property during the review period.  
17. Guyana's main agricultural products are sugar and rice. Sugar farming is dominated by 
GuySuCo. Rice production is carried out by private producers, the vas t majority of whom are 
small -scale farmers. Guyana also produces a wide variety of "non -traditional" agricultural products 
(e.g. fruits and vegetables) and continues to seek to expand their export. Regarding incentives for WT/TPR/S/422 • Guyana  
 
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  the sector, there exist  tax concessions in agro - and cold -storage capacities , and waivers of import 
duty and VAT on agro -processing equipment and motor vehicles used within the industry, especially 
for the transport of goods. There are also  incentives for key feed stock inputs ( e.g. corn and 
soybeans) and concessions for large -scale livestock farming. The main legislation regulating the 
fisheries sector remains unchanged. Under the National Log Export Policy, 3rd Phase (2020 -2025), 
issued on 12  October  2020, an export levy is to be imposed on specific log s; all prices of exports 
are to be verified by the authorities.  
18. Mining and quarrying accounted for 27.1% of GDP in 2020, up from 9.3% in 2015, reflecting 
the discovery of offshore petroleum wells and subsequent commencement of pet roleum production 
in 2020. Crude production totalled 27 million barrels in 2020; most of this was exported, resulting 
in the sector's  rapid growth. There has been little change to the legislation governing the sector.  
Guyana remains almost entirely depende nt on imported fuel oil for electricity generation; 95% of 
electricity is generated by diesel and heavy fuel oil, and 5% by co -generation using bagasse. No 
electricity is currently generated from hydroelectric power. Electricity tariffs were modified durin g 
the review period.  
19. In 2020, manufacturing (including food processing) accounted for 4.2% of GDP and 10.2% of 
employment. Guyana is a net importer of manufactured goods. The main manufacturing products 
include traditional agricultural products such as ric e and sugar, forest products, and minerals 
(bauxite, gold, and diamonds), as well as basic consumer items, food and beverages, and 
pharmaceuticals. The main policy focus regarding manufacturing includes the development of 
industrial estates.  
20. Services accou nted for 38.9% of GDP in 2020, down from 44.1% in 2015. The main subsectors 
are government services, real estate, distribution, finance and insurance activities, transport and 
storage, education, and information and communication. During the review period,  regulatory 
changes were introduced , notably in financial services, telecommunications, and air transport. 
Guyana adopted various laws including the Deposit Insurance Act 2018, which established a deposit 
insurance scheme covering all eligible depositors u p to the maximum limit of GYD 2 million. Other 
main regulatory changes included the adoption of the Financial Institutions (Amendment) Act 2018, 
the Insurance Act 2016, and the Insurance (Amendment) Act 2018. On 5  October  2020, the 
monopoly on landline ser vices and the international gateway was removed, with the granting of a 
telecommunications licence to two companies to provide, inter alia , fixed services. In the air 
transport sector, the Civil Aviation Act 2018 was adopted, and several bilateral air serv ices 
agreements between Guyana and its trading partners were signed.  
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  1  ECONOMIC ENVIRONMENT  
1.1  Main Features of the Economy  
1.1.  Although part of the South American mainland, Guyana is culturally and economically closer to 
the island nations in the Caribbean Basin. It is a resource -rich and sparsely populated country with 
an ethnically diverse population of approximately 770,000, and a diaspora of nearly 500,000 people. 
The largest Guyanese communities overseas are found in the United  States, the Uni ted Kingdom, 
and Canada, and they are an important source of remittances. GDP per capita has been rising 
steadily in Guyana and amounted to nearly USD  6,900 in 2020 (Table  1.1). 
Table 1.1 Basic economic indica tors, 2015 -20 
 
2015  2016  2017  2018  2019  2020a 
GDP (current GYD million)  883,787  925,677  980,498  994,472  1,078,729  1,140,757  
GDP (current USD  million)  4,280  4,483  4,748  4,788  5,174  5,471  
Real GDP growth (% change)  0.7 3.8 3.7 4.4 5.4 43.5 
GDP per capita (USD)  5,774  5,979  6,233  6,098  6,539  6,867  
GDP by economic activity (% of current GDP)  
Agriculture, forestry and 
fishing  25.4 20.4 22.8 19.5 17.6 16.9 
 Growing of sugar cane  1.5 1.3 0.9 0.5 0.4 0.5 
 Growing of rice  5.4 3.1 3.5 3.8 3.7 3.8 
 Growing of other crops  12.1 10.7 13.1 9.9 8.6 8.4 
 Raising of livestock  2.5 2.1 2.0 2.3 2.5 2.3 
 Forestry  2.8 1.9 2.0 1.9 1.3 1.0 
 Fishing  1.1 1.3 1.2 1.1 1.0 0.8 
Mining and quarrying  9.3 14.9 12.4 12.8 15.0 27.1 
 Bauxite  1.2 1.1 0.8 1.0 1.0 0.4 
 Gold 6.6 11.7 9.6 8.5 9.8 9.6 
 Other mining and quarrying  1.2 1.8 1.5 2.4 2.4 1.3 
 Petroleum and gas; and 
 support services  0.2 0.3 0.5 1.0 1.7 15.8 
Manufacturing  5.9 5.0 4.8 4.7 5.0 4.2 
 Sugar  1.3 1.2 0.8 0.5 0.4 0.4 
 Rice 1.2 0.8 1.0 1.0 1.3 1.0 
 Other manufacturing  3.4 3.1 3.0 3.2 3.3 2.9 
Electricity supply  1.6 1.7 1.1 0.5 0.6 0.5 
Water supply and sewerage  0.3 0.3 0.3 0.3 0.3 0.3 
Construction  7.5 7.6 7.6 7.9 7.8 6.7 
Services  44.1 44.3 44.3 46.0 44.7 38.9 
 Wholesale and retail trade and 
 repairs  7.3 7.1 7.3 7.5 7.4 4.9 
 Transport and storage  3.5 3.4 3.4 3.7 3.2 2.8 
 Accommodation and food 
 services  0.4 0.5 0.5 0.5 0.5 0.3 
 Information and 
 communication  2.4 2.5 2.4 2.5 2.2 2.1 
 Financial and insurance 
 activities  4.7 4.5 4.3 4.3 4.2 3.8 
 Financial intermediation and 
 other services  4.0 3.9 3.6 3.6 3.6 3.2 
 Insurance services and 
 agents  0.7 0.6 0.7 0.7 0.6 0.6 
 Real estate activities  9.0 8.8 8.6 8.6 8.1 7.7 
 Professional, scientific and 
 technical services  0.5 0.5 0.5 0.5 0.5 0.4 
 Administrative and support 
 services  6.7 6.7 6.7 6.7 6.6 6.1 
 Public administration  4.6 5.1 5.3 5.9 6.3 6.1 
 Education  3.0 3.1 3.0 3.3 3.3 2.8 
 Human health and social work  1.4 1.5 1.7 1.8 1.7 1.6 
 Arts, entertainment and 
 recreation  0.4 0.4 0.3 0.4 0.3 0.2 
 Other service activities  0.4 0.4 0.4 0.4 0.3 0.2 WT/TPR/S/422 • Guyana  
 
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2015  2016  2017  2018  2019  2020a 
Less FISIMb 2.1 2.1 1.9 1.8 1.7 1.6 
GDP at basic prices  92.2 92.0 91.4 90.0 89.3 92.9 
 Taxes less subsidies on 
 products  7.8 8.0 8.6 10.0 10.7 7.1 
Employment by economic activity (% of total employment)     
Agriculture, forestry and fishing  .. .. 18.3 15.9 15.2 12.1 
Mining and quarrying  .. .. 4.5 4.1 4.0 3.4 
Manufacturing  .. .. 8.1 10.9 10.5 10.2 
Electricity, gas, steam and air 
conditioning supply  .. .. 0.8 0.9 0.8 0.4 
Water supply; sewerage, waste 
management and remediation 
activities  .. .. 1.1 1.0 1.1 0.8 
Construction  .. .. 8.1 8.0 7.8 8.8 
Wholesale and retail trade; 
repair of motor vehicles and 
motorcycles  .. .. 16.6 16.3 14.8 18.3 
Transportation and storage  .. .. 6.9 6.7 7.1 6.8 
Accommodation and food 
service activities  .. .. 4.6 4.2 5.2 5.7 
Information and communication  .. .. 0.9 0.7 0.7 0.5 
Financial and insurance 
activities  .. .. 1.2 1.1 1.3 1.3 
Real estate activities  .. .. 0.0 0.0 0.1 0.0 
Professional, scientific and 
technical activities  .. .. 1.0 0.8 1.2 1.1 
Administrative and support 
service activities  .. .. 4.6 4.7 5.4 6.0 
Public administration and 
defence; compulsory social 
security  .. .. 9.0 10.9 12.2 12.0 
Education  .. .. 6.0 6.0 5.0 4.3 
Human health and social work 
activities  .. .. 1.9 1.1 1.3 1.2 
Arts, entertainment and 
recreation  .. .. 0.5 0.4 0.5 0.3 
Other service activities  .. .. 2.5 2.7 2.8 2.6 
Activities of households as 
employers; undifferentiated 
goods - and services -producing 
activities of households for own 
use .. .. 2.6 3.2 2.6 3.0 
Activities of extraterritorial 
organizations and bodies  .. .. 0.8 0.3 0.3 1.1 
Not elsewhere classified  .. .. 0.2 0.1 0.1 0.0 
Memorandum items:        
Population (number of persons)c 754,803  757,760  760,808  763,899  766,986  770,026  
.. Not available.  
a Budget 2020 data.  
b Financial intermediation services indirectly measured.  
c High variant of mid -year population projections.  
Source:  Bureau of Statistics; and data provided by the authorities.  
1.2.  Mining of bauxite and gold, agricultural crops such as sugar cane and rice, and the manufacture 
of textiles constitute the trad itional backbone of the local economy. Offshore oil exploration began 
in the 1950s, but wells drilled in shallow waters were all dry. The discovery of significant offshore oil 
deposits in deeper waters some 200  km off the coastline in 2015 and subsequent s trikes are 
transforming Guyana into an oil -producing and -exporting country (Box 1.1). The main challenge 
ahead is to ensure that the newfound wealth flows back to Guyana, benefits the population at large, 
and does not lead to large -scale displacement of e conomic activities that provide gainful employment 
to its inhabitants.  WT/TPR/S/422 • Guyana  
 
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  Box 1.1 Guyana's new petroleum sector  
Offshore exploration of Guyana's potential oil and gas reserves began in 2008, and the first discovery was 
announced in May 2015. Around 20 significant discoveries have been made so far, making the 
6.6-million -acre Stabroek Block one of the world's most promising areas for new oil and gas development.a 
Gross recoverable reserves are currently esti mated to exceed 9 billion barrels of oil equivalent. The first 
development, Liza Phase 1, is located in deep waters (1,500  m-1,900  m) about 190  km off Guyana's coast. 
Production from the floating production, storage, and offloading (FPSO) vessel Liza Desti ny came on stream 
in December 2019, and was gradually stepped up during 2020, until it reached the capacity of the vessel of 
120,000 barrels per day (b/d) at the end of the year. Liza Destiny  has a storage capacity of 1.6  million  barrels 
of crude oil.  
Looking ahead, the Liza Phase 2 Project involves the installation of a second FPSO vessel with the capability 
of producing up to 220,000 b/d. The expected start -up of Liza Phase 2 is mid -2022. Subsequently, a 
third FPSO vessel ( Prosperity ), also designed to pr oduce up to 220,000 b/d, is to be engaged in the 
development of the Pa yara Project expected to come on stream in 2024.  
a The consortium leading the early development of Guyana's petroleum reserves comprises the 
operator ExxonMobil (45% share), Hess Guyana Exploration Ltd (30%), and China's CNOOC Nexen 
Petroleum Guyana Ltd (25%). Esso Exploration and Production Guyana Limited  and its partners 
earned USD  878.7 million in 2020.  
Source:  ExxonMobil.  
1.2  Recent Economic Developments  
1.3.  Although Guyana's economy was affected by fluctuations in world prices for agricultural 
commodities and metals, as well as variable output due to weather c onditions and other factors, the 
general economic performance was in line with past trends from 2016 to 2019. Real GDP expanded 
at annual rates ranging from 3.7% to 5.4%.  
1.4.  The Bank of Guyana (BOG) estimates a domestic labour force amounting to just over 
300,000 workers. Employment in the primary sectors declined from 18% of total employment in 
2017 to around 12% in 2020. Elsewhere, the number of people engaged in wholesale and retail 
trade, public administration, and manufacturing has been stable or expandin g, although the labour 
intensity is relatively high compared with the contributions to the economic value added in these 
sectors. The labour participation rate, i.e. the labour force measured against the economically most 
active segment of the population ( 15- to 65 -year-olds), has been stable around 61.5% in recent 
years.  Data on unemployment are sketchy, but the BOG indicates an unemployment rate of around 
12%.  
1.5.  Monetary policy is formulated and implemented by the BOG with a view to maintaining price 
stabil ity. The desired outcome is sustained non -inflationary economic growth and a national currency 
(Guyana dollar) that is maintaining its value. The policy appears to have been successful on both 
fronts during the review period. The main monetary instruments,  the BOG's discount rate and the 
reserve requirement ratio, were held steady. The discount rate, which is determined by the 
benchmark (91 -day treasury bill) rate, was maintained at 5%.1 The reserve requirement ratio 
remained at 12% until 23  August  2020. G enerally, the BOG found the transmission mechanism of 
the discount rate and the reserve requirement ratio to be minimal or non -existent, as the primary 
market was liquid and commercial banks rarely needed to borrow.  
1.6.  Annual inflation, measured as movements in the consumer price index for urban Georgetown, 
was negative in 2015 ( -1.8%), but subsequently picked up to stabilize at a yearly rate around 1.5% 
before declining again in 2020 (Table 1.2). As for the exchange rate of the Guyana dollar versus the 
US dol lar, the BOG's weighted mid -rate, which is based on the turnover rates of the three largest 
banks, moved from GYD 206.50 per US dollar in May 2018 to GYD 208.50 in June, with no further 
fluctuations since then. In fact, there were net purchases of USD  64.9 million in the currency market 
in 2020 to keep the Guyana dollar stable against the US dollar. According to the IMF, Guyana 
maintains a floating exchange rate regime de jure , although it is a de facto  stabilized arrangement 
with foreign exchange rate inte rventions.2 
 
1 The annual interest rate for 91 -day treasury bills, determined by auctioning in the primary market, 
declined from 1.85% in 2016 to stabilize at 1.54% in subsequent years.  
2 IMF (2019), Guyana: Staff Report for the 2019 Article  IV Consultation , IMF Countr y Report 
No. 19/296.  WT/TPR/S/422 • Guyana  
 
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  Table 1.2 Main monetary indicators, 2015 -21Q1  
 
2015  2016  2017  2018  2019  2020  2021Q1  
Monetary and credit aggregates         
M1 (USD  million)  631 701 762 839 1,191  1,435  1,455  
M2 (USD million)  1,620  1,700  1,778  1,894  2,198  2,499  2,548  
Credit to the private sector (USD  million)  1,039  1,061  1,086  1,120  1,216  1,246  1,270  
M1 (% growth)  -0.7 11.2 8.6 10.2 41.8 20.5 1.4 
M2 (% growth)  1.5 5.0 4.6 6.5 16.0 13.7 2.0 
Credit to the private sector (% growth)  6.2 2.1 2.3 3.2 8.6 2.4 2.0 
Interest rates (%)         
Treasury bill rate (91 days, end of period)  1.92 1.68 1.54 1.54 1.54 1.54 1.54 
Treasury bill rate (364 days, end of period)  2.38 2.13 1.20 1.23 1.00 1.00 1.00 
Prime lending rate (weighted average, end 
of period)a 10.65  10.65  10.47  10.30  8.56 8.46 8.50 
Treasury bill rate (91 days, period average)  1.84 1.85 1.55 1.54 1.54 1.54 1.54 
Treasury bill rate (364 days, period 
average)  2.36 2.22 1.42 1.09 1.01 1.01 1.00 
Prime lending rate (weighted period 
average)a 10.77  10.74  10.58  10.39  8.86 8.50 8.88 
Deposits (period average)  1.40 1.40 1.40 1.40 1.40 1.40 1.40 
Mortgage rate (period average)  6.45 6.45 6.45 6.45 6.45 6.45 6.45 
Inflation         
Consumer Price Index (Georgetown, index 
2009=100)  111.9  113.5  115.2  117.1  118.9  119.8  121.9  
Inflation rate (%)  -1.8 1.4 1.5 1.6 1.5 0.8 2.6 
Exchange rate         
Nominal exchange rate (GYD per USD)  206.5  206.5  206.5  207.7  208.5  208.5  208.5  
Nominal effective exchange rate  206.8  208.1  212.2  212.7  214.9  215.3  215.5  
Real effective exchange rate (index, 
2010=100)  105.4  107.3  107.0  104.6  107.5  108.7  106.3  
a The prime lending rate reported by the banks has been weighted by the amount of loans issued at 
the corresponding rate.  
Source:  Bureau of Statistics; International Monetary Fund, IFS database; and data provided by the 
authorities.  
1.7.  While the economy has been growing overall, the performance in individual subsectors of the 
traditional economy has been unev en. The production of sugar cane was affected by the financial 
difficulties of the Guyana Sugar Corporation (GuySuCo), where repeated strikes caused disruptions 
in output. The social unrest culminated in 2019, resulting in 151,000 tonnes of unharvested can e at 
three sugar estates. By contrast, the cultivation of rice saw a positive trend, and livestock and 
"non-traditional" crops such as fruit and vegetables generally performed well. The livestock 
subsector has at times (e.g. in 2017) been able to expand to  meet strong consumer demand. Output 
in the forestry sector was on a declining trend, while the value added from fisheries was mostly 
stable. The manufacturing sector is quite small in Guyana, and accounts for no more than 5% of 
GDP. Recent output in tradi tional manufacturing (sugar milling and rice processing) reflected the 
progress and difficulties in the production of the underlying primary commodities, while other 
manufacturing activities (e.g. beverages and liquid pharmaceuticals) performed reasonably well. 
1.8.  The mining sector is dominated by gold, which benefited from high international prices during 
the review period. Diamond production is less important, and the mining of bauxite has been going 
through a difficult period. As a result, the Russian Alumi nium Company (RUSAL) suspended its 
bauxite operations in Guyana in February 2020.  
1.9.  As the primary sectors and mining industries are relatively large in Guyana, services are less 
dominant. Services, including construction, accounted for 45% of GDP in 2020. C onstruction activity 
varies with fluctuations in household demand for housing and public investment in infrastructure. 
Major services sectors are public and private administration and support services, real estate 
activities, wholesale and retail trade, an d financial services. As most consumer goods are imported, 
the value added in wholesale and retail trade is dependent on the level of imports.  
1.10.   For Guyana's economy, 2020 was a most unusual year. The COVID -19 pandemic caused 
closures and disruptions, negati vely affecting consumer demand for goods and services. Mitigation 
measures included support to commercial banks to ensure debt relief and the provision of liquidity WT/TPR/S/422 • Guyana  
 
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  to the banks' clients.3 These measures were subsequently extended until end -2021. On 
23 August  2020, the reserve requirement ratio for commercial banks was temporarily reduced to 
10%, until the end of 2020, as part of supplementary COVID -19 relief measures. On the other hand, 
2020 was also the first year that income from Guyana's nascent offshore petroleum sector 
materialized.  
1.11.   The BOG is the custodian of Guyana's foreign reserves. Guyana's gross international reserves 
covered two months of imports at the end of 2020, up from 1.6 months one  year earlier. The BOG 
also manages the Natural Resource Fund (Box 1.2), which was set up to preserve current and future 
revenues from the petroleum sector.  
Box 1.2 Natural Resource Fund (NRF)  
As Guyana was expecting to become an oil -producing nation by 2020, the Government decided to set up a 
sovereign wealth fund ahead of the expected revenue inflow. The purpose of the NRF is to decouple the 
inherent volatility in oil revenue from public expen ditures, maintain economic competitiveness, facilitate 
intergenerational transfer of wealth, and ensure the availability of funds for national development priorities, 
including the building of an inclusive green economy.  
The Natural Resource Fund Act was a pproved by the National Assembly and assented to by the President in 
January 2019. As manager of the NRF, the BOG signed an operational agreement with the Ministry of Finance 
on 11  December  2019 detailing the BOG's responsibilities and management principle s. The World Bank is 
providing technical support during the first three years of the NRF under its Reserve Advisory and 
Management Partnership facility.  
Section 32(1) of the Act stipulates that the entirety of the Fund should be dedicated to "very safe 
investments" as long as its balance remains below USD  500 million. Consequently, since revenue inflows 
(profit oil and royalty) commenced in early 2020, the proceeds have been held in US treasury bills and 
overnight deposits with the Federal Reserve Bank of N ew York. Due to the ultra -low (or zero) interest paid 
on such instruments, returns on the funds invested in the United  States were negligible in 2020 (about 
USD 12,300). Nevertheless, almost USD  200 million had been accumulated in the NRF by the end of 202 0. 
The constitution of an Investment Committee, vested with a formal investment mandate that will allow more 
active management of the NRF, is still pending.  
A Macroeconomic Committee determines the maximum annual withdrawal that may be effected without 
harm to the economic competitiveness of the country or long -term financial sustainability of the NRF, keeping 
in mind the desire to maintain stability in the withdrawals and preserve wealth for future generations. The 
Ministry of Finance prepares a request fo r withdrawal as part of its annual budget proposal. An emergency 
withdrawal in the aftermath of a natural disaster requires a supplementary appropriation bill, with a detailed 
account of the expected expenditures, for consideration by the National Assembly . 
Guyana is an associate member of the International Forum of Sovereign Wealth Funds (IFSWF). The NRF's 
design is based on the Santiago Principles, i.e. that such funds be managed with transparency, good 
governance, and international best practice.  
The NRF  is currently under review.  
Source:  Bank of Guyana, Annual Report 2020 . 
1.12.   The NRF is designed to protect Guyana's future fiscal policies from the ups and downs of world 
oil prices. In the period under review, current government revenues, which are principa lly derived 
from taxes on incomes, value added tax, and excises and tariffs on imported goods, exceeded 
current expenditures (Table 1.3). These annual surpluses contributed to the coverage of public 
capital expenditures, but required additional financing, primarily from domestic sources. Multilateral 
institutions and bilateral creditors have also been assisting Guyana in developing its infrastructure 
for many years.  
1.13.   A sharp increase in domestic debt recorded in 2020 was due to the inclusion of the central 
government's gross overdraft with the BOG, as well as a government -guaranteed bond benefitting 
the National Industrial and Commercial Investments Ltd (NICIL). The stock of government debt (and 
guaranteed debt) totalled USD  2,592.2 million at the end of 2020 . Although Guyana's debt to GDP 
ratio (47.4%) may not seem very high by international standards, Guyana's vulnerability was 
illustrated by debt relief provided by the State of Kuwait in 2019. In 2020, shortfalls in revenue 
 
3 The interest rate spread is quite high in Guyana, as commercial banks' prime lending rate has been in 
the 12% -13% range for several years, while the rate offered for household deposits has been around 1% per 
annum. However, the sprea d began to decline in 2019.  WT/TPR/S/422 • Guyana  
 
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  collection due to the COVID -19 pa ndemic were partially compensated by oil -related taxes. In 
addition, Guyana received nearly USD  30 million from the World Bank and the IDB in November  2020 
to assist the healthcare sector in its battle against the COVID -19 pandemic.  
Table 1.3 Central government finances, 2015 -20 
(% of current GDP)   
2015  2016  2017  2018  2019  2020  
Total revenue  19.1 20.0 21.1 22.9 23.4 20.6 
Current revenue  18.3 19.2 19.9 21.8 22.3 19.9 
 Tax revenue  16.2 16.4 17.5 20.0 20.9 19.1 
 Income tax  6.2 6.5 6.9 7.9 8.7 9.2 
 Companiesa 3.9 4.1 4.7 5.3 6.0 6.1 
 Personal  2.3 2.5 2.2 2.6 2.7 3.0 
 Other  0.0 0.0 0.0 0.0 0.0 0.0 
 Value added tax  4.0 3.9 4.3 4.8 4.9 4.4 
 Excise tax  3.8 3.4 3.4 4.0 4.1 3.0 
 Tax on international trade  1.6 1.8 1.9 2.2 2.3 1.7 
 Import duty  1.4 1.6 1.7 1.9 2.1 1.6 
 Export duty  0.0 0.0 0.0 0.0 0.0 0.0 
 Travel tax  0.2 0.2 0.2 0.3 0.3 0.1 
 Other  0.0 0.0 0.0 0.0 0.0 0.0 
 Other taxes and licences  0.6 0.6 0.9 1.1 1.0 0.9 
 Of which : Property taxes  0.4 0.3 0.4 0.4 0.4 0.3 
 Non-tax revenue  2.1 2.8 2.4 1.9 1.4 0.8 
 Rents and royalties  0.0 0.5 0.4 0.4 0.4 0.2 
 Fees, fines, etc.  0.1 0.1 0.1 0.1 0.1 0.1 
 Dividends from financial enterprises  0.1 0.2 0.1 0.1 0.1 0.0 
 Interests  0.0 0.1 0.1 0.1 0.1 0.0 
 BOG surplus  0.4 0.4 0.4 0.3 0.2 0.1 
 Other departments receipts  0.9 0.9 0.9 0.4 0.3 0.1 
 Others  0.6 0.5 0.4 0.4 0.2 0.3 
 GRIF inflowsb 0.0 0.0 0.0 0.0 0.0 0.0 
Capital revenue  0.8 0.9 1.2 1.1 1.1 0.7 
Total expenditure  20.2 23.4 24.5 25.6 26.2 28.5 
Current expenditure  16.7 18.4 18.5 20.1 20.0 21.9 
 Personal emoluments  5.1 5.3 5.6 6.0 6.4 6.3 
 Pensions  1.7 2.0 2.1 2.2 2.3 2.9 
 Education, subvents  0.5 0.6 0.7 0.8 0.8 0.7 
 Other transfers  3.8 4.7 4.3 5.1 4.4 4.9 
 Other goods and services  4.9 5.1 5.0 5.2 5.4 6.4 
 Debt charges  0.7 0.7 0.8 0.9 0.8 0.7 
Capital expenditure  3.5 5.0 6.0 5.5 6.1 6.7 
Current (primary) deficit/surplus  1.6 0.8 1.4 1.8 2.3 -1.9 
Overall deficit/surplus  -1.1 -3.4 -3.3 -2.7 -2.8 -7.9 
External financing  -0.6 0.8 0.9 0.6 1.0 0.2 
Domestic financing  1.7 2.6 2.4 2.1 1.8 7.7 
a Companies income tax includes self -employed, corporation, and withholding income taxes.  
b Guyana REDD Investment Fund.  
Source:  Bank of Guyana (2021), Quarterly Report and Statistical Bulletin , Vol.  15, No.  1. 
1.3  Developments in Trade and Investment  
1.3.1   Trends and patterns in merchandise and services trade  
1.14.   The transformation of Guyana as a country traditionally dependent on imports of ene rgy 
products to one that counts among the world's suppliers of fossil energy was first evidenced in the 
trade statistics in 2020. Average exports of crude oil amounted to 26,605 b/d, resulting in revenue WT/TPR/S/422 • Guyana  
 
- 14 - 
 
  totalling USD  1,064 million, or 41% of Guyana's merc handise exports (Chart 1.1 and Table  A1.1). 
By comparison, the value of bauxite exports, the second component of its mineral products exports, 
was USD  73 million, a decline from USD  124 million in 2014 and a peak of USD  128 million in 2018. 
Overall, Guyana  recorded a surplus in its goods trade of USD  434 million.  
Chart 1.1 Merchandise trade by main HS section, 2015 and 2020  
 
Source:  UN Comtrade  database; and data provided by the authorities for the year 2020.  
1.15.   Before oil production came on stream, offshore development made a major impact in the 
foreign trade data in 2019, when the FPSO vessel Liza Destiny  was booked as a merchandise import 
from S ingapore worth USD  978 million (Table A1.2). The FPSO vessel and other supplies to the 
Liza Phase  1 project boosted merchandise imports to a record USD  4.0 billion in 2019. Imports 
subsequently receded in 2020 as the impact of the COVID -19 pandemic reduced  the domestic 
Chart 1.1
Merchandise trade by main HS sections, 2015 and 2020
2015 2020
Exports
Total: USD 1,169 million
Imports
Total: USD 1,484 million Total: USD 2,163 million
Source:   UN Comtrade database; and data provided by the authorities for the year 2020.Total: USD 2,597 millionWood & 
articles of 
wood
4.0%Other
1.3%
Prepared 
foodstuffs
13.2%Other
0.7%
Chemical 
products
9.0%Precious metals 
& stones
38.1%Machinery & electrical 
equipment
0.7%
Base 
metals
6.0%Mineral 
products
27.7%Machinery & 
electrical 
equipment
20.4%Other
14.4%
Chemical 
products
7.9%Other
11.1%
Vehicles & 
transport 
equipment
7.5%
Plastics
4.3%Mineral 
products
29.1%Mineral 
products
9.0%Mineral 
products
44.0%Precious 
metals & 
stones
44.3%
Chemical 
products
0.7%
Plastics
4.6%Chemical 
products
0.8%
Base 
metals
11.4%Live 
animals
2.1%Vegetable 
products
9.7%
Vehicles & 
transport 
equipment
6.2%Vegetable 
products
19.4%Prepared 
foodstuffs
3.0%Live animals
7.6%
Vegetable 
products
4.4%Vegetable 
products
3.2% Prepared 
foodstuffs
9.0%Prepared 
foodstuffs
6.4%
Machinery & 
electrical 
equipment
17.4%Machinery & electrical 
equipment
0.4%
Wood & 
articles of 
wood
1.0%WT/TPR/S/422 • Guyana  
 
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  consumption of goods generally, and hence the need for imports, but also due to the (temporary) 
decline in imports of equipment to the offshore petroleum sector. Guyana continues to import 
petroleum products for use in transportation and powe r generation and will continue to do so for the 
foreseeable future as Guyana does not have domestic refining capacity. However, whereas in the 
past, the merchandise trade deficit of energy -dependent Guyana widened in response to higher 
prices for oil and r elated products, any future price hikes are likely to enlarge Guyana's merchandise 
trade surplus.  
1.16.   In value terms, about 55% of the crude oil was sold to the United  States in 2020, pushing 
the share of the United  States in total merchandise exports to 28.5 % (Table A1.3 and Chart 1.2). 
Guyana increasingly sources its petroleum product imports from the United  States. Other important 
suppliers are Trinidad and Tobago and, to a lesser extent, Suriname.  
Chart 1.2 Merchandise trade by main origin and destination, 2015 and 2020  
 
Source:  UN Comtrade database.  
Chart1.2
Merchandise trade by main origin ad destination, 2015 and 2020
2015 2020
Exports
Total: USD 1,169 million
Imports
Total: USD 1,484 million Total: USD 2,163 million
Source:   UN Comtrade database; and data provided by the authorities for the year 2020.Total: USD 2,597 millionBarbados
5.3%Others
0.2%
United States
25.6%
EU (27)
6.9%Other 
Americas
12.8%
United States
25.9%Americas
61.9%
Canada
18.4%Other Americas
4.9%China
4.6%Others
0.3%Other Asia
0.4%
Americas
73.7%
Trinidad & 
Tobago
23.2%Other 
Americas
18.2%Japan
3.8%
EU (27)
5.4%China
7.6%Other 
Asia
6.4%Others
0.6%
Suriname
4.2%United States
31.4%
Other 
Americas
11.2%EU (27)
5.3%Japan
3.3%
China
9.7%Other 
Asia
5.5%Others
1.0%
Americas
72.5%Americas
70.1%Other 
Europe
3.7%Other Europe
5.2%Asia
17.8%Asia
18.5%Other Europe
8.2%Singapore
4.9%
EU (27)
13.8%
Suriname
5.2%United States
28.5%
Trinidad & 
Tobago
23.2%Venezuela, 
Bolivarian 
Rep. of
3.4%Other Europe
3.8%Europe
22.0%Asia
3.6%
Europe
10.7%Asia
9.9%
Europe
10.6%Europe
9.1%Trinidad & 
Tobago
3.1%Venezuela, 
Bolivarian 
Rep. of
4.3%Barbados
2.3%Canada
25.7%
Trinidad & 
Tobago
1.4%Middle 
East
0.4%
Middle 
East
17.2%United Arab 
Emirates
17.2%WT/TPR/S/422 • Guyana  
 
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  1.17.   Although Europe is not a principal supplier or destination for Guyanese goods overall, 
European  Union countries are an important market for Guyanese sugar under t he EU/ACP Sugar 
Protocol. The European  Union also purchases significant quantities of rice from Guyana, even though 
Guyana has been successful in developing new markets for its rice in Latin America. Other Caribbean 
Community (CARICOM) countries accounted for 40% of Guyana's imports in 2018, but the 
subsequent rise in offshore -related imports reduced CARICOM's relative share (Table A1.4).4 
1.18.   Guyana is a net importer of services, reflecting its traditional need for transportation services 
and various business  services relating to, for example, construction, technical matters, commerce, 
and operating leases (equipment rental). However, since 2018, the growing deficit in services trade 
has mainly been linked to the offshore petroleum sector (Table 1.4). Guyana's  exports of services 
constituted from 4% to 6% of its GDP between 2015 and 2020. The significant increases, by 
historical standards, in Guyana's current account deficits in 2018 and 2019 were entirely due to the 
ongoing investments offshore, with correspon ding surpluses on the capital account as these 
investments were financed with foreign capital. Guyana's expatriate community is a reliable source 
of remittances. In 2020, such transfers amounted to USD  425.7 million.  
Table 1.4 Balance of payments, analytical summary, 2015 -20 
(USD million)   
2015  2016  2017  2018  2019  2020  
Current account  -182 13 -297 -1,439  -2,824  -652 
 Merchandise (net)  -340 -7 -207 -1,033  -2,473  515 
 Exports (f.o.b.)  1,151  1,441  1,437  1,377  1,567  2,587  
 Bauxite  104 92 105 128 127 73 
 Sugar  78 73 49 27 28 24 
 Rice 221 179 201 186 223 243 
 Gold 501 831 818 767 877 979 
 Timber  44 40 36 33 34 28 
 Crude oil  0 0 0 0 0 1,064  
 Other  186 206 221 222 211 145 
 Re-exports  17 20 9 14 68 31 
 Imports (c.i.f.)  -1,492  -1,448  -1,644  -2,410  -4,040  -2,073  
 Fuel and lubricants  -367 -344 -411 -516 -507 -395 
 Other  -1,124  -1,104  -1,233  -1,894  -3,533  -1,677  
 Services (net)  -258 -300 -372 -897 -932 -1,825  
 Factor  25 -5 -12 -28 -47 -32 
 Non-factor (net)  -282 -296 -361 -870 -886 -1,793  
 Transfers  417 320 282 492 582 658 
 Official  0 0 0 0 0 27 
 Private  417 320 282 492 582 631 
Capital account  71 -13 228 1,299  2,745  721 
 Capital transfers  19 15 23 24 29 49 
 Medium - and long-term capital (net)  30 -24 203 1,280  2,778  734 
 Non-financial public sector capital (net)  -95 -22 44 83 148 -190 
 Disbursements  54 58 84 138 203 48 
 Amortization  -123 -80 -40 -55 -55 -53 
 Other  -25 - - - 0- -185 
 Private sector (net)  125 -2 159 1,197  2,631  924 
 Foreign direct investment (net)  122 32 212 1,232  2,673  1,824  
 Portfolio investment (net)  3 -34 -53 -34 -43 -21 
 Private enterprises  0 0 0 0 0 -879 
 Short -term capital  23 -4 2 -5 -62 -62 
Errors and omissions  2 -53 0 8 30 -9 
Overall balance  -108 -53 -70 -132 -49 61 
Financing  108 53 70 132 49 -61 
 Bank of Guyana net foreign assets  56 -2 12 56 -48 -105 
 Change in non -financial public sector 
 arrears  0 0 0 0 0 0 
 Exceptional financing  52 55 57 77 96 44 
 Debt relief  3 3 2 18 51 20 
 Debt forgiveness  49 53 56 59 46 24 
 
4 Imports of fuel (e.g. diesel, petrol, bunker C, and kerosene), principally from Trinidad and Tobago and 
Suriname, constitute the main portion of Guyana's imports from CARICOM.  WT/TPR/S/422 • Guyana  
 
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2015  2016  2017  2018  2019  2020  
Memorandum        
Total public and publicly guaranteed debt 
(USD million)  1,539  1,601  1,671  1,793  1,767  2,592  
Gross official reserves (USD  million)  599 597 584 528 576 681 
Total public and publicly guaranteed debt 
(% of GDP)  36.0 35.7 35.2 37.6 34.2 47.4 
Imports of goods and services/GDP (%)  -44.8 -43.0 -45.9 -72.1 -99.6 -74.3 
Exports of goods and services/GDP (%)  30.2 35.7 34.1 32.2 34.6 51.0 
Current account/GDP (%)  -4.1 0.6 -6.1 -30.2 -54.6 -11.9 
Source:  Government's budget speeches, different issues; and data provided by the authorities.  
1.3.2   Trends and patterns in FDI  
1.19.   Until 2018, foreign direct investment (FDI) in Guyana was typically in the order of 
USD 100 million to USD  250 million per year,  directed mainly towards mining, information and 
communication, agriculture, manufacturing, tourism, transportation, education, and other services 
(Table 1.5). While these inflows continue, they are currently dwarfed by FDI related to the 
development of th e Stabroek Block. This situation is likely to persist for many years.  
Table 1.5 Foreign direct investment inflows and outflows by sector, 2015 -20 
(USD million)   
2015  2016  2017  2018  2019  2020  
Agriculture  20 6 24 0 1 -2 
Energy  3 20 88 1,091  2,400  1,182  
Information and telecommunications technology  3 4 0 0 2 32 
Mining and quarrying  37 15 50 47 26 -34 
Manufacturing and distribution  13 4 2 6 16 26 
Tourism and hospitality  13 1 17 1 4 0 
Transport and telecommunications  1 0 24 11 0 0 
Others  33 8 8 76 224 0 
Total inflows  122 58 212 1,232  2,673  1,205  
Total outflows  .. 32 .. .. 17 14 
Net .. 26 .. .. 2,657  1,191  
.. Not available.  
Source:  Data provided by the authorities.  
 
 WT/TPR/S/422 • Guyana  
 
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  2  TRADE AND INVESTMENT REGIMES  
2.1  General Framework  
2.1.  Guyana's  general constitutional and legal framework has remained largely unchanged since its 
last Review in 2015. The Constitution of the Co -operative Republic of Guyana is the main law enacted 
by Parliament; it was last amend ed in 2016.1 The hierarchy of laws in  descending order is: (i)  the 
Constitution; (ii)  legislation; (iii)  the common law and judicial precedent; (iv)  custom; 
(v) international law including bilateral/regional agreements; and (vi) equity. Subsidiary legislation 
can be made by authorities charge d with implementing the principal law in the form of regulations 
and ministerial orders.  
2.2.  The President is the head of state as well as the head of the Government. The designated 
candidate of the political party obtaining the largest percentage of the popul ar vote in a general 
election  is automatically appointed as President . The President has the authority to prorogue or 
dissolve the unicameral National Assembly . When the National Assembly is prorogued or dissolved , 
a general election must be held within fo ur months. The last general election was held on 
2 March  2020. The Cabinet, consisting of the President, the Prime Minister, Vice President,  and 
Ministers, is the executive branch of the Government. The President appoints the Prime Minister, the 
Vice President, and Ministers.2 
2.3.  Legislative power rests in the National Assembly, which consists of 65 members elected based 
on proportional representation. The main function of the National Assembly is to pass bills and 
amend the C onstitution. Bills may be tabled by the Government or by any member of the National 
Assembly ; bills related to financial matters require recommendation or consent of the Cabinet in 
accordance with Article  171 of the Constitution and paragraph 53 of the Standing Order of the 
National Assembly.  
2.4.  Bills passed by the National Assembly need the President's assent before becoming law. If the 
President withholds assent, the bill must be returned to the Speaker of the National Assembly with 
a message stating the reasons. If two thirds  of the National Assembly vote to return the bill to the 
President, assent must be given within 21 days, unless the President dissolves the Assembly before 
that time, in accordance with Article  170 of the Constitution.  
2.5.  Concerning international agreements, Guyana operates a "dualist" system, under which 
international agreements take legal effect by transposing them into domestic legislation. The 
authorities state that while not all elements of the WTO Agreements may have been transposed into 
domestic legisla tion, Guyana regularly makes necessary amendments to domestic legislation or 
enacts independent legislation to implement relevant elements of its WTO obligations, as and when 
need arises. Guyana honours all international obligations as included in agreemen ts that have been 
signed. International agreements that have not been incorporated into domestic laws cannot be 
invoked before the courts and have no direct effect under Guyanese law. According to the authorities, 
international law is not traditionally con sidered in Guyana as a source of law, but its importance is 
increasing.  
2.6.  Guyana's judicial system has magistrate courts and specialized courts, including a Land Court 
that handles all claims related to land registration and ownership and a Commercial Court that deals 
with commercial claims. The Supreme Court of Judicature comprises a Court of Appeal and a 
High Court. The Court of Appeal has authority to hear and determine appeals from the High Court 
(except for those when the High Court's decision is final).  Further appeals from the Court of Appeal 
may be made to the Caribbean Court of Justice (CCJ), which is Guyana's last court of appeal.3 
 
1 The amendment stipulated, inter alia , the "Par liament Office" as one of the constitutional bodies.  
2 The Prime Minister must be a member of the National Assembly, and all but a maximum of 
four ministers must be its elected members.  
3 The CCJ sits at the apex of the hierarchy of courts. Consequently, j udgments emanating from the CCJ 
are the most authoritative. Next in the hierarchical structure is the Court of Appeal, then the High Court or 
Supreme Court, followed by intermediate courts such as family courts, and other courts such as magistrate 
courts a nd juvenile courts.  WT/TPR/S/422 • Guyana  
 
- 19 - 
 
  2.2  Trade Policy Objectives  and Implementation  
2.7.  The main objective of Guyana's trade policy is to integrate the country into  the global trading 
system through increased and diversified international market access for its products and to promote 
product diversification. It also implements its trade policy and strategy tailored for, inter alia , the 
new oil and gas sector, which i s still in its nascent stages of development. Guyana's trade policy 
aims at encouraging value addition to its primary products, especially through the development and 
promotion of light industries for agricultural processing and the forestry. Focus is also  paid to the 
development of the services sector in view of the important role the sector plays in the economy; 
the current trade policy aims to develop a vibrant services sector as a springboard for other economic 
sectors.  
2.8.  Guyana supports a multilateral tr ading system that promotes the fair and equitable 
participation of all countries in international trade. As a small developing country that is vulnerable 
to climate change and the consequent economic shocks, Guyana believes that unilateral trading 
interest s should always be subject to multilateral considerations where the interests of small fragile 
economies must always take centre stage. The authorities state that, while Guyana executes its 
external trade policy through the auspices of the Caribbean Commun ity (CARICOM), the country 
participates in the WTO multilateral trade negotiations within its bounds and means. The authorities 
note that Guyana currently has limited representation that monitor developments in most 
multilateral negotiations at the WTO; th ey state that the country has been taking incremental steps, 
as in the case with its Geneva Mission (established in October 2016), to strengthen its capacity to 
actively monitor developments in the multilateral negotiations at the WTO.  
2.9.  The main institution  responsible for trade policy formulation and implementation is the Ministry 
of Foreign Affairs and International Cooperation.4 There are a number of other ministries/agencies 
responsible for formulating and implementing trade and related policies (e.g. t he Ministry of Tourism 
Industry and Commerce; the Guyana Revenue Authority; the Ministry of Agriculture; and the Guyana 
Office for Investment (GO -Invest) ).5 Inter-institutional coordination between ministries on trade 
policy issues is undertaken by the Na tional Advisory Committee on External Negotiation s (NACEN), 
chaired by the Ministry of Foreign Affairs and International Cooperation; the NACEN functions at a 
senior technical level, involving public and private sector stakeholders, and meets quarterly to 
discuss and give guidance to Guyana's international trade agenda.6 Within the NACEN, Technical 
Working Groups (TWGs) are established to discuss any measures implemented by Guyana and make 
necessary recommendations to the NACEN for final decisions on key i ssues. Besides the NACEN and 
TWGs, regular interagency and private sector stakeholder consultations are undertaken concerning 
key issues before embarking on or undertaking any trade -related measure by Guyana. The 
authorities state that the private sector a ctively participates in these consultations, where their 
interests are considered.  
2.10.   The responsibility of concluding and signing trade treaties and other trade -related agreements 
on behalf of the Government with Guyana's trading partners rests with the Mini stry of Foreign Affairs 
and International Cooperation.  
2.11.   Legislation related to Guyana's trade policies include, in descending order of importance, the 
Acts of Parliament, regulations, and ministerial orders.7 There have been no changes since 2015 in 
the pr ocess of formally adopting laws, regulations, and rules. The authorities state that no new 
trade -related laws and regulations have been adopted since 2015.  
2.12.   With the assistance and support of the UNCTAD  Secretariat, Guyana commenced work on 
updating its current trade strategy geared at providing guidance in developing a policy framework 
 
4 In 2020, the former Ministry of Foreign Affairs was renamed the Ministry of Foreign Affairs and 
International Cooperation, consequent to the change in the Government in the same year.  
5 See Sections 3 and 4 for the details of other bo dies that have jurisdiction over issues that affect 
Guyana's trade policies. During the review period, there were some reorganizations of ministries and agencies. 
The full list of the current government ministries and agencies can be viewed at: 
https://op.gov.gy/index.php/the -ministries . 
6 Participants in the NACEN include heads of the various bodies, such as the Minister of Agriculture, the 
Executive Chairman of the Demerara Distillers Limited, Pre sident of the Georgetown Chambers of Commerce 
and Industry, and the Chief Executive Officer of Guyana Sugar Corporation.  
7 Guyana's laws are accessible electronically on the website of the Ministry of Legal Affairs. Viewed at: 
https://mola.gov.gy/laws -of-guyana . WT/TPR/S/422 • Guyana  
 
- 20 - 
 
  that takes on board Guyana's new oil and gas sector. The draft strategy is currently being reviewed 
by the Cabinet.  
2.3  Trade Agreements and Arrangements  
2.3.1   WTO  
2.13.   Guyana is an original Member of the WTO and grants at least MFN treatment to all of its 
trading partners. It did not participate in the GATS extended negotiations on financial services or 
telecommunications. At the Minist erial Conference in 2017, Guyana reiterated its unequivocal 
support for the multilateral trading system and stated that trade policy should promote sustainable 
production practices that protect both the planet and livelihood systems.8 Guyana's trade and r elated 
policies were reviewed in the Trade Policy Review Body in 2003, 2009, and 2015. On 1  October  2016, 
Guyana established its mission to the WTO in Geneva.  
2.14.   Various notifications were submitted to the WTO during the review period, mainly relating to 
regional trade agreements and technical barriers to trade (Table A2.1). Notifications concerning, 
inter alia , customs valuation, import licensing, sanitary and phytosanitary measures, state trading, 
and agriculture remain overdue.  
2.15.   During the review period, Guyana was not a complainant or a respondent, nor was it involved 
as a third  party, in the WTO dispute settlement system.  
2.3.2   Regional and bilateral agreements  
2.16.   During the review period, Guyana signed and ratified the Caribbean Forum (CARIFORUM) 
Economi c Partnership Agreement with the United Kingdom on 22  March  2019 as a roll -over 
agreement from the European  Union Economic Partnership Agreement with CARIFORUM, after the 
United Kingdom left the European  Union. Guyana ratified the agreement on 16  December  2020, and 
has been provisionally implementing the agreement since then.9 
2.17.   Guyana is an original member of CARICOM.10 It largely formulates and implements its trade 
and trade -related policies through the framework of CARICOM. The Council for Trade and Econo mic 
Development, representing membership of trade and development ministers from all member 
States, is responsible for the promotion of trade and economic development in CARICOM.  
2.18.   Guyana has been a party to the CARICOM Single Market and Economy (CSME) since  2006.11 
Under the CSME, goods of CARICOM origin are exempted from customs duties (but they cannot 
circulate freely within CARICOM12), and services providers holding nationalities of CARICOM member 
States are free to move and establish businesses within CA RICOM member States.  
2.19.   CARICOM coordinates members'  external trade policies with respect to third countries.13 A 
common external tariff is applied to goods originating from non -CARICOM members.14 With respect 
to trade, CARICOM negotiates with third countries  on behalf of all CARICOM members as a whole. 
An individual CARICOM member may negotiate bilateral agreements with a third country; before 
 
8 WTO document WT/MIN(17)/ST/53, 15 December 2017.  
9 One of the requirements for the full implementation of the agreement is ratification by all parties, 
which has not yet been achieved.  
10 CARICOM member countries are Antigua and Barbuda, the Bahamas, Barbados, Belize, Dominica, 
Grenada, Guyana, Haiti, Jama ica, Saint Lucia, St Kitts and Nevis, St Vincent and the Grenadines, Suriname, 
and Trinidad and Tobago.  
11 The Revised Treaty of Chaguaramas (Revised CARICOM Treaty) created the CSME in January  2006 
with an approach of phased implementation. CARICOM, Revised Treaty of Chaguaramas Establishing the 
Caribbean Community including the CARICOM Single Market and Econ omy. Viewed at: 
https://caricom.org/documents/4906 -revised_treaty -text.pdf . Parties to the CSME are CARICOM members 
except for the Bahamas and Haiti.  
12 Free circulation of goods, i rrespective of CARICOM origin or imported from third countries, within 
CARICOM is currently not possible, though the Revised CARICOM Treaty has relevant provisions (Article  239).   
13 Revised CARICOM Treaty, Article  80. Caribbean Community Secretariat's Offi ce of Trade Negotiation. 
Viewed at: https://caricom.org/our -work/trade -negotiations .  
14 Each CARICOM member may apply certain exceptions deviating from the common tariffs. Revised 
CARICOM Trea ty, Article  83.  WT/TPR/S/422 • Guyana  
 
- 21 - 
 
  conclusion of such an agreement, a notification to the CARICOM Secretariat is required. If such 
bilateral agreements involve tariff concessions, a prior approval from the CARICOM Council for Trade 
and Economic Development is also required to proceed further in the negotiations.  
2.20.   Through its CARICOM membership, Guyana maintains seven preferential trade agreements 
with othe r trading partners (Chart 2.1): the Economic Partnership Agreement (EPA) between 
CARIFORUM and the European  Union (EU) ; the EPA between CARIFORUM and the United Kingdom ; 
and the free trade agreements (FTAs) between CARICOM and Colombia, Costa Rica, Cuba, t he 
Dominican  Republic, and the Bolivarian Republic of Venezuela15 (Table A2.2). According to the 
authorities, the negotiations between CARICOM and Canada on an FTA have been suspended.  
Chart 2.1 Reciprocal tra de agreements, September 2021  
 
Source:  WTO Secretariat.  
2.21.   Besides t ariffs, CARICOM covers other areas related to trade such as standards, competition, 
contingency measures, intellectual property, government procurement, and harmonization of 
economic policie s. CARICOM has a number of regional agencies, includ ing the CARICOM Regional 
Organization for Standards and Quality and the CARICOM Competition Commission, that administer 
policies and coordinate practices among its members.  
2.22.   Guyana maintains a bilateral free trade agreement with Brazil. The number of duty -free tariff 
lines of Brazilian origin under the agreement remains at 830.  
2.3.3   Other non -reciprocal arrangements  
2.23.   The authorities indicate that Guyana is a beneficiary of the Generalized System of Preference 
(GSP) accorded by  Australia, Canada, Japan, New  Zealand, Norway, the Russian  Federation, 
Switzerland, and the United  States ; Guyana also benefits from other unilateral preferences such as 
the United  States -Caribbean Basin Trade Partnership Act (CBTPA), the United  States -Caribbean 
Basin Economic Recovery Act (CBERA), and the Canadian Programme for Commonwealth Caribbean 
Trade, Investment and Industrial Cooperation (CARIBCAN). Guyana has a bilateral agreement with 
Argentina aimed to promote trade and economic cooperation between the two countries.  
 
15 The bilateral agreement between Guyana and the Bolivarian Republic of Venezuela was largely 
superseded by the agreement between CARICOM and the Bolivarian Republic of Venezuela.  
 
 
WT/TPR/S/422 • Guyana  
 
- 22 - 
 
  2.4  Investment Regime  
2.4.1   Business environment  
2.24.   There have been no major  changes in the legal framework for business and investment in 
Guyana since its last Review  in 2015. The main legislation covering this area include the I nvestment 
Act, the Companies Act, the Partnership Act, the Business Name (Registration) Act, and the 
Cooperative Societies Act. These legal texts allow business ownership to take the form of a sole 
proprietorship, a partnership of any kind, an incorporated  company, or a cooperative society.  
2.25.   There is no  legislation regulating minimum or maximum ownership in a partnership or a joint 
venture , nor are there minimum capital requirements for the establishment of any type of company ; 
a company's capital structure may comprise more than one class of shares. There are no restrictions 
on the nationality of shareholders. According to the authorities, i rrespective of the business form, 
any type of enterprise may be wholly owned by foreign or domestic investors. The auth orities state 
that the Government does not discriminate against types of investments or investors, domestic or 
foreign.  
2.26.   All companies operating in Guyana must register with its Registrar of Companies, subject to 
registration fees, ranging from GYD 80,000 to GYD 300,000. Business es in the sectors requiring 
specific licences, for example, mining, telecommunications, forestry, and banking, must obtain 
operation licences from relevant competent authorities before commencing operations.  
2.4.2   Foreign investmen t regime  
2.27.   The Investment Act, unchanged since the previous Review, aims to stimulate the 
socio-economic development of Guyana, and to attract and facilitate investment by: (i)  providing 
legal protection for investment; (ii)  increasing the predictability, st ability, and transparency of the 
legal regime for investment; (iii)  promoting the development of international best practices 
regarding investment; (iv)  streamlining the existing procedures for investment; and (v)  establishing 
the structure, role, and resp onsibilities of the Investment Promotion Council established pursuant to 
Section 40 of the Act. The Government actively encourages inward FDI, which is considered as 
essential to economic development. The authorities state that the objectives of Guyana's i nvestment 
policies are to diversify the economic structure away from an over -reliance on traditional sectors as 
well as to turn the Guyanese economy to be more private -sector -driven.  
2.28.   During the review period, Guyana continued to implement the National Deve lopment 
Strategy.16 
2.29.   The overall responsibility for Guyana's investment policy rests with the Office of the President. 
Promotion of foreign and local investment is undertaken by the Guyana Office for Investment 
(GO-Invest), a semi -autonomous body under the Office of the President. GO -Invest also advises the 
Government on the formulation and implementation of national investment policies. GO -Invest 
provides facilitation services, assisting domestic and foreign investors by advising on administrative 
formaliti es and making recommendations for fiscal incentives.  
2.30.   Under the Status of Aliens Act, foreign and domestic investors have the same rights to 
purchase and lease land; the Investment Act stipulates that, subject to the laws currently in force, 
investors may p urchase or lease land in Guyana and dispose of or transfer their interests in or rights 
over the land. The Investment Act specifies that there shall be no discrimination between private 
foreign and domestic investors, or among foreign investors from differ ent countries.17 The authorities 
maintain  that foreign investors have equal access to opportunities arising from privati zation of 
state-owned companies.  
2.31.   The Investment Act states that all fields of lawful economic activity are open to all investors 
except in investment prejudicial to national security, or detrimental to the natural environment or 
public health, or that contravenes the laws of Guyana.  For example, in the mining sector, foreign 
 
16 WTO document WT/TPR/S/218/Rev.1, 10 August 2009.  
17 Nationals from other CARICOM member States are considered foreign; investment restrictions 
(e.g. those on small - and medium -sized mining operations) are equally applied to CARICOM and non -CARICOM 
countries.  WT/TPR/S/422 • Guyana  
 
- 23 - 
 
  investment in small and medium -sized operations is restricted; pe rmits for such operations are given 
only to domestic persons (Section 4.2).  The Minister of Finance may exclude sectors from investment 
subject to affirmative resolution of the National Assembly. The authorities indicate that sectors would 
only be excluded  in exceptional circumstances. There were no such exclusions during the review 
period.  
2.32.   Enterprises may be wholly owned by foreign investors, and unrestricted repatriation of profits 
is allowed after tax obligations have been met, both for companies and net  earnings of foreign 
personnel working in Guyana. The Investment Act limits the circumstances under which the 
Government may expropriate any enterprise or the assets of an investor: legal procedures must be 
followed, and adequate compensation paid. Since G uyana's previous Review, no foreign investment 
enterprises or their assets have been expropriated.  
2.33.   Regarding investment incentives, in accordance with the Income Tax (In Aid of Industry) Act 
(Cap. 81:02), an exemption from corporation tax may be provided t o enterprises, domestic or 
foreign, with respect to income from new economic activity of a developmental and risk -bearing type 
and qualifying as activity that is deemed to demonstrate to create either: (i)  new employment in 
certain regions; or (ii)  new emp loyment in any of the following fields: non -traditional agricultural 
development and ago -processing, including aquaculture and production of bio -fuels; information and 
communication technology, not including retail distribution; petroleum exploration, extr action, and 
refining; mineral exploration, extraction, and refining; tourist facilities; value -added wood 
processing; textile production; bio -technology; development and manufacturing of new 
pharmaceutical products, chemical compounds, and the processing o f raw materials to produce 
injectables; and infrastructure development, including the production of electricity using renewable 
sources of energy.  
2.34.   In accordance with the Investment Act, disputes among investors or between investors and 
the Government can b e settled, inter alia , by consultations and mediations between the relevant 
parties, arbitration under the Arbitration Act, resolution before the competent courts, or resolution 
by the International Centre for the Settlement of Investment Disputes.  
2.35.   The aut horities state that no trade -related investment measures (TRIMs) are applied in 
Guyana. The current requirement for hiring at least 80% of staff locally is applied equally to domestic 
and foreign investment projects. The Government has a draft local conten t policy for the oil and gas 
sector that is being reviewed; it mentions the transfer of knowledge and enhancing quality training. 
The authorities state that the policy is currently undergoing a series of revisions and has not yet 
been enacted; the generali zation of the policy across sectors has not been considered.  
2.36.   Guyana concluded a bilateral investment treat y (BIT) with Brazil in 2018, which is not yet in 
force. Guyana has also concluded BITs with China, Cuba (not in force), Germany, Indonesia (not in 
force), the Republic of Korea, the State of Kuwait (not in force), Switzerland, and the 
United  Kingdom. During the review period, the BIT with Switzerland entered into force on 
2 May 2018. Guyana's BIT with the State of Kuwait entered into force on 31  July 2013; there are no 
definitive dates as to when the other agreements will come into force. Double taxation agreements 
are in force with Canada, CARICOM, the United Kingdom, and the United  States. No double taxation 
agreements were signed or entered into force  during the review period. According to the authorities, 
a draft BIT with Qatar has been put forward for negotiations; negotiations on double taxation 
agreements with  the Islamic Republic of Iran,  the United Arab Emirates, and Qatar are on hold.  
 WT/TPR/S/422 • Guyana  
 
- 24 - 
 
  3  TRADE POLICIES AND PRACTICES BY MEASURE  
3.1  Measures Directly Affecting Imports  
3.1.1   Customs procedures, valuation, and requirements  
3.1.1.1   Documentation requirements and trade facilitation measures  
3.1.  Reporting to the Ministry of Finance, the Guyana Reven ue Authority (GRA) promotes 
compliance with tax, trade, and border laws and regulations. Customs operations are governed by 
the Customs Act (Cap. 82:01) and various customs regulations. There were no major changes in the 
regulations during the review perio d.  
3.2.  All importers must register with the GRA and obtain a tax identification number prior to 
engaging in importation. The registration formalities are normally completed in less than one day. 
There are no additional requirements pertaining to foreigners or  foreign -owned businesses wishing 
to engage in trade. Guyana has no legislation mandating preshipment inspection of any cargo. 
Merchandise may be declared by the importers themselves or through a customs broker. Goods 
valued at less than USD  1,000 may be s ubject to simplified clearance as non -commercial imports. 
Customs brokers are licensed by the GRA and must be Guyanese citizens. The brokers' licences are 
valid for one calendar year and may be renewed. Guyana has 142 licensed customs brokers at 
present.  
3.3.  The Income Tax Act was amended in 2018 to allow the use of electronic technology. ASYCUDA 
World, a fully automated customs management system, has been the integrated platform for 
electronic clearance of goods since January 2019. Henceforth, the documentati on required for 
processing in ASYCUDA World comprise the eSAD (customs declaration), the original invoice, the bill 
of lading or waybill, licences or permits (if required), and certificates of origin and worksheets (as 
necessary). The process flow for comm ercial cargo is as indicated in Chart 3.1. The computerization 
of customs -related documents, including for transit and suspense procedures, is accompanied by 
accounting procedures that allow, inter alia, self -assessment by the importer or declarant, the 
opening of pre -payment accounts, electronic payment, automated risk -profiling, and access to 
reports. ASYCUDA World has reduced the processing time for customs operations across the board, 
according to the authorities.1 In addition, a Trusted Trader (TT) pr ogramme introduced in 2017 
allows qualified participants faster customs clearance with fewer documentation requirements 
upfront. TT enrolment is backed up by post -clearance audit and risk management.  
3.4.  Disputes concerning customs decisions of the GRA are res olved by the Customs Tariff Tribunal 
and may be appealed further to the Full Court of the High Court. The Tribunal examined 12 matters 
relating to valuation decisions and two classification issues during the review period.  
3.5.  Guyana ratified the WTO Agreemen t on Trade Facilitation (TFA) on 30  November  2015 and 
notified its Category A commitments in January 2016.2 Thus, it has been bound by these 
commitments since the entry into force of the TFA on 22  February  2017. Guyana subsequently 
notified its Category B and C commitments, providing indicative implementation dates ranging from 
two to five years from the entry into force of the TFA.3 Definitive dates for the implementation of 
various Category C designations were provided in November 2020.4 The longest transitions (until 
22 February  2027) apply to the establishment of the TFA enquiry point at the regional (Cari bbean 
Community (CARICOM)) level and for cooperation between border agencies (Article  8.2(b) -8.2(e) of 
the TFA). The Inter -American Development Bank is supporting the completion of the single window 
facility by 22  February  2022.  
 
1 The estimated average processing times are currently  one to two days for cargo in the "green" 
channel, two to three days in the "orange" channel, and three to seven days in the "red" channel.  
2 WTO document WT/PCTF/N/GUY/1, 7 January 2016.  
3 WTO document G/TFA/N/GUY/1, 28 July 2017.  
4 WTO document G/TFA/N/ GUY/4, 9 November 2020.  WT/TPR/S/422 • Guyana  
 
- 25 - 
 
  Chart 3.1 Process flow for commercial cargo  
 
Source:  Information provided by the authorities.  
3.1.1.2   Customs valuation  
3.6.  The basic rules regarding customs valuation are laid out in Article  23 and Schedule V to the 
Customs Act and have remaine d unchanged since the previous Review. In general, the c.i.f. 
transaction value constitutes the customs value, i.e. the value reported by the declarant or 
determined by the Comptroller. According to the authorities, nearly all imports are cleared using the  
"contract price" (i.e. transaction value) as such or transaction values of identical or similar goods. 
Under -invoicing remains an ongoing issue that triggers requests for additional documentation of the 
declared value, or the application of alternative va luation methods such as the price of identical or 
similar goods. Valuation cases may also be investigated further by the Post -Clearance Audit Unit.  
3.7.  Guyana is among the WTO Members that have invoked the special provisions available with no 
time limit to de veloping country Members in paragraphs 3 and 4 of Annex III to the Agreement on 
Implementation of Article  VII of the GATT  1994 (Customs Valuation Agreement).5 Guyana has never 
notified its customs valuation legislation to the WTO, nor has it responded to the required Checklist 
of Issues.  
3.1.2   Rules of origin  
3.8.  There have been no changes in Guyana's rules of origin in recent years. Guyana stated in a 
notification in 2003 that it did not apply non -preferential rules of origin.6 Preferential rules of origin 
are use d in trade with other CARICOM partners, under the CARICOM bilateral trade agreements with 
Colombia, Costa Rica, Cuba, and the Dominican  Republic, and further to Guyana's Partial Scope 
Agreement with Brazil. The CARIFORUM -European  Union and Caribbean Forum of the African, 
Caribbean and Pacific Group of States (CARIFORUM) -United  Kingdom Economic Partnership 
Agreements (EPAs) are reciprocal, and their rules of origin thus apply to Guyanese imports and 
exports, whereas the non -reciprocal nature of the Caribbean -Canada Trade Agreement (CARIBCAN) 
and the Caribbean Basin Initiative (CBI) implies that their origin requirements are primarily applied 
to Guyanese exports to Canada and the United  States.  
 
5 The reservations concern the reversal of the sequential order of Articles  5 and 6 and the application of 
Article  5.2 whether or not the importer so requests. WTO document G/VAL/2/Rev.24, 27 April 2007.  
6 WTO document G/RO/N/42, 1 0 December 2003.  
Process 
paymentSenior 
officer
receives
notificationDocumentary
review / 
Physical 
examinationOfficer
completes
Inspection 
Act
Customs authorized
post entryClears eSAD
& grants
releaseIssues 
Release 
OrderValidates
arrival & 
grants
permission 
to dischargeAcknowledgement
of exitManifest
submissionStart
Issues master 
waybill
Degroup waybill
Issues house 
waybill
A
BPADuties refunded or 
additional duties
collectedEnd
Prepares & 
submits
eSADAutomated
risk
assessment
for customs 
and BRAsSelected for examination
Yellow / Red
BRAReceives
notification on 
prescribed
commoditiesDocumentary
review / Physical 
examinationCompletes
inspection 
report
AReceives
release 
orderGenerates
exit noteCarrier agent Consolidator Customs Declarant BRAs Cargo custodianNot selected
Blue/ GreenConform
Not conformWT/TPR/S/422 • Guyana  
 
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  3.9.  The wholly obtained criterion or substantial transformation, such as a change of tariff heading, 
is the fundamental condition for goods to be treated as being of common market (i.e. CARICOM 
Single Market and Economy (CSME)) origin. Product -specific rules have also been developed. Guyana 
has incorporated the CARICOM rules  into the Customs Act, and the product -by-product conditions 
(for the incorporation of inputs from More Developed Countries (MDCs) and Less Developed 
Countries (LDCs)) are reproduced in the Fourth Schedule.7 In many instances, extra -regional 
materials may  be admitted within fixed value percentages of the export price of the finished product. 
The Fourth Schedule also reproduces 11 rules regarding common market origin. A CARICOM 
certificate of origin must accompany claims for duty -free preference (Rule 8).  
3.1.3   Tariffs  
3.1.3.1   Bound tariff  
3.10.   Guyana has bound all tariff lines in its Schedule CXII through ceiling bindings for agricultural 
goods (100%) and non -agricultural products (50%) (Table 3.1). The tariff for jewellery, including 
imitation jewellery, is bound at 70%. Th e simple average bound tariff is 58.4%. In addition, Guyana 
has bound its "other duties and charges" (ODCs) within the meaning of Article  II.1(b) of the GATT 
at 40% for agricultural goods, with higher rates for wine and undenatured alcohol (50%) and cigars , 
cheroots, and other manufactured tobacco (85%). ODCs for non -agricultural items are bound at 
30%, except for petroleum oils (50%). The simple average bound ODC rate is 31.8%. During the 
review period, the Secretariat completed the technical transposition  of Guyana's Goods Schedule to 
the HS2012 nomenclature and subsequently also to the HS2017 nomenclature. Members were 
informed accordingly.8 
Table 3.1 Structure of the tariff schedule in Guyana, 2014 and 2021  
  
2014  2021  
1. Total number of tariff lines  6,358  6,707  
2. Non-ad valorem  tariffs (% of all tariff lines)  0.0 0.0 
3. Non-ad valorem  with no AVEs (% of all tariff lines)  0.0 0.0 
4. Lines subject to tariff quotas (% of all tariff lines)  0.0 0.0 
5. Duty-free tariff lines (% of all tariff lines)  9.5 9.6 
6. Dutiable lines tariff average rate (%)  13.3 14.0 
7. Simple average tariff (%)  12.1 12.6 
8. WTO agriculture  22.7 22.9 
9. WTO non -agriculture (incl. petroleum)  10.0 10.6 
10. Domestic tariff "peaks" (% of all tariff lines)a 9.0 10.9 
11. International tariff "peaks" (% of all tariff lines)b 29.0 30.2 
12. Overall standard deviation (%)  13.5 14.0 
13. Bound tariff lines (% of all tariff lines)  100.0  100.0  
a Domestic tariff peaks are defined as those exceeding three times the overall average applied rate.  
b International tariff peaks are defined as those exceeding 15%.  
Source:  WTO Secretariat calculations, based on data provided by the authorities.  
3.1.3.2   Applied MFN tariff  
3.11.   The present revise d Common External Tariff (CET) of the Caribbean Community, approved by 
the Council for Trade and Economic Development (COTED), which Guyana uses as the basis for its 
applied tariff rates, follows the HS2017 nomenclature. Guyana's current tariff nomenclatur e 
comprises 6,707 tariff lines at the 10 -digit level (Table 3.2). All rates are ad valorem . The simple 
 
7 According to the revised Treaty of Chaguaramas (2001), the Bahamas, Barbados, Guyana, Jamaica, 
Suriname, and Trinidad and Tobago are MDCs. The other signatories, as well as Haiti and Montserrat, are 
LDCs.  
8 The current certified Schedu le CXII has been in effect since 11 February 2021 (WTO/Let/1520, 
17 February 2021). The certification of Schedule CXII in the HS2012 nomenclature was completed in 2018 
(WTO/Let/1365, 27 June 2018).  WT/TPR/S/422 • Guyana  
 
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  average applied tariff rate was 12.6% in 2021, a slight increase since 2014 (12.1%).9 The simple 
average of the applied rates is nonetheless not even on e quarter of the simple bound average.  
Table 3.2 Summary analysis of Guyana MFN tariff, 2021  
Description  MFN Bound 
average 
(%) Bound 
ODCa 
average 
(%) No. of 
lines  Average 
(%) Range 
(%) Coefficient 
of variation 
(CV) 
Total  6,707  12.6 0-100 1.1 58.4 31.8 
HS 01 -24 1,370  25.9 0-100 0.8 88.4 38.0 
HS 25 -97 5,337  9.3 0-70 1.0 50.7 30.2 
By WTO category        
WTO agriculture  1,127  22.9 0-100 1.0 99.8 40.4 
Animals and products thereof  177 29.7 0-100 0.7 100.0  40.0 
Dairy products  25 14.0 0-40 0.9 100.0  40.0 
Fruit, vegetables and plants  332 23.8 0-40 0.7 100.0  40.0 
Coffee and tea  29 17.4 5-40 0.8 100.0  40.0 
Cereals and preparations  139 17.4 0-100 1.0 100.0  40.1 
Oil seeds, fats and oils and 
their products  109 16.0 0-40 1.1 99.5 39.9 
Sugars and confectionery  24 25.2 5-40 0.6 100.0  40.0 
Beverages, spirits and 
tobacco  122 44.2 5-100 0.8 100.0  43.6 
Cotton  6 5.0 5-5 0.0 100.0  40.0 
Other agricultural products 
n.e.s.  164 9.9 0-40 1.3 98.8 39.8 
WTO non -agriculture 
(incl. petroleum)  5,580  10.6 0-70 1.0 50.1 30.0 
WTO non -agriculture 
(excl.  petroleum)  5,547  10.6 0-70 1.0 50.1 30.0 
Fish and fishery products  321 31.3 0-40 0.5 50.5 30.1 
Minerals and metals  1,107  8.8 0-60 1.1 50.1 30.0 
Chemicals and 
photographic supplies  1,090  7.1 0-40 0.7 50.1 30.0 
Wood, pulp, paper and 
furniture  358 10.3 0-20 0.6 50.0 30.0 
Textiles  636 7.6 0-30 0.7 50.0 30.0 
Clothing  281 19.9 5-20 0.1 50.0 30.0 
Leather, rubber, footwear 
and travel goods  176 10.0 0-20 0.7 50.0 30.0 
Non-electric machinery  602 4.6 0-30 1.3 50.0 30.0 
Electric machinery  267 10.2 0-45 0.8 50.0 30.0 
Transport equipment  234 10.7 0-45 1.2 50.0 30.0 
Non-agriculture articles 
n.e.s.  475 15.3 0-70 0.9 50.0 30.0 
Petroleum  33 11.5 0-25 0.8 50.0 31.2 
By ISIC sectorb       
Agriculture and fisheries  542 23.5 0-50 0.8 86.3 37.3 
Mining  106 7.7 0-50 1.4 50.0 30.4 
Manufacturing  6,058  11.8 0-100 1.1 56.1 31.3 
By HS section        
01 Live animals & products  494 30.5 0-100 0.6 71.6 34.3 
02 Vegetable products  438 20.6 0-40 0.8 100.0  40.0 
03 Fats & oils  54 26.6 5-40 0.6 97.2 39.4 
04 Prepared food, etc.  384 25.8 0-100 1.0 95.4 40.3 
05 Minerals  192 7.8 0-25 0.8 50.0 30.2 
06 Chemical & products  1,019  6.7 0-40 0.8 51.9 30.4 
07 Plastics & rubber  243 8.6 0-20 0.6 50.0 30.0 
08 Hides & skins  80 10.5 5-20 0.7 56.4 31.3 
09 Wood & articles  156 11.0 0-20 0.5 50.0 30.0 
10 Pulp, paper, etc.  167 7.8 0-20 0.8 50.0 30.0 
11 Textile & articles  906 11.0 0-20 0.7 51.4 30.3 
12 Footwear, headgear  59 16.3 0-20 0.4 50.0 30.0 
13 Articles of stone  181 10.4 0-25 0.7 50.0 30.0 
14 Precious stones, etc.  62 29.9 0-60 0.8 52.3 30.0 
15 Base metals & products  710 7.3 0-20 0.7 50.0 30.0 
16 Machinery  884 6.5 0-45 1.2 50.0 30.0 
17 Transport equipment  245 10.6 0-45 1.2 50.0 30.0 
18 Precision equipment  225 13.7 0-50 1.1 50.0 30.0 
 
9 The tariff increase is a by -product of nomenclature cha nges as Guyana moved from HS2007 to 
HS2017.  WT/TPR/S/422 • Guyana  
 
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  Description  MFN Bound 
average 
(%) Bound 
ODCa 
average 
(%) No. of 
lines  Average 
(%) Range 
(%) Coefficient 
of variation 
(CV) 
19 Arms and ammunition  22 39.8 0-70 0.7 50.0 30.0 
20 Miscellaneous manufactures  178 15.2 0-20 0.4 50.0 30.0 
21 Works of art, etc.  8 20.0 20-20 0.0 50.0 30.0 
By stage of processing        
First stage of processing  972 20.3 0-50 0.9 75.9 35.2 
Semi-processed products  1,970  6.7 0-40 0.9 52.1 30.4 
Fully processed products  3,765  13.8 0-100 1.1 57.2 31.6 
a Other duties and charges.  
b ISIC (Rev.2) classification, excluding electricity (1 line).  
Source:  WTO Secretariat calculations, based on data provided by the authorities.  
3.12.   Within the WTO bound rates, the Minister of Finance is empowered to amend tariff rates 
according to the Customs Act (Cap.  82:01, Sections 8, 9, and 10). Thus, the tariff on industrial -grade 
cement (HS  25.23) was lowered from 15% to 5% in the 2021 budget to reduce the cost of 
construction  and home ownership. Simultaneously, and exclusively for use in the hinterland, the 
tariff on all -terrain vehicles (ATVs) was removed to reduce the cost of transportation in remote 
areas. Such amendments are notified to COTED, and approval is sought prior to their 
implementation.  
3.13.   The applied duty rate is 5% for just over half of the tariff nomenclature, and nearly 10% of 
the tariff lines are duty -free on an MFN basis (Chart 3.2).10 Alcoholic beverages, tobacco products, 
and a few other items (primarily pou ltry meat) attract the maximum rate of 100%. Other product 
categories with relatively high average MFN rates are arms and ammunition (39.8%), fish and fish 
products (30.5%), precious stones (29.9%), animals and animal products (29.7%), fats and oils 
(26.6% ), prepared food (25.8%), and sugars and confectionery (25.2%). The average tariff for 
agricultural goods (WTO definition) is more than double the average rate for other goods (22.9% 
versus 10.6%). Clothing is facing the highest average tariffs (19.9%) amo ng manufactured goods.  
Chart 3.2 Frequency distribution of MFN tariff rates, 2021  
(Number of tariff linesa)            (%) 
 
a Total number of lines is 6,707.  
Source:  WTO Secretariat calculations, based on dat a provided by the authorities.  
 
10 Guyana does not utilize "nuisance rates", i.e. rates greater than zero but not exceeding 2%.  
(9.6%)(50.8%)
(3.8%)(5.7%)(18.1%)
(0.6%)(11.5%)
0102030405060708090100
05001,0001,5002,0002,5003,0003,5004,000
Duty free >0 - 5 >5 - 10 >10 - 15 >15 - 20 >20 - 25 >25Chart 3.1
Frequency distribution of MFN tariff rates, 2021
(Number of tariff linesa) (%)
The total number of lines is 6,707.
WTO Secretariat calculations, based on data provided by the authorities.a
Source :Cumulative %
Number of lines (% of total)WT/TPR/S/422 • Guyana  
 
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  3.14.   As noted in previous Secretariat reports, Guyana's applied MFN rates exceed the 
corresponding bound rates for 16 tariff lines (firearms and ammunition, pearls, and precious metal 
products). The authorities advised at the time  of the 2015 Review that the situation would be 
rectified in the near future. However, the products affected and the excess margins (10% or 20%) 
remain unaltered (Table  3.3). According to the authorities, a draft document has been prepared for 
Parliament t o amend the applied rates.  
Table 3.3 Lines where MFN applied rate is higher than consolidated rate, 2021  
HS code  Bound rate  
(%) MFN rate  
(%) Product description  
7114.11.00.00  50 60 Articles of silver, whether or not plated or clad with other 
precious metal  
7114.19.00.00  50 60 Articles of other precious metal, whether or not plated or clad 
with precious metal  
7114.20.00.00  50 60 Articles of base metal clad with precious metal  
7116.10.00.00  50 60 Articles of natural or cultured pearls  
7116.20.00.00  50 60 Articles of precious or semi -precious stones (natural, synthetic 
or reconstructed)  
9302.00.00.00  50 70 Revolvers and pistols, other than those of heading 93.03 or 
93.04  
9303.10.00.00  50 70 Muzzle -loading firearms  
9303.20.00.00  50 70 Other sporting, hunting or target -shooting shotguns, including 
combination shotgun -rifles 
9303.30.00.00  50 70 Other sporting, hunting or target -shooting rifles  
9303.90.90.00  50 70 Other firearms and similar devices  
9304.00.00.00  50 70 Other arms (for example, spring, air or gas guns and pistols, 
truncheons), excluding those of heading 93.07  
9305.10.00.00  50 70 Parts and accessories of revolvers or pistols  
9305.20.00.00  50 70 Parts and accessories of shotguns or rifles of heading 93.03  
9305.91.00.00  50 70 Other parts and accessories of military weapons of heading 
93.01  
9305.99.00.00  50 70 Other parts and accessories  
Source:  WTO Secretariat calculations, based on data provided by the authorities.  
3.1.3.3   Tariff -rate quotas  
3.15.   No tariff quotas are listed in Schedule CXII, and Guyana does not apply tariff -rate quotas on 
any products. The Ministry of Tourism, Industry and Commerce nevertheless has the auth ority to 
stipulate import quotas in certain circumstances.  
3.1.4   Tariff preferences  
3.16.   Imports from other CARICOM countries that meet the rules of origin criteria are admitted 
duty-free, except for goods on the national exclusion list authorized under the CARICOM Treaty. 
Products that Guyana has reserved the right to exempt from duty -free treatment are listed in the 
First Schedule, Part III (I and II). Guyana is also a signatory to bilateral agreements that CARICOM 
countries have concluded with Costa Rica, Colombia , the Dominican  Republic, and Cuba, providing 
duty-free treatment to imports from these countries within the ambits of the respective agreements.  
3.17.   All CARIFORUM countries, including Guyana, are phasing in tariff reductions on goods of 
EU origin under the C ARIFORUM -EU EPA. According to the EPA, full implementation (by 2033) 
implies that CARIFORUM countries will have liberalized 86.9% of their imports (in value) from the 
European  Union, covering 90.2% of all tariff lines.11 As for the United Kingdom, the CARI FORUM -UK 
EPA was signed on 22  March 2019 as a trade continuity agreement and thereby preserving the 
suppression of tariffs on all imports entering the United Kingdom from the signing CARIFORUM 
States, while these countries continue to cut tariffs gradually  on most imports from the 
United  Kingdom in accordance with the timetable of the CARIFORUM -EU EPA.  
 
11 WTO document WT/TPR/S/359/Rev.1, 10 November 2017.   WT/TPR/S/422 • Guyana  
 
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  3.18.   Guyana's bilateral free trade agreement with Brazil allows duty -free treatment to goods of 
Brazilian origin on most tariff lines. On items where tariffs sti ll remain, these are close to zero.  
3.1.4.1   Tariff concessions and other schemes  
3.19.   In general, goods imported from Guyana's trading partners for use by government ministries, 
non-governmental organizations, members of the diplomatic corps, and charities are exempt from 
customs duties. Registered manufacturers and agricultural enterprises may also qualify for full duty 
exemption on various inputs, raw materials, and packaging materials. The goods are listed in 
Part III(B)(1), Item 4, of the First Schedule to the Cust oms Act (pp. 901 -910). Part III(B)(2) 
(pp. 911-927) enumerates certain goods that may be exempt from import duty for "other approved 
purposes" such as scientific instruments and apparatus, educational supplies, broadcasting 
equipment, aircraft, medicines a nd medical appliances, and cultural articles. Furthermore, Part III(A) 
of the First Schedule sets reduced tariff rates for eight product categories, including explosives and 
chemicals imported by registered mining companies, protective clothing and equipme nt for use by 
industry, and saccharin and other artificial sweetening substances. Tariff exemptions may also be 
granted as investment incentives (Section 2).  
3.20.   Part III (I and II) of the First Schedule to the Customs Act (pp. 930 -944 and 945 -972) lists 
products that are specifically ineligible for conditional duty exemption. CARICOM member States 
may only import items included on the List of Commodities Ineligible for Conditional Duty Exemptions 
(List of Ineligibles) from extra -regional sources free of duty if COTED's approval has been sought 
and granted. As noted above, commodities that meet the rules of origin criteria and qualify as 
community origin are traded duty -free within CARICOM.  
3.21.   In response to the COVID -19 pandemic, a Ministerial order was issued granting duty 
exemption for COVID -19 test kits, instruments, and apparatus used in diagnostic testing; protective 
garments and the like; thermometers; disinfectants and sterilization prod ucts; other medical 
devices; and medical consumables.  
3.22.   Guyana does not apply temporary or interim duties. Such instruments would require 
authorization from CARICOM. Temporary importation of goods and inputs by manufacturers is 
governed by the Customs Act a nd its Regulations. A special regime has been put in place to ease 
the movement of passengers and their personal effects between the border towns of Lethem 
(Guyana) and Bonfim (Brazil).  
3.1.5   Other charges affecting imports  
3.23.   The GRA charges an administrative fee of GYD 1,000 for the processing of customs 
declarations, including in electronic form. It also applies charges for, inter alia, the reporting and 
clearing of vessels, overtime fees, and the provision of customs seals. Customs brokers are subject 
to an appl ication fee (GYD 5,000) and an annual licence fee (GYD 15,000).12 
3.24.   Guyana moved from a consumption tax to a value added tax on goods and services pursuant 
to the VAT Act of 2005, effective 1  January 2007. Suppliers charging VAT must register with the 
Value Added Tax Department of the GRA and display the registration certificate in a conspicuous 
manner at their place of business. Registration is mandatory for enterprises with an annual turnover 
exceeding, or expected to exceed, GYD 15 million. Suppliers with lower annual turnover may register 
for payment of VAT voluntarily. Registered businesses are required to file monthly VAT returns by 
the 21st day of the month.  
3.25.   VAT is levied at a standard rate of 14%. On imports, VAT is applied on the c.i.f. value inclusi ve 
of import duties, if any. A reduction in the standard rate of 2 percentage points was implemented 
under the government budget for 2017. Certain items are zero -rated (Schedule I) or tax exempt 
(Schedule II), and numerous changes in zero -rated and exempt items were carried out during the 
review period. Notably, the list of zero -rated goods and services was reduced while the exempted 
list was expanded, zero -rated VAT on certain locally produced goods was eliminated, and VAT was 
introduced on water and elect ricity consumption in excess of established monthly value thresholds. 
However, the 2021 budget reversed the broadening of the VAT tax base to some basic food and 
 
12 GRA, Customs Fees . Viewed at: https://www.gra.gov.gy/tax -services/customs -fees/. WT/TPR/S/422 • Guyana  
 
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  household necessities, and items such as basic wheaten flour, basic breads, oats, unflavoured 
cracker biscuits, cooking oil, toothbrushes, and locally produced bedsheets and pillowcases are once 
again subject to zero -rated VAT. In addition, the budget restored zero -rated VAT on purchases of 
imported goods, works, and services by government agencies .  
3.26.   At present, the principal zero -rated items are exported goods and services; raw materials and 
packaging materials; goods and services related to investment; capital equipment, machinery, and 
ATVs used in mining, forestry, agriculture, construction, and manufacturing; medical supplies; water 
and electricity; agricultural inputs such as fertilizer, feedstuff, vegetable seeds, pesticides, and 
hatching eggs; travel and transportation to the hinterland regions; specific food items and household 
necessities; e ducation services; and computers and Internet data. For zero -rated construction 
materials, VAT relief is only applicable to locally made supplies (sand, asphalt, concrete blocks, 
plywood, logs and lumber, pre -stressed concrete piles, mild steel beams roofi ng and PVC products, 
spars, palings, staves, shingles, and wattles) or imports from CARICOM of stone for construction 
and housing, and boulders for the construction of sea defence. VAT exempted items include financial 
services, transport services, kerosene , propane, butane, petrol, diesel, residential rent, and motor 
vehicles that are at least four years old or imported by specified users.  
3.27.   At the time that VAT was being implemented, Guyana also introduced an excise tax on 
alcoholic beverages, tobacco produ cts, petroleum products, and motor vehicles (Excise Tax Act 
No. 11 of 2005 and Regulations No.  14 of 2006). The tax is set at specific rates on alcoholic 
beverages, and GYD  2,500 per 1,000 sticks on tobacco goods and enforced with the affixation of 
excise stamps.13 The cost of the stamps varies from GYD 16 to GYD 30 per unit for alcoholic 
beverages and GYD 3 to GYD 8 on cigarettes and other tobacco goods. Enforcement efforts have 
been stepped up since 1  June 2020 to reduce smuggling and to distinguish betwe en excisable goods 
and those warehoused and sold in duty -free stores. The excise tax on petrol and diesel was reduced 
from 50% to 35%, with immediate effect, in February 2021.14 The excise tax on passenger motor 
vehicles is differentiated according to seve ral parameters (age of vehicle, engine type, and engine 
size). Motor vehicles less than four years old are considered new, and the tax rate is set at zero for 
vehicles of engine size up to 1,500  cc. As the engine size increases, the excise rate moves from 10% 
(of the price of the vehicle including import duty) to a maximum of 110% for cars running on diesel 
or semi -diesel and 140% for the largest petrol -driven cars. Using the same parameters as for new 
cars, imported passenger motor vehicles that are four y ears or older are subject to an excise tax 
with two  components – a flat rate and an ad valorem  supplement based on the price of the vehicle 
including the flat rate.15 The excise tax rates on motor vehicles for the transportation of goods are 
lower than for  passenger motor vehicles. Hybrid and electric motor vehicles are exempted from 
payment of excise tax (since 2017). Excise tax exemptions also apply to motor vehicles for specific 
uses or users. The Commissioner General of the GRA is authorized to waive ex cise taxes on 
temporary imports (to be exported within three months).  
3.28.   In accordance with Section 7A of the Customs Act (Cap. 82:01), an environmental levy of 
GYD 10 is levied on alcoholic and non -alcoholic beverages sold in non -returnable containers, whet her 
made of metal, plastic, glass, or cardboard. The tax is collected at the time of entry on imported 
beverages and remitted monthly by local manufacturers.16 
3.1.6   Import prohibitions, restrictions, and licensing  
3.29.   Guyana prohibits or restricts the importation o f certain items. According to the authorities, 
these measures are required to safeguard public health, security, and morality, or for the 
enforcement of international obligations undertaken by Guyana (Tables 3.4 and 3.5). Goods 
prohibited or restricted und er the Customs Act are listed in its Second Schedule, Parts I (prohibited) 
and II (restricted). However, imports may also be prohibited under other laws such as the Trade Act 
(ozone -depleting substances, motor vehicles with tinted glass), the Narcotic Drug s and Psychotropic 
Substances (Control) Act, and the Pesticides and Toxic Chemicals Control Act. The Minister of Finance 
 
13 The excise tax on alcoholic beverages appears to distinguish between the types of beverages.  
14 Bio-fuel, including bio -gas and bio -diesel, has been exempted from exc ise tax since 1 February 2017.  
15 Unlike new motor vehicles, cars that are four years or older are not subject to import duty. For cars 
running on petrol, the flat rate ranges from USD  4,200 to USD  14,500 and the ad valorem  multiplier from 10% 
to 70%. For motor vehicles with diesel (or semi -diesel) engines, the flat rate varies from USD  6,200 to 
USD 17,200 and the ad valorem  multiplier from 10% to 100%. However, in contrast to new motor vehicles, 
VAT is not added on top of t he excise tax for older vehicles.  
16 The environmental levy was introduced in 2017.  WT/TPR/S/422 • Guyana  
 
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  is authorized to make changes in the list of prohibited imports, but the Minister has not done so 
recently.  
Table 3.4 Import prohibitions under the Customs Act, 2021  
Product  Rationale  
Counterfeit and substandard coins  Public order  
Food unfit for human consumption  Public health  
Indecent printed articles  Public morality  
Infected cattle, sheep or other animals, or their carcasses, hides, 
skins, horns, hoofs, and other parts  To prevent the introduction or 
spread of any communicable 
disease  
Matches containing white and yellow phosphorous  Technical regulation (due to health 
problems)  
Goods that, if sold, would be liable to forfeiture under the Merchandise 
Marks Act, and goods manufactured outside Guyana that do not carry 
an indication of the country in which they were made (unless deemed 
otherwise by the Commissioner General  of the G uyana Revenue 
Authority ) Trademarks legislation  
Prepared opium and pipes  Public health  
Shaving brushes manufactured in or exported from Japan  Technical regulation (due to past 
cases of lockjaw)  
Fictitious stamps and any die, plate, instrument or materials capable 
of making any such stamps  Public order  
Source:  Information provided by the authorities.  
Table 3.5 Import restrictions under the Customs Act, 2021  
Product  Permit issuing authority  
Arms and ammunition  Office of the Commissioner of Police, 
and Ministry of Home Affairs  
Cocaine, heroin, cannabis, cannabis indica, choras, and preparations 
thereof  Chief Medical Officer of Guyana  
Imitation banknotes  Guyana Revenue Authority  
Spirits and wine, unless in aircraft or in ships of 27.3 tonnes burden 
at least, and in casks or other vessels of 41 litres at least, or in glass 
or stone bottles packed in cases, or in demijohn, each case of 
demijohn containing not less than 41 litres  Guyana Revenue Authority  
Tobacco, cigars, cigarillos or cigarettes unless in aircraft or in ships 
of 90.1  tonne burden at least and in whole and complete packages 
each containing not less than 9.1  kg net weight  Guyana Revenue Authority  
Tobacco extracts, essences or other concentrations of tobacco, or 
any admixture thereof, tobacco stalks and tob acco stalk  Guyana Revenue Authority  
Exotic fish, except with licence by the Chief Agricultural Officer  Chief Agricultural Officer  
Certain vehicles imported by a Guyanese citizen returning home or a 
person importing or receiving the vehicle as a gift from overseas  Guyana Revenue Authority  
Cinematographic films  Responsible minister for the time 
being  
Printed matter considered by the minister responsible for public 
safety and order, to be prejudicial to the defence of Guyana, public 
safety or public order  Responsible minister for the time 
being  
Source:  Information provided by the authorities.  
3.30.   Importation of restricted products require permission or approval from the competent 
authorities. For endangered species of flora and fauna protected und er the Convention on 
International Trade in Endangered Species of Wild Fauna and Flora (CITES), certificates in conformity 
with the Convention, delivered by the authorities in exporting countries, must accompany requests 
for import permits to be issued by the Wildlife Management Authority of the Environmental Protection 
Agency. Import permits for pesticides and controlled chemicals are only granted to importers already 
registered with the Pesticides and Toxic Chemicals Control Board.  
3.31.   Certain imports are su bject to licensing further to the Trade (Control of Import and Export) 
(Amendment) Order 1996, made under the Trade Act (Cap. 91:01). The licences, which are issued 
by the Ministry of Tourism, Industry and Commerce, are valid for six months and may be rene wed 
once for an additional six months. The licences are not transferable. Goods from CARICOM trading WT/TPR/S/422 • Guyana  
 
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  partners are also subjected to the licensing requirements. Guyana has not notified the WTO of 
changes in its import licensing regime since 2003.17 
3.32.   Accordin g to the authorities, the Licensing Section within the Ministry's Commerce 
Department issues licences free of charge within 24 to 48 hours of receipt of the required 
documentation. However, prior to approaching the Ministry with licence applications (in tr iplicate), 
letters of endorsement (or non -objection to the importation) must be obtained from other authorities 
(Table  3.6). These agencies may apply administrative charges for issuing documents.  
Table 3.6 Import licensing regime, 2021  
Item  Agency/Agencies  Instrument  
Oils and fats (e.g. cooking oil, lard)  Government Analyst Department  Endorsement  
Meat, fresh, chilled or frozen; edible 
offal Ministry of Agriculture (GLDA ), 
Veterinary Public Health Unit – 
Ministry of Health  Endorsement  
Live plants and parts, cut flowers, fresh 
and dried fruits, vegetables, etc.  Ministry of Agriculture  Endorsement  
Wheat or meslin flour  Ministry of Agriculture  
Government Analyst Department  Endorsement  
Sugar  Government Analyst Department  
Guyana Sugar Corporation 
(GuySuCo)  
 Endorsement (a letter from 
GuySuCo stating that there 
is no "objection" to the 
importation of sugar). The 
Government Analyst 
Department (Food and Drug 
Departmen t) provides an 
approval stamp for the 
importation of the item  
Rice Ministry of Agriculture  Endorsement  
Petroleum oils (lube oil, grease, motor 
oil, etc.)  Guyana Energy Agency  Endorsement  
Pharmaceutical goods, medicaments, 
preparation for dental uses, bandages, 
etc. Government Analyst Department  Endorsement and permit 
attached  
Skin and hair care products, colognes, 
deodorant, washing and cleaning 
preparations  Government Analyst Department  Endorsement  
Cinematographic films  Office of the Permanent  Secretary 
Ministry of Culture, Youth and 
Sport  Endorsement  
Transmission, radar, reception apparatus  National Frequency Management 
Unit Endorsement  
Air and space craft  Civil Aviation Department  Endorsement and relevant 
documents attached  
Arms and ammunition, explosives, 
precursor chemicals  Office of the Commissioner of 
Police  
Ministry of Home Affairs  Letter of permission to 
import  
Mineral or chemical fertilizers  Ministry of Agriculture  
Government Analyst Department  Endorsement  
Preparation for ora l/dental hygiene  Government Analyst Department  Endorsement  
Cleaning and washing preparations  Government Analyst Department  Endorsement  
Source:  Information provided by the authorities.  
3.1.7   Anti-dumping, countervailing, and safeguard measures  
3.33.   Guyana does not have any legislation governing anti -dumping, countervailing, or safeguard 
procedures. Consequently, no such measures have been taken to date. However, legislation covering 
these three areas is in the initial stages of drafting and will subs equently be presented to Parliament 
for inclusion in its agenda.  
 
17 WTO document G/LIC/N/3/GUY/2, 28 October 2003.  WT/TPR/S/422 • Guyana  
 
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  3.2  Measures Directly Affecting Exports  
3.2.1   Customs procedures and requirements  
3.34.   The exportation of goods from Guyana is governed by specific trade laws, regulations, and 
procedures administered by t he Customs and Trade Administration Division of the GRA. Enterprises 
wishing to export are advised to contact the Guyana Office for Investment (GO -Invest), which will 
assist them in complying with all registration requirements. With the implementation of A SYCUDA 
World, the documentation required for exports consists of the eSAD (customs declaration), the 
original invoice, and – if necessary – certificates of origin and export licences or permits.  
3.35.   A Registered Exporter System applies to all consignments wit h a value exceeding 
EUR 6,000  shipped to Norway. In these cases, a statement of origin is filed online, and hence there 
is no need to obtain certificates of origin from the GRA. For exports to the European  Union, all 
customs export declarations include a c ertificate in accordance with the EPA.  
3.36.   All containers leaving Guyana with cargo are scanned. Together with the analysis, the 
procedure is normally completed in five minutes. The GRA's Drug Enforcement Unit evaluates all 
cargo departing from the port of Ge orgetown.  
3.2.2   Taxes, charges, and levies  
3.37.   Guyana charges export duties at a general rate of 1.5% on "non -manufactured" goods. The 
rate is higher for aquarium fish (5%) and set at specific rates for some other goods (Table 3.7). The 
rates are the same as in 2015 . Part IV of the First Schedule to the Customs Act specifically exempts 
raw gold, uncut polished precious stones, alumina, manganese, and most agricultural and forestry 
products from export duties. In addition to the duties enumerated in Table 3.7, levies are applied to 
exports of sugar under the Sugar Industry Special Funds Act and on exports of certain timber in 
accordance with the National Log Export Policy (Section 4.1).  
Table 3.7 Export duties, 2021  
Items  Unit Rate 
Precious stones, other than cut and polished stones  Metric carat  GYD 3.00 
Bauxite, calcined  Tonne  GYD 0.45 
Bauxite, other  Tonne  GYD 0.45 
Unrefined cane sugar (tariff heading 17.01)  Tonne  GYD 1.00 
Greenheart, round piling and hewn  m3 GYD 0.29 
Greenheart, sawn  m3 GYD 5.09 
Molasses  100 litres  GYD 1.00 
Aquarium fish   5% 
All other articles, n.e.s.   1.5%  
Manufactured articles, not otherwise specified   Free 
Source:  Information provided by the authorities.  
3.38.   Exports to other members of CARICOM are not subject to export duties. Similarly, exports to 
the European  Union and the Dominican  Republic have been exempted since 2012 under the 
CARIFORUM -EU EPA. Exports to the United Kingdom, covered by the C ARIFORUM -EU EPA until 
end-2020, are now exempt from export duties under the CARIFORUM -UK EPA. The Government 
revenue from export duties was close to GYD 30  million in 2019 and 2020.  
3.2.3   Export prohibitions, restrictions, and licensing  
3.39.   The Third Schedule to th e Customs Act (Cap. 82:01) refers to goods the exportation of which 
is either prohibited (Part I) or restricted (Part II). Part I prohibits the exportation of watches and 
rings except when carried by travellers as personal items.18 Otherwise, Part I refers only to export 
prohibitions laid out under other laws of Guyana. At present, Part II states only that exportation of 
 
18 Marriage or engagement rings are allowed, and one watch within value limits set in the Customs Act.  WT/TPR/S/422 • Guyana  
 
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  goods may be regulated under other laws. For example, the Guyana Sugar Corporation (GuySuCo) 
is the only authoriz ed exporter of cane sugar.  
3.40.   For goods subject to export licensing, the procedure is similar to the procedure for import 
licensing. Export licences are issued by the Ministry of Tourism, Industry and Commerce, in general 
within 24 to 48 hours of receipt of the licence application (in triplicate) accompanied by an 
endorsement or approval of the regulating agency (Table 3.8). Export licences are valid for 
two weeks and may be renewed for periods of two additional weeks not exceeding one  year in total. 
Export l icences for fertilizers are issued by the Ministry of Agriculture.  
Table 3.8 Items requiring endorsement for exportation  
Items  Agency/Agencies  Instrument  
Poultry feed, rice bran, rice chips, rice 
dust, rice stock feed, wheat bran, 
wheat middlings, wheat and rice  Ministry of Agriculture  Endorsement  
Hides and skin, feathers, feathers 
prepared, ornamental feathers and 
other articles with feathers  Ministry of Agriculture  Endorsement  
Veterinary health certificate  
Arms and ammunition  Guyana Police Force, Ministry of 
Home Affairs  Endorsement letter  
Aircraft  Civil Aviation Department  Endorsement  
Gold jewellery  Guyana Gold Board  
Geology and Mines Com mission  Endorsement  
Endorsement  
Raw gold  Guyana Gold Board  Letter of approval  
Diamonds  Guyana Geology and Mines 
Commission  Endorsement, Letter from the 
Kimberly Process Certificate 
Scheme  
Scrap metal  Scrap Metal Unit  Endorsement  
Source:  Information provided by the authorities.  
3.41.   According to the authorities, scrap metal trade provides viable business opportunities for a 
number of small or micro enterprises in Guyana. At the same time, it raises developmental issues 
that have prompted effort s to regulate the trade. Metal scrap to be exported is inspected by the 
Scrap Metal Unit, assisted by representatives of the Guyana Power & Light Company, the Guyana 
Telephone & Telegraph Company, GuySuCo, Guyana Water Incorporated, the Guyana Metal 
Recycl ers Association, and the Scrap Metal Unit of the Central Housing and Planning Authority 
(Ministry of Housing and Water). The costs of these inspections are covered by the exporter.  
3.2.4   Export support and promotion  
3.42.   Guyana operates a general scheme to encourage non -traditional exports beyond the 
CARICOM market. At least 10% of an enterprise's export sales must be to countries outside of 
CARICOM for the company to qualify for the export allowance, i.e. a reduction in the applicable 
corporate income tax. The allowance, which is graduated according to the percentage of sales to 
non-CARICOM countries, may reduce the amount of payable corporate income tax by 25% to 75% 
(Table  3.9). 
Table 3.9 Export allowance, 202 1 
Percentage of export sales to total sales  Percentage of profit deductible from the income tax  
10%-20% 25% 
20%-30% 35% 
30%-40% 45% 
40%-50% 55% 
50%-60% 65% 
Above 60%  75% 
Source:  Information provided by the authorities.  
3.43.   The Value -Added Tax (Amendment) Act 2020, effective since 1  October  2020, amended the 
VAT Act of 2005 to ensure that exported goods and services are exempt from VAT, except for goods WT/TPR/S/422 • Guyana  
 
- 36 - 
 
  and services that are already zero -rated.19 As a consequence, no input VAT is charged on good s and 
services that are subsequently exported.  
3.44.   The Export Promotion Division of GO -Invest assists businesses in developing export 
opportunities in foreign markets. The main forms of assistance are: (i)  helping Guyanese businesses 
to participate in nationa l and international exhibitions and trade fairs to promote their products; 
(ii) organiz ing trade missions; (iii)  identif ying barriers and concerns that hinder export development; 
and (iv)  matching Guyanese businesses with donors and investors in eight priority sectors, namely 
garments and textiles, seafood and beef, tourism, horticultural products and agro -processing, 
handicraf ts (wood, ceramic, or woven), information and communications technology, value -added 
wood products (furniture, doors, shingles, flooring, etc.), and processed foods.20  
3.45.   In addition, exports of non -traditional agricultural produce of good quality are suppor ted by 
the Guyana Marketing Corporation (GMC). The GMC assists existing and prospective exporters 
wishing to participate in trade fairs and exhibitions. It also provides advisory services, including 
information on post -harvest technologies and training, an d monitors the evolution of commodity 
prices in local markets on a daily basis. Likewise, the Forest Products Development and Marketing 
Council of Guyana, Inc. promotes exports of forest products. At the regional level, the Caribbean 
Export Development Age ncy has been serving businesses in the 15 CARIFORUM States, including 
Guyana, since its inception in 1996. The agency provides support to exporting businesses, inter alia,  
through its Direct Assistance Grant Scheme, Break Point, and Special Project Grant p rogrammes. 
However, there has so far been very low uptake of these support programmes among Guyanese 
enterprises. The Ministry of Foreign Affairs and International Cooperation is currently engaged in 
discussions with the Caribbean Export Development Agency  on how to improve the utilization of 
these schemes.  
3.2.5   Export finance, insurance, and guarantees  
3.46.   Guyana does not have any government institution that provides export finance, insurance, or 
guarantees. Exporting businesses may seek financing in private banks  or approach the Institute of 
Private Enterprise and Development (IPED). IPED, which has been set up to assist micro and small 
enterprises having difficulties accessing the formal banking system, may grant credits ranging from 
GYD 40,000 to GYD 35 million to each business, including for export -related activities.  
3.3  Measures Affecting Production and Trade  
3.3.1   Incentives  
3.47.   In 2016, Guyana notified the WTO Committee on Subsidies and Countervailing Measures that 
it had taken no action with respect to implementation of  subsidies in the past year or ever.21 
Nevertheless, as the financial performance of public enterprises is uneven in Guyana, some of them 
require cash injections to stay afloat. Notably, GuySuCo received GYD 12 billion in 2015 and 
GYD 11 billion in 2016, a nd Guyana Power and Light Incorporated has not been able to cover higher 
fuel prices with hikes in its tariffs.22  
3.48.   Guyana levies corporation tax at a general rate of 40% of the chargeable profit for commercial 
companies, and 25% of the chargeable profit fo r other companies.23 The tax amount may not be 
 
19 Act No.  8 of 202 0, Value -Added Tax (Amendment) Act 2020, published in the Official Gazette  on 
5 October 2020 (Legal Supplement - A).  
20 According to statistics provided by the authorities, processed commodities accounted for 10% to 16% 
of non -traditional agricultural expo rts (by volume) between 2016 and 2020. Dried coconut is the dominant 
item by far in the weight -based data on non -traditional fresh produce.  
21 WTO documents G/SCM/N/3/GUY, G/SCM/N/16/GUY, G/SCM/N/25/GUY, G/SCM/N/38/GUY, 
G/SCM/N/48/GUY, G/SCM/N/60/GUY, G/SC M/N/71/GUY, 19  October 2016; and G/SCM/N/95/GUY, 
G/SCM/N/123/GUY, G/SCM/N/155/GUY, G/SCM/N/186/GUY, G/SCM/N/220/GUY, G/SCM/N/253/GUY, 
G/SCM/N/284/GUY, 19  October 2016.  
22 Guyana Power and Light has also been provided with GYD 2 billion to assist in the con tinuing 
clearance of receivable arrears.  
23 Telephone companies are subject to 45% corporation tax on the chargeable profit. Commercial 
companies derive at least 75% of their income from trading goods that they do not manufacture themselves. 
Companies with commercial and non -commercial activities a re charged 40% profit tax on the commercial part, 
and 25% on the non -commercial part.  WT/TPR/S/422 • Guyana  
 
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  less than 2% of the commercial company's annual turnover. Effective since 1  January  2020, private 
educational and medical healthcare institutions have been exempted from the corporation tax. 
Personal income ta x is only levied on individuals earning more than GYD 780,000 annually, or 
GYD 65,000 per month.  
3.49.   The Minister of Finance may grant exemptions from the corporation tax for periods of 5 to 
10 years to businesses engaged in "non -traditional" economic activiti es that create employment 
opportunities in non -traditional agricultural sectors, information and communication technology, or 
infrastructure development.24  
3.50.   Reporting to the Ministry of Tourism, Industry and Commerce, the semi -autonomous Small 
Business Bur eau (SBB), established in 2010 and operational since 2013, reviews government policies 
affecting small businesses and develops or recommends guidelines that foster business 
development. It develops its own support programmes and works with other government  agencies 
to deliver programmes and services that target micro and small businesses across Guyana.25 Help 
desks have been established in eight administrative regions. According to the authorities, more than 
900 businesses are registered with the SBB and we ll over 10,000 clients have benefited from its 
programmes and services thus far.  
3.51.   The SBB has been providing support to entrepreneurs under the Micro and Small Enterprise 
Development (MSED) Programme, implemented from 2013 to 2018 with resources from the G uyana 
REDD+ Investment Fund. The MSED Programme offers its clients business development services 
(e.g. business and technical training) and facilitates access to finance through grants and credit 
guarantees (for loans up to GYD 30 million).26 It has set up  a Green Business Technology Fund to 
promote innovative and green technology. Individual grants up to GYD 1 million may be awarded to 
12 entrepreneurs each year for the development of green ideas and solutions. The 2021 budget 
includes allocations of GYD 2 50 million to replenish the Small Business Development Fund and 
GYD 135 million for the procurement of a single window electronic system (to be located at the GRA) 
to improve the ease of doing business. Going forward, the SBB is extending its focus to addr ess 
sustainable economic development and eco -tourism.  
3.52.   Facing the pandemic, the SBB decided in March 2020 to set up a Small Business COVID -19 
Relief Programme. The emergency programme, which is ongoing, provides micro and small 
businesses with assistance th rough grants, mentoring, and training.  
3.53.   According to the 2021 budget, a National Entrepreneurship and Innovation Council is to be 
established to promote entrepreneurship in Guyana. A draft proposal, including the terms of 
reference, has been prepared. The Council is expected to be established in 2022.  
3.54.   The Wales Development Authority (WDA) links a large -scale gas -to-shore pipeline, expected 
to be completed in 2023 with landing along the West Bank Demerara, with industrial development 
using gas as a low -cost source of energy. It is envisaged that new onshore activities in the industrial 
zone will eventually provide employment for more than 3,000 people.  
3.3.2   Standards and other technical requirements  
3.55.   The Guyana National Bureau of Standards (GNBS) is the sole agenc y responsible for the 
development of standards and technical regulations in Guyana. It is a statutory corporation governed 
by the National Standards Council (NSC), which is appointed by the Minister of Tourism, Industry 
and Commerce. The GNBS serves as the  WTO enquiry point for TBT issues.  
3.56.   Proposals to formulate standards are reviewed by the NSC and, if approved, referred to a 
technical committee for the elaboration of a draft standard. The technical committees are composed 
of representatives from various institutions: the Government, private sector, NGOs, consumer 
 
24 Longer tax holidays may be granted to businesses engaged in the development of renewable energy.  
25 The Small Business Act of 2004, which created the SBB, defines a sm all business within the following 
caps: (i)  no more than 25 employees; (ii)  business assets valued at GYD 20 million or less; and (iii)  annual 
revenue not exceeding GYD 60 million. Micro, medium , and large enterprises are not specifically defined in 
Guyana .  
26 By the end of 2020, some GYD 1.35 billion had been disbursed to small business owners, either as 
grants (GYD 346 million) or loans (GYD 1,005 million).  WT/TPR/S/422 • Guyana  
 
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  bodies, academia, and research/development. Priority is given to the sourcing of a relevant 
international standard or, if not available, a regional standard or national standards of other 
countri es. Ultimately, if no other relevant standards are available, the technical committee may draft 
a standard unique to Guyana. The draft standard is advertised in newspapers, social media 
platforms, and letters, and stakeholders and the general public are gr anted 60 days to submit 
comments. Consultations are also held during the comment period. The technical committee reviews 
any comments received, prepares the final draft, and submits it to the NSC for approval as a national 
standard.  
3.57.   According to the GNBS,  among the 600 standards approved, 371 are considered international, 
43 are CARICOM standards, and the remainder are either nationally developed standards or 
adaptations of other national standards. Since 2015, 67 of the 86 new standards approved in Guyana  
were elaborated by international or regional organizations. A procedural change also occurred in the 
review period. If the intent is to adopt an international standard (with no deviations), the public is 
informed accordingly, and objections to its adoptio n must be submitted within 30 days.  
3.58.   The GNBS  Act No.  11 of 1984 remains the legislative basis for the formulation of standards 
and technical regulations. The law is currently under review with a view to updating it.27 The technical 
committees composed to draft technical regulations include a wide cr oss-section of stakeholders. 
They hold consultations, consider comments, and forward draft technical regulations to the NSC for 
approval as a national standard. Further approval by the subject minister and the Cabinet is required 
for a standard to become c ompulsory (or a technical regulation). More than 50 technical regulations 
are currently in force, up from 22 at end -2014 (Table  3.10). The newly added technical regulations 
mainly concern electrical fittings.  
Table 3.10 Technical regulations, April 2021  
 Title of technical regulation  Reference 
standard  WTO notification  
1. Labelling of Goods – Part 1: General requirements  CARICOM  G/TBT/N/GUY/8, 
11/11/2003  
2. Labelling of Goods – Part 2: Specific requirements for 
pre-packaged goods  CARICOM  G/TBT/N/GUY/4, 
11/11/2003  
3. Specification for labelling of commodities – Part 3: Labelling 
of cigarettes  CARICOM  G/TBT/N/GUY/6, 
11/11/2003  
4. Specification for labelling of commodities – Part 4: Labelling 
of footwear  International  G/TBT/N/GUY/2, 
11/11/2003  
5. Specification for labelling of commodities – Part 5: Labelling 
of furniture  International  G/TBT/N/GUY/5, 
11/11/2003  
6. Specification for labelling of commodities – Part 6: Labelling 
of animal feed International  G/TBT/N/GUY/12, 
11/11/2003  
7. Specification for labelling of commodities – Part 7: Labelling 
of electrical equipment, fittings and household electrical 
appliances  International  G/TBT/N/GUY/11, 
11/11/2003; 
G/TBT/N/GUY/58, 
05/11/2020  
8. Specification for labelling of commodities – Part 8: Labelling 
of cosmetics  International  G/TBT/N/GUY/9, 
11/11/2003  
9. Specification for labelling of pre -packaged foods  International  G/TBT/N/GUY/13, 
11/11/2003  
10. Specification for labelling of commo dities – Part 10: Labelling 
of equipment, items and parts containing refrigerants  International  n.a. 
11. Specification for labelling of commodities – Part 11: Labelling 
of brewery products (beer, stout, shandy and malta)  CARICOM  G/TBT/N/GUY/10, 
11/11/2003  
12. Specification for labelling of commodities – Part 15: Labelling 
of garments   
G/TBT/N/GUY/18, 
29/01/2004  
13. Specification for labelling of commodities – Part 16: Labelling 
of textiles  International  G/TBT/N/GUY/19, 
29/01/2004  
14. Specification for safety matches  CARICOM  G/TBT/N/GUY/7, 
11/11/2003  
15. Specification for gold articles  CARICOM  n.a. 
16. Definition of terms used in the pneumatic tyre industry  International  G/TBT/N/GUY/15, 
11/11/2003  
 
27 The present time -frame foresees the review, including any proposals to amend existing legislatio n, to 
be completed by end -2022.  WT/TPR/S/422 • Guyana  
 
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   Title of technical regulation  Reference 
standard  WTO notification  
17. Specification for pneumatic passenger car tyres.  
This standard was recently revised and will be resubmitted 
for updated compulsory status  n.a. G/TBT/N/GUY/3, 
11/11/2003  
18. General requirements for the operation of a laboratory  International 
(modified 
adoption)  G/TBT/N/GUY/1, 
11/11/2003  
19. Specification for new pneumatic tyres for commercial 
highway vehicles  International  G/TBT/N/GUY/16, 
11/11/2003  
20. Safety for seasonal & holiday decorative products  International  G/TBT/N/GUY/23, 
24/10/2019  
21. Safety for lamp holders  International  G/TBT/N/GUY/22, 
24/10/2019  
22. Safety for armoured cables  International  G/TBT/N/GUY/24, 
24/10/2019  
23. Safety for panel boards  International  G/TBT/N/GUY/25, 
24/10/2019  
24. Safety for knife switches  International  G/TBT/N/GUY/26, 
24/10/2019  
25. Safety for conduit, tubing and cable fittings  International  G/TBT/N/GUY/27, 
24/10/2019  
26. Safety for surge protective devices  International  G/TBT/N/GUY/28, 
24/10/2019  
27. Safety for molded case circuit breakers, molded  case 
switches and circuit -breaker enclosures  International  G/TBT/N/GUY/29, 
24/10/2019  
28. Safety for molded case circuit breakers, molded case 
switches, and circuit -breaker enclosures for use with 
photovoltaic (PV) systems  International  G/TBT/N/GUY/30, 
25/10/2019  
29. Safety for grounding and bonding equipment  International  G/TBT/N/GUY/31, 
25/10/2019  
30. Safety for ground cord sets and power -supply cords  International  G/TBT/N/GUY/32,  
25/10/2019  
31. Safety for medium -voltage power cables  International  G/TBT/N/GUY/33, 
25/10/2019  
32. Safety for thermoset -insulated wires and cables  International  G/TBT/N/GUY/34, 
25/10/2019  
33. Safety for thermoplastic -insulated wires and cables  International  G/TBT/N/GUY/35, 
25/10/2019  
34. Safety for attachment plugs and receptacles  International  G/TBT/N/GUY/36, 
25/10/2019  
35. Safety for reference standard for electrical wires, cables and 
flexible cords  International  G/TBT/N/GUY/37, 
25/10/2019  
36. Safety for receptacles closures  International  G/TBT/N/GUY/38, 
25/10/2019  
37. Safety for dry -type general purpose and power transformers  International  G/TBT/N/GUY/39, 
25/10/2019  
38. Safety for plugs, receptacles, and cable connectors of the pin 
and sleeve type  International  G/TBT/N/GUY/40, 
25/10/2019  
39. Safety for low -voltage, AC and DC power, circuit breakers 
used in enclosures  International  G/TBT/N/GUY/41, 
25/10/2019  
40. Safety for low -voltage landscape lighting systems  International  G/TBT/N/GUY/42, 
25/10/2019  
41. Safety for low -voltage lighting systems  International  G/TBT/N/GUY/43, 
25/10/2019  
42. Safety for electrical rigid metal conduit –steel International  G/TBT/N/GUY/44, 
G/TBT/N/GUY/45,  
25/10/2019  
43. Safety for metallic outlet boxes  International  G/TBT/N/GUY/46, 
25/10/2019  
44. Safety for non -metallic outlet boxes, flush -device boxes, and 
covers  International  G/TBT/N/GUY/47, 
25/10/2019  
45. Safety for receptacles and switches intended for use with 
aluminium wire  International  G/TBT/N/GUY/48, 
25/10/ 2019 
46. Safety for flexible lighting products  International  G/TBT/N/GUY/49, 
25/10/2019  
47. Safety for lighting emitting diode (LED) equipment for use in 
lighting products  International  G/TBT/N/GUY/50, 
25/10/2019  
48. Safety for wire and cable test methods  International  n.a. WT/TPR/S/422 • Guyana  
 
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   Title of technical regulation  Reference 
standard  WTO notification  
49. Safety for nonindustrial photoelectric switches for lighting 
control  International  G/TBT/N/GUY/51, 
25/10/2019  
50. Safety for power outlets  International  G/TBT/N/GUY/52, 
25/10/2019  
51. Code of practice for the storage of tires, inner tubes and flaps  International  G/TBT/N/GUY/17, 
11/11/2003  
52. Rice - Specification, sampling, tests and analysis  CARICOM  G/TBT/N/GUY/14, 
11/11/2003  
The following standards are pending approval by the National Standards Council before 
submission to the Minister and Cabinet for approval as compulsory. The process is expected to be 
completed in late 2021 or early 2022.  
 Specification for the storage, h andling and transportation of 
liquefied petroleum gas cylinders  National  G/TBT/N/GUY/20, 
27/10/2005 
G/TBT/N/GUY/53, 
26/11/2019  
 Specification for the labelling and testing of toys and 
playthings  n.a. G/TBT/N/GUY/21, 
18/06/2018  
 Specification for the storage, handling and transportation of 
steel compressed gas cylinders  n.a. G/TBT/N/GUY/54, 
26/11/2019  
 Specification for PVC plastic pipe  n.a. G/TBT/N/GUY/55, 
13/10/2020  
 Specification for PVC pressure -rated pipe  n.a. G/TBT/N/GUY/56, 
13/10/2020  
 Requirements for the labelling and sale of cell phones  n.a. G/TBT/N/GUY/57, 
05/11/2020  
n.a. Not applicable.  
Source:  Information provided by the authorities.  
3.59.   As compliance with technical regulations is mandatory, import permits are required for 
products covered by them. The GNBS oversees the issuance of permits for the products it is 
monitoring. The permits are generally valid for one year and should be obtaine d prior to importation, 
allowing approximately two weeks for the processing of permit applications.28 
3.60.   A National Committee on Conformity Assessment (NCCA) meets quarterly under GNBS 
auspices. The Committee includes government officials and participants fro m the private sector. The 
purpose of the NCCA is to spread awareness of applicable standards relating to conformity 
assessment, discuss challenges, and find solutions to boost enforcement.29 Two agencies – the 
Government Analyst Food and Drug Department an d the Guyana Rice Development Board – have 
been accredited to the ISO  17025 standard for testing facilities. Guyana does not have an 
accreditation body for conformity assessment at present.  
3.61.   In early 2019, the Ministry of Business in collaboration with the GNBS launched a National 
Quality Policy.30 The policy is one of the components of a project financed by the Inter -American 
Development Bank aiming to: (i)  modernize the institutional framework for a national quality 
infrastructure; (ii)  improve laboratory facilities and equipment; and (iii)  implement a national export 
and investment strategy. The Government's 2021 budget makes an allocation of GYD  200 million 
towards the quality infrastructure project, which, inter alia,  involves the construction of a 
state-of-the-art laboratory.  
3.62.   At the regional level, the CARICOM Regional Organization for Standards and Quality (CROSQ) 
is tasked with establishing and harmonizing standards and technical regulations of its members. 
Standards and technical regulations adopted by the CROSQ and approved by the COTED of CARICOM 
are prepared by special committees open to all interested parties. It is then up to the relevant 
national institutions to transpose the CARICOM instruments into national standards or technical 
regulations b y way of their domestic legal procedures.  
 
28 If a permit has not yet been issued, the application receipt may be used to clear imports through 
customs in the interim.  
29 The standards relating to inspection, testing, certification, and accreditation are voluntary.  
30 The Ministry of Business is now the Ministry of Tourism, Industry and Commerce.  WT/TPR/S/422 • Guyana  
 
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  3.3.3   Sanitary and phytosanitary requirements  
3.63.   Guyana's principal SPS legislation comprises the Food and Drugs Act (Act No.  12 of 1971), 
the Animals Health Act, the Plant Protection Act, and their regulations. The laws a nd regulations 
have not been amended or updated since 2015. The WTO Committee on Sanitary and Phytosanitary 
Measures has not received any notification from Guyana since 2012.31 Guyana does not have 
legislation covering genetically modified organisms or hor mone -fed animals.32 
3.64.   Guyana is a member of the Codex Alimentarius Commission, the World Organisation for 
Animal Health (OIE), and the International Plant Protection Convention (IPPC). The Ministry of Health 
has overall responsibility for human health, inclu ding food for human consumption. Other 
responsibilities have been allocated to three agencies under the Ministry of Agriculture: the Guyana 
Livestock Development Authorities (GLDA) (animal health), the National Plant Protection 
Organisation (NPPO) (plant h ealth), and the National Agricultural Research and Extension Institute 
(NAREI). NAREI serves as Guyana's WTO SPS enquiry point and national notification authority.  
3.65.   Imported food, drugs, cosmetics, and medical or veterinary devices must conform fully to the  
laws and requirements of the country of their origin to be admitted into Guyana. These conditions 
are enforced by import licensing and the provision of production certificates from the exporting 
countries. The Government Analyst Food and Drug Department i s currently conducting a legislative 
review of the Food and Drugs Act and its regulations. The labelling requirements enumerated in 
Table 3.10 vary by commodity, and are guided by Codex Alimentarius standards CXS 1 -1985, CODEX 
STAN 107 -1981, CODEX STAN 146 -1985, and CODEX STAN 180 -1991. Guyana's specific 
requirements for the labelling of pre -packaged food are an adoption of CARICOM Regional Standard 
CRS 5:2010.  
3.66.   Some long -standing import prohibitions remain in place (Table 3.11). The Ministry of Tourism, 
Industry and Commerce issues import licences for animals, animal products, and animal parts, 
including hatching eggs, after import permits have been obtained from GLDA. These single -entry 
permits are valid for three months and require submission of sanitary c ertificates issued by the 
relevant authorities in exporting countries. The main change since 2015 is that the GLDA now allows 
applications to be filed online from any country, and the permits are delivered online against 
payment of a processing fee. Live c loven -hoof animals are subject to import restrictions to ensure 
that Guyana maintains its status as "foot and mouth disease (FMD) -free without vaccination".  
Table 3.11 Active SPS measures of import prohibitio n, 2021  
Product  Effective date  
Citrus material from the United  States  8 June 1937 
Grapefruit from Trinidad, and of all citrus fruits from the remainder of the 
Commonwealth West Indian Islands  6 February  1938 
Raw coffee  9 November  1937 
Rice seed (paddy)  17 August  1938 
Fresh soft fruits from Suriname  1997 
Source:  Information provided by the authorities.  
3.67.   Most plants, plant products, and other regulated articles are subject to import inspection 
permits depending on their end use and level of proces sing. Importers apply to the NPPO for 
individual permits but also to register with the agency. The permits are valid from three to six months 
depending on the class of commodity. Each imported consignment must be accompanied by a 
phytosanitary certificate issued by the competent authority in the exporting country. The certificate 
must be issued no more than 14 days prior to the consignment's arrival in Guyana. All importers are 
encouraged to apply for import permits and receive the approval in advance of im portation.  
3.68.   All imports of animals and plants (including parts and products derived therefrom) are 
inspected at the point of entry. The importer must notify the border office 72 hours in advance so 
 
31 Guyana's first, and so far only, SPS notification concerned revisions to the Plant Protection Act 2011 
and the Plant Protection Regulations.  
32 The Food and Drug Department indicates that it may consider regulations governing the labelling of 
genetically modified foods.  WT/TPR/S/422 • Guyana  
 
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  that the inspection may be arranged. Inspections are condu cted free of charge for the importer. If 
samples are taken for further analysis, the goods are not released to the importer until the laboratory 
analysis report has been completed. A quarantine facility for animals has been operational since 
2014. No offic ial quarantine facility exists for plants.  
3.69.   The Ministry of Agriculture conducts risk assessments for first -time imports of animals or 
plants, or importation from a new source. According to the authorities, these risk assessments are 
consistent with guidance provided by international standard -setting bodies such as the FAO.33 
Phytosanitary risk assessment may be based on: (i)  a particular commodity or category of 
commodities; (ii)  a particular organism or disease, or a group of organisms or diseases sharing 
common epidemiological characteristics; or (iii)  one or more forms of conveyance. Guyana has 
protocol agreements with Barbados, St Lucia, Antigua and Barbuda, Dominica, Grenada, India, 
Israel, Suriname, Trinidad and Tobago, and the United  States allowing imports of fresh fruit and 
vegetables.  
3.70.   The Caribbean Agricultural Health and Food Safety Agency (CAHFSA) is a regional body set 
up to facilitate a well -organized and coordinated plant health system among CARICOM members. 
The CAHFSA executes  SPS actions and activities that are more effectively and efficiently executed 
through a regional mechanism on behalf of the member States.  
3.3.4   Competition policy and price controls  
3.71.   Guyana's legislative and institutional framework covering competition and con sumer 
protection has remained unchanged since the previous Review. The Competition and Fair Trading 
Act 2006 (CFTA), which specifically addresses anti -competitive agreements, abuse of dominant 
position, and resale price maintenance, was not amended during the review period. However, merger 
and acquisition legislation, which the authorities acknowledge is a missing pillar of Guyana's 
competition regime, is currently under consideration. Consultations on the Mergers and Acquisition 
Bill were concluded on 30  June 2021. The bill has been forwarded to the Competition and Consumer 
Affairs Commission (CCAC) for review, and will subsequently be forwarded to the Minister of Tourism, 
Industry and Commerce for inclusion in the legislative agenda of Parliament.  
3.72.   The CCA C is responsible for the enforcement of the CFTA. Information about its activities is 
available on its website (www.ccac.gov.gy). It offers affected parties opportunities to present their 
claims, hears witnesses and testimonies, examines economic and legal  evidence, and solicits expert 
opinions as part of the adjudication process. It may impose fines or other penalties on offenders via 
the High Court.34 Decisions of the CCAC may be challenged before the High Court.35 The CFTA is 
applicable to the operations  of foreign -owned companies. However, should the alleged conduct 
concern an enterprise domiciled in another CARICOM member State, the CCAC is to refer the matter 
to the CARICOM Competition Commission (Part VIII of the CFTA).  
3.73.   The CFTA applies, in principle , to the commercial conduct of state -owned enterprises. 
However, although the Act also extends to public utilities, Section  4 of the CFTA stipulates that the 
CCAC must consult with the Public Utilities Commission before exercising its functions in relation  to 
their activities. The Minister of Tourism, Industry and Commerce also has the authority to exempt 
certain actions or businesses from the CFTA, although this authority has so far never been used.  
3.74.   Agreements and concerted practices among enterprises tha t prevent, restrict, or distort 
competition potentially or in fact are prohibited and void. Nevertheless, the CCAC may authorize 
agreements that lead to improved production or distribution of goods, or promote technical and 
economic progress, on certain co nditions. Although monopolistic or oligopolistic structure per se  is 
not illegal, the abuse of dominant position is prohibited. The CCAC has not conducted studies to 
determine market concentration, but based on its investigations, sectors with high concent ration 
 
33 For quarantine pests, risk assessment is conducted in accordance with ISPMs 2 and 11. Technical, 
scientific, and economic evidence is evaluated to determin e whether an organism is a potential pest and, if so, 
how it should be managed.  
34 Depending on the gravity of the acts committed, contraventions may be sanctioned with terms of 
imprisonment.  
35 Five enterprises have challenged decisions of the CCAC before  the High Court to date.  WT/TPR/S/422 • Guyana  
 
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  include international passenger transport services (airlines), sea transport (wharves and terminals), 
and construction (quarry and cement).  
3.75.   Guyana eliminated price controls on most goods and services in the late 1980s. In the 
telecommunications sec tor, the Telecommunications Act stipulates that prices should be fair and 
reasonable. Wholesale and retail charges for telecommunications services are as a general rule 
determined by the operators themselves. However, the Public Utilities Act authorizes th e responsible 
Minister to introduce regulations as necessary to carry out the purposes of the Act. The Public Utilities 
Commission may introduce price regulation, including price cap or price floor regimes, for specific 
services to counter anti -competitive  or unfair practices among telecommunications suppliers.36 
3.3.5   State trading, state -owned enterprises, and privatization  
3.76.   Since the establishment of the National Industrial and Commercial Investments Limited 
(NICIL) in 1990, its main function has been to acquir e (through subscription, takeover, or 
otherwise), hold, and manage the Government's shares, stocks, debentures, or other security in any 
company, cooperative society, or other corporate body. NICIL itself is wholly state -owned. The 
original aim of this arr angement was to achieve unified and systematic control and management of 
government assets. From 2002, NICIL became involved in the Government's privatization 
programme as it was merged with the Privatization Unit of the Ministry of Finance. The divestment  
of 20% of the Guyana Telephone and Telegraph in 2012 -13 was the last major transaction of the 
privatization programme. Between 2007 and 2012, NICIL received funds from various state agencies 
to execute various projects. However, as it appears that NICIL h as not presented audited accounts, 
nor annual reports, since 2013, it is not feasible to gather an overview of its present activities.37  
3.77.   The state -owned GuySuCo cultivates sugar cane and produces sugar at three estates. In the 
past, when sugar was produce d at seven estates, GuySuCo was the largest employer in Guyana and 
the Caribbean.38 GuySuCo holds exclusive rights to export sugar, and is the only entity permanently 
authorized to import sugar. GuySuCo has been in financial difficulties for several years,  and 
significant transfers were required in 2015 and 2016. A decision was taken to close four of the seven 
estates, and NICIL set up a Special Purpose Unit to dispose of their assets. In 2018, NICIL floated a 
GYD 30 billion government -guaranteed bond to re capitalize GuySuCo and return it to profitability. 
The remaining liabilities under the bond (GYD  14.1 billion) were subsequently transferred to the 
books of the central government in November 2020 as neither NICIL nor GuySuCo was able to meet 
the requisite  debt service payments. Meanwhile, the new government has decided to reopen the 
four estates (Skeldon, Rose Hall, Enmore, and Wales) and halt the disposal of assets.  
3.78.   In the energy sector, the state -owned Guyana Power and Light (GPL) Inc. is the main suppl ier 
of electricity in the coastal areas, where 90% of the population resides. It holds an exclusive licence 
to provide electricity except in areas already receiving electricity from another entity at the time the 
GPL licence was granted.39 Another state -owned company, Power Producers and Distributors 
Incorporated, operates and maintains four power plants on behalf of GPL. In the hinterland, seven 
smaller state -owned electricity companies serve areas that are not supplied by GPL.40 Their holding 
company, Hin terland Electricity Company Inc. (HECI), was incorporated as a subsidiary of NICIL in 
January 2015.  
3.79.   The state -owned Guyana Gold Board (and its licensed agents) controls the commercialization 
of gold, including imports and exports. Private persons and enter prises may seek authorization from 
the Guyana Gold Board to sell or export gold. The Guyana Gold Board adjusts its transaction prices 
(purchase and sale) twice a day with reference to the London Bullion Market Association (LBMA) 
 
36 Telecommunications (Pricing) Regulations 2020, Regulations No.  8 of 2020, Official Gazette , 
23 October 2020. Viewed at: 
https://officialgazette.gov.gy/images/gazette2020/oct/Extra_23OCTOBER2020Reg8of2020.pdf . 
37 A. Goolsarran, "The Changing Mandate of NICIL over the Years (Final Part)", Stabroek News , 
23 November 2020. Viewed at: https://www.stabroeknews.com/2020/11/23/features/accountability -
watch/the -changing -mandate -of-nicil-over-the-years -final-part/. 
38 Its present workforce, 7,847 at t he end of September 2021, is about 10,000 fewer than previously.  
39 Self-generation is allowed, and several industrial plants generate their own electricity.  
40 The seven small suppliers are Port Kaituma Power & Light Co. Inc., Matthew's Ridge Power & Ligh t 
Co. Inc., and Mabaruma Power & Light Co. Inc. (Region 1); Mahdia Power & Light Co. Inc. (Region 7); Lethem 
Power Company Inc. (Region 9); and Linden Electricity Company Inc. and Kwakwani Utilities Inc. (Region 10). 
In addition, numerous mini -grids in hin terland villages are community owned.  WT/TPR/S/422 • Guyana  
 
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  AM/PM fixes. As the Guyana Gold Board buys gold at the LBMA fix, but sells gold spot, it incurs risks 
from price volatility. Initially, the Guyana Gold Board received advances from the Ministry of Finance 
to purchase gold, and its proceeds from sales were remitted to an account held  in New York by the 
Bank of Guyana  (BOG) , which then cleared the transactions. The Ministry of Finance halted its 
advances in 2012, but the Guyana Gold Board has continued to purchase gold using B OG cheques, 
incurring deficits in the process. These deficit s have been augmented by exchange rate 
considerations, as the rate agreed for purchases of gold at the LBMA fix is higher than the rate used 
by the B OG to convert USD into GYD. At the end of 2018, the accumulated deficit of the Guyana 
Gold Board amounted t o nearly GYD 10 billion according to its most recent Statement of Financial 
Position. The Guyana Gold Board is making efforts to eradicate this deficit.  
3.80.   The WTO Working Party on State Trading Enterprises has never received a notification from 
Guyana regar ding entities it would consider state trading enterprises within the meaning of 
Article  XVII:4(a) of the GATT  1994 and Paragraph 1 of the Understanding on the Interpretation of 
Article  XVII.  
3.3.6   Government procurement  
3.81.   Government -funded procurement in Guyana i s governed by the Procurement Act 2003 
(Cap.  73:05), the Procurement Regulations 2004, and the Small Business Act 2004 together with 
various manuals and guides. The Procurement Act was amended in 2019 to make provisions for 
small business set -asides, creat e a registry of bidders, mandate the submission of procurement 
plans, and amend the rules governing restricted tendering. The procurement regulations were 
amended in 2016 to modify provisions governing the publication of contract awards, and to modify 
procurement threshold values. The threshold values for open tendering were modified once more in 
2019. The regulations were also amended to suspend or debar bidders having committed, or being 
suspected of, practices inhibiting the efficient and fair functionin g of public procurement practices. 
Finally, the Small Business (Amendment) Act 2021 mandates that at least 20% of the goods, 
services, and works procured annually should be supplied by small businesses.41 
3.82.   Under the Ministry of Finance, the National Procure ment and Tender Administration Board 
(NPTAB) is the lead agency for public procurement. It is responsible for all procurement contracts of 
a value exceeding GYD 15 million as well as contracts of lower value for the procurement of works, 
goods, and service s, including consultancy contracts, except as authorized for regional agencies or 
specific ministries (Table 3.12). The value thresholds for ministerial - and regional -level procurement 
were adjusted upwards during the review period.  
Table 3.12 Tender award thresholds, 2020  
Procuring entities  Type of contracts  Contract value  
(GYD million)  
National Board  All types  <15 
Regional  Goods and services (other than consulting)  0.25-8.0 
Consulting services  0.4-0.8 
Works  0.6-14.0 
Ministerial/departmental/agency  Goods and services (other than consulting)  0.25-1.5 
Consulting services  0.4-0.8 
Works  0.6-2.0 
Ministry of Public Infrastructure  Goods and services (other than consulting)  1.0-6.0 
Consulting services  1.0-5.0 
Works  1.0-14.0 
Ministry of Agriculture  Goods and services (other than consulting)  1.0-6.0 
Consulting services  1.0-5.0 
Works  1.0-14.0 
Ministry of Public Health  Goods and services (other than consulting)  0.25-1.5 
 Consulting services  0.4-0.8 
 Works  0.6-8.0 
Ministry of Public Security  Goods and services (other than consulting)  0.25-1.5 
 Consulting services  0.4-0.8 
 Works  0.6-8.0 
 
41 The original Small Business Act 2004 also called for at least 20% public procurement to be "small 
business set asides".  WT/TPR/S/422 • Guyana  
 
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  Procuring entities  Type of contracts  Contract value  
(GYD million)  
Ministry of Education  Goods and services (other than consulting)  0.25-1.5 
 Consulting services  0.4-0.8 
 Works  0.6-8.0 
Source:  Information provided by the authorities.  
3.83.   Procurement is normally subject to open tendering, which is mandatory except in specific 
circumstances: i.e. when (i)  goods, services, or works are available only from a limited number of 
contractors or suppliers (restricted tendering); (ii)  they are available from only one source, or 
additional supplies are needed from an already awarded contractor (single source procurement); 
(iii) procurement is co nducted through community participation in poor and remote communities; or 
(iv) the estimated value of the contract does not exceed GYD 1.5 million (request for quotations). 
Procurement statistics for the period 2016 -20 indicate that open tendering exceede d the restricted 
procedures by approximately 40 percentage points measured by the total value of the contracts 
awarded and just over 6  percentage points in terms of the number of contracts (Table 3.13).  
Table 3.13 Government procurement, 2016 -20 
 
2016  2017  2018  2019  2020  
Open tendering       
Number of projects  3,164  2,703  2,255  2,382  2,256  
Procurement value (GYD billion)  29.9 50.4 25.4 33.7 43.8 
Restrictive tendering       
Number of projects  2,475  2,519  2,252  2,190  1,799  
Procurement value (GYD billion)  13.4 14.1 13.7 19.4 18.0 
Total procurement value (GYD billion)  43.3 64.5 39.1 53.0 61.9 
Open tendering (% of total)  69.1 78.2 64.9 63.5 70.9 
Restrictive tendering (% of total)  30.9 21.8 35.1 36.5 29.1 
Source:  Data provided by the authorities.  
3.84.   The NPTAB is required to publish tenders for projects exceeding GYD 15 million in value. The 
NPTAB  disseminates tender opportunities and contract awards on its website ( www.npta.gov.gy ), 
from which letters of invitation/invitation for bids may be downloaded. Tenders are also published 
in the local media by the res pective agencies. The procurement criteria are indicated in the bidding 
documents and may not be based solely on price. The Procurement Act allows procuring entities to 
accord a 10% preference margin to domestic contactors for supplying domestically produc ed goods. 
However, it appears that this margin is rarely utilized. In 2018, the SBB developed a Small Business 
Procurement Programme to operationalize the "small business set asides" provision in the Small 
Business Act 2004 for domestic micro and small ent erprises.  
3.85.   Pursuant to Article  212W of the Constitution, Guyana established a Public Procurement 
Commission to monitor and review the functioning of all public procurement systems to ensure that 
they comply with legislation and policy guidelines laid out b y the National Assembly. Its 
first five commissioners were sworn in on 28  October  2016 for a period of three years.42 Procuring 
entities are required to formulate and submit annual procurement plans to the Commission. Its 
functions include promoting awareness of the rules, procedures, and special requirements applicable 
to public procurement among suppliers and public ag encies. The Commission may investigate 
complaints of irregularities and mismanagement, or initiate investigations on its own to enhance the 
effective functioning of public procurement.43 It may propose remedial action. The Commission 
finalized draft regula tions concerning emergency procurement in 2020, for consideration by the 
appropriate agencies, with a view to adding specific guidelines to the Procurement Act.  
3.86.   Guyana has listed the Office of the Prime Minister and seven ministries as entities to which 
transparency obligations apply under the CARIFORUM -EU EPA for procurement exceeding specific 
 
42 The Public Procurement Commission has been unable to meet to nominate new members since 2018 .  
43 The Commission has so far named 13 contractors that are debarred (due to misconduct) from 
operating in Guyana for shorter or longer (up to 12 or 13 years) time -frames.  WT/TPR/S/422 • Guyana  
 
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  thresholds (XDR 155,000 for goods and services, XDR 6.5 million for works). Mutual access to 
procurement opportunities among the signatories to the EPA is not automa tic.  
3.87.   Guyana is neither signatory nor observer to the plurilateral WTO Agreement on Government 
Procurement.  
3.3.7   Intellectual property rights  
3.88.   Guyana acceded to the Convention establishing the World Intellectual Property Organization 
(WIPO) in 1994. As a WIPO m ember, Guyana is a signatory to the Paris Convention for the Protection 
of Industrial Property and the Berne Convention for the Protection of Literary and Artistic Works. 
Guyana is committed to accede to other treaties administered by WIPO according to the  
CARIFORUM -EU EPA. However, it did not sign or ratify any international treaties on intellectual 
property rights during the review period.  
3.89.   Much of Guyana's legislation on intellectual property pre -dates independence, and its 
legislation governing copyrigh t, trademarks, patents, and designs was notified to the WTO in 2002.44 
Subsequently, the IP regime was extended through the Geographic Indications Act 2005 and the 
Competition and Fair Trading Act 2006. According to the authorities, there were no changes t o laws 
or regulations relating to copyright or industrial property during the review period.45 However, a 
draft Copyright Bill is under consideration for enactment.  
3.90.   The Deeds and Commercial Registries Authority (DCRA), whose responsibilities include 
registrations relating to property, businesses, and trade unions, also administers rights in respect of 
patents and designs, trademarks, geographical indications (GIs), and copyright.46 Right holders of 
patents and industrial designs in the United Kingdom may e xtend their rights to Guyana if they apply 
within three  years of the granting of these rights in the United Kingdom. Trademarks granted in the 
United  Kingdom are also recognized in Guyana.  
3.91.   The term of protection for patents and industrial designs is 16 ye ars from the date of filing of 
complete specifications. Section 28 of the Patent Act allows compulsory licences to be issued if 
monopoly rights have been abused or for emergency state purposes, i.e. in case of war.47 Claims of 
abuse of monopoly rights must  be presented to the DCRA within three years of the granting of such 
rights. No compulsory licence has been granted to date.  
3.92.   The Trademarks Act grants protection to registered trademarks for an initial period of 7  years 
and subsequent renewable periods of  14 years. Trademark protection is extended to goods, but not 
to services. However, trademarks for services registered in the United Kingdom are validated in 
Guyana. The trademark registration is removed if the trademark is found not to have been in use 
for five consecutive years.  
3.93.   The term of protection for copyright is 50 years from the time of publication of literary, 
dramatic, and musical works, including sound recordings, cinematography, and radio/television 
broadcasts. The term of protection is 25 yea rs for published editions of works; no provisions apply 
to unpublished works. The Ministry of Culture, Youth and Sport is the competent authority for 
copyright.  
3.94.   A GI is protected in a manner similar to trademarks whether the GI is registered or not. The 
Geographical Indications Act defines a GI as an indication that identifies a good as originating in the 
territory of a country, region, or locality where the good's given quality, reputation, or other 
 
44 WTO document IP/N/1/GUY/1, 4 December 2002.  
45 Guyana has no legislation governi ng the protection of lay -out designs of integrated circuits, plant 
varieties, and undisclosed information/trade secrets.  
46 Guyana notified the WTO in 2016 that the Registrar is its contact point for IPR issues, whereas the 
Commissioner of the GRA is the contact point for border measures and trade in counterfeit or infringing goods. 
The Ministry of Foreign Affairs is the conta ct point for general matters related to the TRIPS Agreement. WTO 
document IP/N/3/GUY/1, 6 September 2016.  
47 Compulsory licences may also be granted if a government agency was using a patented good before 
the patent was granted.  WT/TPR/S/422 • Guyana  
 
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  characteristic is essentially attributable to its geogra phical origin. Five GIs have been registered in 
Guyana thus far.48  
3.95.   Parallel imports and exclusive distribution arrangements are not regulated by law.  
3.96.   The authorities state that the circulation of goods, including imports, infringing intellectual 
property  rights is prohibited or restricted provided a credible complaint is filed with the police and 
customs authorities. All copyright infringement, including infringement on the Internet, is taken 
seriously, and the authorities will take immediate action to st op an infringement once it is reported. 
Criminal procedures and penalties fall under the Supreme Court. Guyana has had no criminal cases 
relating to intellectual property so far.  
 
 
48 These are Demerara Molas ses, Demerara Brown Sugar - Guyana, Guyana Greenheart Wood, Barima 
Wild Hearts of Palm, and Guyana Rice.  WT/TPR/S/422 • Guyana  
 
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  4  TRADE POLICIES BY SECTOR  
4.1  Agriculture, Fisheries, and Forestry  
4.1.1   Agriculture  
4.1.  Guyana's economy relies heavily on agriculture, fishing, and forestry; in 2020, these sectors 
accounted for 16.9% of the country's GDP and 12.1% of employment. Vegetable products accounted 
for 9.7% of merchandise exports in 2020. The main a gricultural product s are sugar and rice 
(Table  4.1). Sugar farming is dominated by the 100% state -owned Guyana Sugar Corporation 
(GuySuCo). Rice production is carried out by private producers, the vast majority of whom are 
small -scale fa rmers. Guyana also produces a wide variety of "non -traditional" agricultural products 
(e.g. fruits and vegetables) and continues to seek to expand their export.  
Table 4.1 Agricultural production, 2015 -20 
Produ ct 2015  2016  2017  2018  2019  2020  
Sugar (tonnes)  231,071  183,615  137,297  104,642  92,256  88,868  
Rice (tonnes)  687,784  534,449  630,104  627,328  682,418  687,539  
Poultry (kg)  30,677,682  32,285,634  30,668,022  42,022,201  38,729,187  42,740,040  
Eggs (number)  26,135,685  20,051,919  28,904,630  32,076,627  46,618,972  62,533,240  
Milk (litres)  55,327,244  44,437,912  41,892,140  37,291,065  36,775,254  31,972,526  
Beef (tonnes)  2,282  1,766  1,978  1,993  2,828  2,656  
Pork (tonnes)  282 253 465 571 952 720 
Source:  Guyana Rice Development Board, a nnual reports.  
4.2.  Sugar and rice are also among Guyana's main agricultural export items. In 2020, rice 
represented 73.5% of agricultural exports (export values according to WTO definition including 
beverages and alcohol ). Sugar (excluding sugar -based beverages such as rum) accounted for around 
8.0% of agricultural exports. Undenatured ethyl alcohol (part of beverages and alcohol) represented 
11.1% of agriculture exports. According to the Bank of Guyana (BOG), in 2020, su gar exports to the 
European  Union accounted for 40.3% (55.5% in 2019), while the Caribbean Community (CARICOM) 
region accounted for 18.0%, the same as in 2019.  
4.3.  During the review period, there was no major change in agricultural legislation. There is no 
overarching law governing agriculture in Guyana ; several laws governing the sector include the Rice 
Factories Act, the Seeds Act, the Guyana Livestock Development Authority (GLDA) Act, and the 
Sugar Industry Special Funds Act.  
4.4.  The Ministry of Agriculture is r esponsible for the formulation and implementation of policies 
and programmes aimed to facilitate the development of agriculture and fisheries. Numerous other 
bodies are active in the sector, including the GLDA (Table A4.1).  
4.5.  Under a draft Strategic Framewor k 2020 -2025 aimed at the development of the agricultural 
sector, guided by the Low Carbon Development Strategy of Guyana and the Jagdeo Initiative seeking 
to achieve the UN Sustainable Development Goals, the following actions are considered to be 
prioritie s for agricultural development: (i)  diversified and competitive agriculture production to 
provide real economic benefits to the rural sector; (ii)  a robust marketing system at local and 
international levels; (iii)  becoming a food - and nutrition -secure nati on, which is fundamental for 
economic growth and social welfare, particularly in the COVID -19 environment; (iv)  environmentally 
sustainable and shock -resilient agri -food systems to promote effective management of natural and 
productive resources and to pro tect investment and livelihoods in agriculture from external shocks; 
(v) modernized and upgraded infrastructure to advance supportive water management and 
transportation requirements; (vi) strengthened and modernized support services to promote 
innovation in and sustainability of the agriculture sector; and (vii) human resource development to 
build a responsive, diversified, and world -class agriculture workforce.  
4.6.  Guyana's simple average applied MFN tariff on agricultural products (WTO definition) was 
22.9% in 2021. All tariffs on agricultural products are ad valorem , and applied rates range from 0% 
to 100%; the products subject to applied MFN tariff rates of 100% are meat and edible offal, some 
food preparations, and various alcoholic beverages, cigars, and tobacco. Guyana does not apply 
tariff quotas.  WT/TPR/S/422 • Guyana  
 
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  4.7.  A number of agricultural products, such as sugar (automatic licensing), rice (automatic 
licensing), meat, live plants and flowers, fresh and dried fruit, and wheat or meslin flour, are subject 
to import licensi ng requirements.  Guyana applies no import quotas or other quantitative restrictions 
on agricultural imports.  
4.8.  Export duties apply to all exported products, apart from "manufactured goods" and certain 
exempted items. Unless otherwise specified, a general rat e of 1.5% is applied.1 Various goods are 
exempt from export duties; as listed in the Customs Act (Cap. 82:01), First Schedule, Part IV, they 
include agricultural products and their by -products (excluding cane sugar and molasses), forest 
products including  timber and lumber (other than greenheart timber and lumber), and fish (including 
shark fins but excluding aquarium fish) and shrimp. Under the Customs Act, export duties are levied 
on unrefined cane sugar at GYD  1 per tonne and on molasses at GYD  1 per 10 0 litres.  No export 
duties are levied on exports of these products to other CARICOM members. In addition, under the 
Sugar Industry Special Funds Act, exporters must pay Customs GYD  514.50 for every tonne of sugar 
manufactured in Guyana and exported outside  the CARICOM region; 97.2% of the funds obtained 
from this levy goes to the Sugar Industry Labour Welfare Fund, 2.3% to the Sugar Industry 
Rehabilitation Fund, and 0.5% to the Sugar Industry Price Stabilisation Fund.  
4.9.  During the review period, Guyana made n o notification to the WTO concerning agriculture. The 
authorities state that they intend to submit new notifications later. Guyana filed its last notification 
to the WTO concerning export subsidies in 2005, which states that during calendar years 2003 and 
2004 no agricultural export subsidies were in operation.2 Guyana's last notification on domestic 
support was also filed in 2005, covering, inter alia,  general services for the years 2003 and 2004.3 
4.10.   Regarding incentives for the sector, there exist tax concessions in agro - and cold -storage 
capacities. There also exist waivers of import duty and value added tax (VAT) on agro -processing 
equipment and motor vehicles used within the industry, especially fo r the transport of goods. There 
are also incentives for key feed stock inputs (e.g. corn and soybeans) and concessions for large -scale 
livestock farming.  
4.11.   Agricultural loans are provided by commercial institutions including the Republic Bank 
(unsecured loan s with no collateral, and secured loans) and the Institute of Private Enterprise 
Development, which provides various loans including small unsecured loans and aquaculture loans 
based on collateral. There are no interest -rate restrictions imposed by the BOG . 
4.12.   The Government also assists farmers by acquiring improved breeding stock and distributing 
it to farmers; Additionally, the Government provides enhanced extension services to facilitate the 
transfer of technology, as well as seed and planting material.  Other government support takes the 
form of providing agricultural inputs such as machinery, seed, and fertilizers . 
4.13.   A range of tax exemptions are available to farmers under the V alue Added Tax (VAT)  Act and 
the Customs Act (Table  4.2). The authorities estimat e that in 2021 revenue foregone amounted to 
GYD 2,145 million for the tariff and GYD  3,003 million for the VAT.  
4.14.   According to the authorities, there is no price control on agricultural products.  
4.15.   Imports of raw materials are zero -rated if they are used in th e production of goods 
subsequently exported by a taxable person or a company that exports at least 50% of all of its 
products.  
4.16.   In 2020, the Government introduced measures to reduce the burdens faced by farmers, 
including: (i)  the removal of all taxes and d uties on imports for the industry including machinery, 
equipment, and spares; (ii)  the reversal of land lease fees; and (iii)  the removal of VAT on pesticides 
and agro -chemicals.  
 
1 Legislation leaves "manufactured goods" undefined for this purpose. Export duties are applied on the 
f.o.b. value of exports; rates are set out in t he Customs Act.  
2 WTO document G/AG/N/GUY/13, 27 May 2005.  
3 WTO document G/AG/N/GUY/14, 24 June 2005.  WT/TPR/S/422 • Guyana  
 
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  Table 4.2 Tax exemptions for agriculture, 2021  
Legislation  Exemptions  
VAT Act  Zero-rating of various essential food items including certain baby formula; certain flour; 
certain bread; casareep; cassava bread; cheddar cheese; cooking o il; cooking salt; milk and 
milk powder; various dried peas; farina; certain fresh fruits and vegetables; lard; locally 
produced jams, jellies, and peanut butter; margarine; oats; locally produced peanuts and 
cashew nuts; plain white flour; raw brown sugar;  raw white or brown rice; sago; shortening; 
eggs; chicken; certain cracker biscuits; and wheat  
VAT Act  Zero-rating of certain agricultural inputs: fertilizers; pesticides; fungicide, herbicide, and 
weedicide for agriculture purposes; vegetable seeds; mac hinery, equipment, or components 
used in the generation of renewable energy in the agriculture sector using agricultural 
by-products; paddy; hatching eggs; animal medication; harrows, cultivators, scarifiers, 
ploughs, weeders, and hoes; machinery used for preparing animal feeding stuffs; approved 
prepared animal feed; and approved veterinary drugs  
Customs Act  Exemption of certain agricultural inputs from customs duties: agricultural hand tools and 
spare parts for agricultural machinery and appliances; fer tilizers, manures, insecticides, 
fungicides, herbicides, and inoculants; approved motor vehicles for farm use or the 
transportation of agricultural products; equipment and materials for beekeeping  
Customs Act  Exemptions for agriculture products from the general export tax rate of 1.5%, except for 
unrefined sugar cane and molasses  
Source:  Information provided by the authorities.  
4.17.   Guyana benefits from preferential access for its rice exports: data provided by th e authorities 
indicate that in 2020 about 12% of rice was exported to CARICOM countries and about 41% to the 
European  Union under the CARICOM -European  Union EPA. A fee of USD  4 per tonne for whole grain 
rice and USD  2 per tonne for rice by -products are app lied to both exports and domestic sales with a 
view to covering the cost of administration. Th e fees  finance the activities of the Guyana Rice 
Development Board.  
4.18.   GuySuCo remains the only state trading company authorized to import and export brown 
sugar. No  other entity can import white sugar without the approval of GuySuCo; approvals are only 
given to large manufacturers such as beverage producers. In recent years, GuySuCo has seen a 
reduction in its production due to the closure of four of its seven estate s. GuySuCo anticipates that 
given the Government's mandate to reopen some of the closed estates, production figures over the 
next five years will increase. In 2020, a policy decision was made to reopen closed sugar estates 
and give priority to the economic  recovery of the sugar industry by: (i)  restoring the operating 
capacities of the grinding estates; (ii)  repositioning the marketing mix away from bulk sugar towards 
the higher value -added bagged and packaged sugar; (iii)  re-operationalizing the shuttered estates 
through greater due diligence; (iv)  rebuilding the financial capacity of GuySuCo so that it can become 
cash-neutral by 2026 and be placed on a path to sustained profitability, either through private 
partnerships or internally generated funds; and ( v) fully examining value -added opportunities of 
some firms and factories.4 
4.19.   With respect to developments in the non -traditional sector, the authorities state that Guyana 
has signed protocols for the export of various fruits and vegetables from certified fa rms to St Lucia, 
Barbados, Antigua and Barbuda, and Trinidad and Tobago. The National Agriculture Development 
Strategy 2013 -2020 aimed to promote, inter alia,  coconut, pepper, plantain, pineapple, and pumpkin 
through the provision of extension services, fertilizers, irrigation, and access to roads. The 
authorities state that the Guyana Marketing Corporation (GMC), a statutory government corporation, 
revitalized its "market extension" services in 2021 by increased field vis its to its stakeholders, where 
market information is disseminated and product development training is conducted with a view to 
meeting both new and existing market requirements. The GMC also facilitates "market linkages" that 
are intended to provide a vita l function through the process of bringing together sellers (e.g. farmers 
and agro -processors) and buyers (e.g. exporters, agro -processors, fruit and vegetable vendors and 
wholesalers, and supermarkets). The authorities state that, in an effort to increase  exports, the GMC 
plans to continue with its market research for new opportunities and to work closely with its 
stakeholders to meet opportunities identified.  
 
4 Minister of Public Works, Budget 2020, 9 September 2020.  WT/TPR/S/422 • Guyana  
 
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  4.1.2   Fisheries  
4.20.   In 2020, fisheries accounted for 0.8% of GDP. The exports of fish and crustaceans accou nted 
for 2.1% of exports in 2020. The authorities estimate that 80% of industrial shrimp products is 
exported to the United  States, while industrial finfish products are primarily shipped to Canada, 
China, and the Caribbean region.  
4.21.   Guyana's fisheries secto r has three main subdivisions: marine, inland, and aquaculture. The 
authorities state that marine fishing activities are geared towards exploiting shrimp, and pelagic and 
demersal fish species in the near and offshore areas; inland fishery is mainly conduc ted in riverways, 
lakes, and other waterbodies. Aquaculture fishery is primarily conducted along Guyana's coastal 
regions. The sector employs an estimated 15,000 persons either directly in harvesting, or indirectly 
through activities such as building boats , repairing gear, and processing fish.  
4.22.   The main legislation regulating the sector is the Fisheries Act 2002, which is unchanged. It 
provides for the registry of fishing boats with the Chief Fisheries Officer, the inspection of vessels, 
and the licensing of  fishing operations, both domestic and foreign. The fisheries sector is regulated 
under the Fisheries Act 2002 (Cap. 71:08), and all of its corresponding subsidiary legislation 
including the Fisheries (Exemption from Registration) Order 2018, Fisheries Reg ulations 2018, 
Fisheries (Subsidiary) Regulations 2021, Fisheries (Aquatic Wildlife Control) Regulations, and Fishery 
Products Regulations.  
4.23.   Within the Ministry of Agriculture, the Fisheries Department is responsible for managing, 
regulating, and promoting the sustainable development of Guyana's fishery resources. A Fisheries 
Advisory Committee comprising representatives from the public and private sectors advises the 
Minister on all fisheries issues. The Chief Fisheries Officer (head of the Fisheries Depart ment) is 
responsible for granting most of the fishery licences.5 The process of issuing of licences or permits 
for commercial fishing operations within Guyana's exclusive economic zone (EEZ), whether to 
domestic or foreign applicants, is guided by the Fis heries Act 2002. Licences to domestic applicants 
may be obtained once all the conditions outlined in the Fisheries Act are satisfied and on the approval 
of the Chief Fisheries Officer; licences to foreign applicants are granted based on relevant bilateral 
or multilateral agreements, with approval from the Minister of Agriculture.  
4.24.   The Fisheries Department executes its statutory requirements of fisheries sector licence 
collection and revenue management through its Legal and Inspectorate Unit, which is tasked with 
ensuring that all entities in the fishery subsector comply with all legal and administrative 
requirements. The key responsibilities of the Unit include registration and licensing of fishing vessels, 
licensing and inspection of fish processing plants, conducting enforcement and surveillance activities 
of fishing vessels and activities within Guyana's EEZ, monitoring the fishing fleet's compliance with 
licence conditions, monitoring and conciliating complaints and disputes, and the issuance of export 
and import licences for fish and fish products.  
4.25.   Guyana's simple average applied MFN tariff on fish and fishery products was 31.3% in 2021, 
with tariffs ranging from 0% to 40%. Fish and fish products are subject to a general export tax rate 
of 1.5% under the C ustoms Act.  
4.26.   Guyana grants tax exemptions to assist the industry. Certain fishing inputs are zero -rated 
under the VAT Act: ice for fishing purposes, fishing nets, fishhooks, sheet lead, fishing floats, cotton, 
and polystyrene for use in the fishing industry. In addition, under the Customs (Amendment) Act, 
fishing boats, spare parts and equipment for fishing boats, and fishing equipment for use in the 
fishing industry are exempt from customs duties. The authorities state that there is no government 
assistance to the fishing industry in the form of grants and loans.  
4.27.   The authorities state that there is no price control on fisheries products.  
 
5 Article  11 of the Fisheries Act stipulates that a licence permitting a registered fishing boat to engage in 
fishing must be issued by the Chief Fisheries Officer.   WT/TPR/S/422 • Guyana  
 
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  4.1.3   Forestry  
4.28.   The contribution of forestry to GDP in 2020 was 1.0%. Exports of wood and articles of wood 
accounted for around 1.0% of Guyana's total merchandise exports in 2020.  
4.29.   The Ministry of Natural Resources has overall responsibility for forestry in Guyana, and the 
sector is regulated by the G uyana Forestry Commission (GFC).6 The GFC is entrusted with the 
mandate to ensure that Guyana's forest resources are sustainably managed and conserved. The 
Forest Products Development and Marketing Council (FPDMC), an advisory body within the G FC, 
aims to promote the exports of forest products.  
4.30.   Guyana's forestry sector is guided by the National Forest Plan and Policy 2011, as revised in 
May 2018. The sector is also guided by the Low Carbon Development Strategy (LCDS), a long -term 
strategy that seeks to transform Guyana into a low -carbon economy. In May 2017, the Guyana 
Forest Regu lations were adopted and gazetted.7 
4.31.   There are no restrictions on who may lease forests . However , only citizens of Guyana may be 
granted exploratory permits as individuals, and such permits may be obtained by either domestic or 
foreign corporations.8 The removal of forest produce is subject to royalty payments. State 
concessions to be allocated are advertised;  in the granting of awards, levels of investment and local 
employment are taken into consideration. Foreign investment in the sector originates from,  
inter alia, China; Hong Kong, China; India; and Singapore.  
4.32.   The simple average applied MFN tariff rate on wood and articles was 11.0% in 2021, with 
rates ranging from 0% to 20%.  
4.33.   A National Log Export Policy, 3rd Phase (2020 -2025) was issued on 12  October  2020.9 Under 
the Policy, an export levy will be imposed on specific logs, based on the higher of either the invoice 
or the f.o.b. value of logs and squares.10 All prices of exports will be verified against the F PDMC/GFC 
Price Advisory, which references the average international market prices issued by the International 
Tropical Timber Organization (ITTO).  
4.34.   Concession holders, sawmillers, and timber dealers are allowed to export logs. In order for 
timber to be exp orted, exporters must possess all required documents and comply with GFC export 
procedures including licensing and timber grading.  
4.35.   According to the authorities, Guyana started negotiating for the conclusion of the 
European  Union Forest Law Enforcement, Gov ernance and Trade Voluntary Partnership Agreement 
in 2018. The authorities expect the Agreement to be finalized in 2026.  
4.2  Mining  
4.36.   Mining and quarrying accounted for 27.1%11 of GDP in 2020, up from 9.3% in 2015, reflecting 
the discovery of offshore petroleum wells and subsequent commencement of petroleum production 
in 2020 (the petroleum sector is described in Section 4.3). Crude production totalled 27 million 
barrels in 2020; most of this was exported, resulting in a rapid growth of the sector. The authoritie s 
 
6 The Ministry of Natural Resources was established on 18 January 2016, succeeding the role  of the 
previous Department of Natural Resources and Environment. The Department was established in May 2015, 
taking over the role of the previous Ministry of Natural Resources and Environment.  
7 Extraordinary Gazettes , 12 May 2017 – Regulations No.  2 of 2018, Forests Act (No.  6 of 2009); and 
Forests Act, Code of Practice No.  1 of 2018.  
8 Under the Forests Act, an exploratory permit allows for operations in connection with exploration for 
the purposes of discovering and evaluating forest produce and includ es forest inventories, social and 
environmental impact assessments, and topographic surveys. Forests Act. Viewed at: 
https://fpdmc.gov.gy/SustForestMng/Guyana%2 0Forestry%20Commission%20Act%201.pdf . 
9 Revision of the National Log Export Policy. Viewed at: https://nre.gov.gy/2020/10/09/revision -of-the-
national -log-export -policy . 
10 According to the National Log Export Policy, export levies for 2020 -23 and 2024 -25 will be 20% and 
22%, respectively, for schedule A species (e.g. purpleheart, locust, and crabwood); 17% and 20%, 
respectively, for schedule B species (e.g. shibadan, wam ara, and tatabu); and 15% and 17%, respectively, for 
schedule C species (e.g. shimarupa, limonaballi, and tonka bean).  
11 The authorities consider that a more recent figure would be 45%.  WT/TPR/S/422 • Guyana  
 
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  estimate that between 10,000 and 15,000 persons are employed in this sector, and they consider 
that the mining industry has spill -over effects on employment in services incidental to mineral 
extraction, on local businesses producing mining equipment, and  on the jewellery and construction 
industries. Mineral products accounted for 44.0% of exports in 2020. Aluminium ores (bauxite) and 
gold are the main mining exports.  
4.37.   Gold is the dominant commodity in terms of value of mineral production, followed by bauxi te 
and diamonds (Table 4.3). There are three large -scale bauxite mining companies active in Guyana, 
and all are private. There are no bauxite refineries in Guyana. All diamond production in Guyana 
comes from alluvial operations. All operators are small and  medium scale. According to the 
authorities, in terms of volume, production of diamonds declined after reaching a recent high of just 
below 139,000 carats in 2016, while production of gold was almost unchanged after surpassing 
22,000  kg in 2016.  
Table 4.3 Mining production, 2015 -20 
(GYD million)  
 2015  2016  2017  2018  2019  2020  
Gold 4,510.6  5,072.5  4,460.7  3,693.6  5,345 .1 7,496.2  
Bauxite  126.3  125.1  899.9  115.1  137.5  18.0 
Diamonds  68.6 82.2 32.6 41.2 30.1 15.3 
Source:  Data provided by the authorities.  
4.38.   Since the previous Review, there has been little change to the legislation governing the sector. 
The Mining Act, the principal regulating statute, vests ownership of all mineral rights with the State. 
Under the Act, small and medium -scale operations are restricted to Guyanese citizens, although 
medium -scale joint ventures with foreign companies are permitted. Foreign companies may be 
granted prospecting, mining, and quarry licences for large -scale opera tions. Permission may be 
granted for reconnaissance surveys over larger areas. Arrangements for large -scale operations are 
formalized and subject to more specific requirements.  
4.39.   The Minister of Natural Resources is the holder of the portfolio of mines and m inerals and is 
responsible for policy formulation and implementation. The sector is regulated by the Guyana 
Geology and Mines Commission (GGMC), which is a state regulatory agency, and reports to the 
Minister. The GGMC issues prospecting permits and quarry  licences and is responsible for enforcing 
the conditions of licences, permits, and concessions granted, as well as collecting associated fees.  
4.40.   There are no foreign investment restrictions applicable to the mining sector and the petroleum 
exploration and e xploitation sector, except that small -scale operations are allowed only for Guyanese 
citizens, and medium -scale operations for Guyanese citizens and joint ventures with foreign firms.12 
4.41.   Export duties on all mining products are levied at the general rate of  1.5%. Various 
sector -specific fiscal incentives are available to the mining industry. For large -scale mining of gold 
and precious metals, diamonds , and precious stones, the excise tax on fuel is reduced to 10%; 
equipment, process materials, and spares use d for mining and quarrying -related activities are 
exempt from customs duties, VAT, and excise taxes. All -terrain vehicles (ATVs) are also exempt 
from customs duties and excise taxes, and are zero -rated under the VAT provided certain conditions 
are met. The re are also VAT and excise tax exemptions for outboard engines of up to 75  hp. For 
small -scale mining operations, there are VAT and excise tax exemptions for ATVs, pumps, matting, 
dredge flexes, and expanding metal. The withholding tax is also waived.  
4.42.   Under the Amerindian Act (2006), unchanged since the previous Review, mining on 
Amerindian lands is subject to the consent of the respective Amerindian community occupying the 
land.13 
 
12 Medium -scale operators must submit work programmes to the GGMC, whi le small -scale operators are 
not subject to such a requirement.  
13 WTO document WT/TPR/S/320/Rev.1, 9 February 2016.  WT/TPR/S/422 • Guyana  
 
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  4.2.1   Gold 
4.43.   There remain two large gold mines active in Guyana; all other firms are  either small or 
medium -sized operations, involving investment from, inter alia , Brazil, Canada, and the 
United  States, or are Guyanese joint ventures with companies from these countries. The 
Government does not have a share in any of these companies.  
4.44.   A licence  (reconnaissance licence)  is required to undertake reconnaissance surveys for gold 
mining. After the surveys are done, a prospective programme must be submitted to the authorities 
to acquire p rospecting licences (valid for three years ) and ministerial approval  (valid for one year 
and renewable) . Applications for mining licences are made to the GGMC, which has the authority to 
grant licences. Mining licences are generally granted for 20 years  initially , with unlimited renewals 
for seven years at a time.  
4.45.   The Guyana Gold Board, a state -owned company  and an agent for the GGMC , and licensed 
dealers control the commercialization and import and export of gold in Guyana. All extracted gold 
must be sold to the Guyana Gold Board. It  announces its transa ction prices (for purchase and sale) 
twice a day (Section 3.3.5).  
4.3  Energy  
4.3.1   Petroleum  
4.46.   During the review period, there was a major structural change in the petroleum sector. The 
production of oil, which used to be non -existent, began in December 2019 after the  discovery of 
offshore oil wells in 2015. The Liza Destiny , a floating production storage and offloading (FPSO) 
vessel, produced 27  million barrels of crude oil by the end of December 2020 (Box 1.1). The current 
account of the balance of payments was augme nted by the exportation of crude oil, which accounted 
for 41% of exports in 2020. Relatively stable production levels in 2020 resulted in the total revenue 
of USD  1.1 billion. The Government received USD  183 million in the form of royalties and receipts 
from the sale of oil. In 2020, Guyana's imports of petroleum -based fuels amounted to about 23% of 
total imports. Downstream activities centre on the import of petroleum derivatives and sales in the 
domestic market. According to the authorities, petroleum pro ducts (particularly gasoline, diesel, 
kerosene, liquified petroleum gas (LPG), and fuel oil) are imported from Trinidad and Tobago, 
Suriname, Jamaica, Antigua, St Lucia, and St Eustatius and via third parties in the United  States and 
Europe. Small volumes of aviation gasoline and aviation jet fuel are also imported from the 
United  States.  
4.47.   Oil produced in Guyana is shipped out of the country, as Guyana does not yet have its own 
oil refinery. Imports are marked by the Guyana Energy Agency (GEA) to identify th at they have been 
imported legitimately, and a marking fee must be paid by the importer . The marking fee is currently 
between GYD  0.60 per litre (large importers) and GYD  1.50 per litre (small importers) and varies 
depending on the volume imported and rela ted logistics costs involved in the marking activities. The 
GEA must also be advised of the arrival and movement of all imported petroleum products.  
4.48.   Guyana has three major oil marketing companies: Guyana Oil Company Limited (Guyoil), Sol 
Guyana Inc. (Sol),  and Rubis Guyana Inc. (Rubis). Guyoil is the only state -owned company among 
the three, with Rubis and Sol being privately owned subsidiaries of foreign companies. The oil 
companies distribute their products to wholesalers and retailers (in the form of gas /service stations). 
There is significant product differentiation through branding, and gas stations are holders of 
franchises granted from the major companies in order to retail their products. There are also 
small -scale privately owned diesel, avgas, and LPG companies.  
4.49.   A licence from the Minister of Natural Resources is required to engage in petroleum 
exploration. Petroleum prospecting licences are granted for an initial period of four years. Licences 
may be renewed twice, each for a period of three years.  Petroleum production licences are for 
20 years, and are renewable. Licences may not be granted to individuals unless they are citizens of 
Guyana; they may be granted to foreign or domestic corporations. Decisions to grant licences to 
produce petroleum tak e into account several factors, including the applicant's proposals for the 
employment and training of Guyanese citizens, and proposals with respect to the procurement of WT/TPR/S/422 • Guyana  
 
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  goods and services obtainable within Guyana.  The authorities state that a few compani es have 
received prospecting licences and are currently operating.  
4.50.   The GEA is a regulatory entity for the importation of petroleum products/derivatives, and it 
issues licences to importers, wholesalers, and retailers, as well as licences for the transport and 
storage of petroleum products and consumer installation. Additionally, the GEA has the responsibility 
of ensuring that all petrol, diesel, and kerosene products are properly marked at a known 
concentration at all legitimate import points, and also coll ecting and testing samples of fuel from 
various parts of the country including wholesalers, retailers, distributors, transporters, commercial 
consumers, and any person in possession of fuel for the relevant marker(s).  
4.51.   Until 2015, Guyana was  a party to the Petrocaribe Energy Cooperation Agreement14; the 
authorities indicate that the Agreement was not renewed thereafter.  
4.52.   Prices for petroleum derivatives are determined by oil marketing companies for their outlets. 
The Ministry of Finance occasionally makes adj ustments to reduce the excise tax for petroleum 
products (particularly petrol and diesel) when oil prices significantly increase in order to cushion the 
impacts on consumers and avoid economic shocks. Subsidies are not applied to the wholesale and 
retail p rices for petroleum derivatives.  
4.53.   On 2 October  2015, the excise tax on diesel increased from 45% to 50%, while the excise tax 
on petrol remained at 50%. Subsequently, on 18  February  2021, the excise tax on both petrol and 
diesel was reduced to 35%.  
4.3.2   Electricity  
4.54.   The main law governing the electricity sector remains the Electricity Sector Reform Act 1999, 
as amended in 2010, unchanged since the previous Review. The Act sets out, inter alia,  the 
conditions under which licences may be granted for the gene ration and provision of electricity. All 
electricity suppliers must be licensed, with the exception of suppliers authorized prior to the entering 
into force of the Act or exempt by ministerial order s.15 In addition, individuals and businesses owning 
generating equipment and supplying only to themselves do not require a licence. Licensing 
requirements for the generation and supply of hydroelectric power are set out in the Hydroelectric 
Power Act, which ve sts the State with ownership of all waterpower that can be used to generate 
electricity . Licences to use water to generate electricity are granted by the President ; they may set 
out the price at which electricity may be sold, subject to review every five y ears. Licences may be 
granted for an initial period of up to 50 years and may be renewed for an additional period of up to 
50 years.  
4.55.   The Office of the Prime Minister is responsible for policy -making and regulatory responsibility 
in the energy sector includ ing hydropower development, hinterland electrification and electrical 
inspection, granting licences to public utilities and independent power producers, and approval of 
development and expansion plans and of operating standards and performance targets for the 
principal supplier of electricity. The following subordinate government agencies are under its 
purview: GEA, Guyana Power and Light Inc. (GPL) (the principal supplier of electricity), Hinterland 
Electrification Company Inc. (HECI), and Government Elect rical Inspectorate. The GEA, established 
under the Guyana Energy Agency Act 1997, advises the Office of the Prime Minister on various 
matters related to energy, including the promotion of solar photovoltaic  systems. The GEA has 
responsibilities related to policy development and its implementation. The GEA also reviews 
hydroelectric power projects to determine the suitability of design and conducts inspections during 
construction to ensure compliance in keeping with its mandate under the Hydroelectric Power Act. 
As part of its mandate, GEA has responsibilities relating to policy development and securing its 
implementation.  
4.56.   The Government's policy objective is the efficient management of the energy mix for public 
interest and the provision of affordable, stabl e, and reliable energy to benefit both households and 
businesses. For this objective, the Government's policy targets include: (i)  installing 400  MW of new 
installed capacity inclusive of hydropower, solar, wind, and natural gas; (ii)  reducing electricity costs 
for households and businesses; (iii)  achieving globally competitive energy cost; (iv)  working with 
 
14 WTO document WT/TPR/S/320/Rev.1, 9 February 2016.  
15 Electricity Sector Reform Act (Cap. 57:01), Section 4.  WT/TPR/S/422 • Guyana  
 
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  some neighbouring countries to create a new energy corridor; and (v)  outlining a path to becoming 
a net energy exporter. The authorities state that the  Government is committed to implementing the 
following measures: (i)  production of 250  MW-300 MW from natural gas; (ii)  creation of a local LPG 
plant to cater to domestic and export demands; (iii)  urgent action to improve and upgrade the 
national grid (tra nsmission and distribution); (iv)  completion of the 165  MW Amaila Falls 
Hydroelectric Project, moving towards a clean, reliable, affordable power supply; (v)  investment in 
solar and wind systems for off -grid areas; (vi)  expansion of the hinterland electrif ication programme; 
(vii) replacement and upgrade of solar panels in the hinterland; and (viii)  development of micro 
grids for large hinterland areas.  
4.57.   Guyana's estimated installed power capacity (except self -generation) is around 297.9  MW.16 
The GPL, a 100%  state-owned company, is the largest power generator and has a monopoly over 
the transmission and distribution of electricity in Guyana, except for certain areas. The GPL has an 
exclusive licence to provide electricity for most of Guyana with the exception  of areas that already 
received electricity from another entity in 1999, when the licence was granted to the GPL. In 
October  2019, the Government amended the GPL's licence to allow the purchasing of power from 
certain non -independent power producer (IPP) s ources. In addition, the Electricity (Exemption from 
the Requirement for a Licence) Order 2019, which entered into force on 19  October  2019, exempts, 
under specified conditions, consumers of a public supplier with renewable energy systems under 
100 kW capa city and that supply excess capacity to the grid from requiring a licence granted by the 
Minister.17 The other classes of persons exempted are consumers of a public supplier with a minimum 
capacity of 100 kW of renewable energy, whose energy generated and supplied to the grid does not 
exceed their maximum demand, and self -generators that supply no more than 10  MW in excess 
capacity to the grid. The authorities consider that this will help reduce the level of bureaucracy with 
regards to grid integration and promote distributed generation from residential and commercial 
entities.  
4.58.   Electricity supplied by the GPL is zero -rated for VAT, as is machinery or equipment for 
generating electricity from non -traditional sources for household purposes. According to the 
authorities, no direct subsidies are given to major inputs.  
4.59.   In January 2015, the HECI was incorporated as a subsidiary of National Industrial and 
Commercial Investments Limited (NICIL) for holding seven  state-owned satellite electricity 
companies that were m andated to maintain the steady extension and upgrade of electricity supply 
systems across the hinterland, progressively improve operations, and merge isolated services as 
appropriate. In December 2016, Power Producers and Distributors Incorporated (PPDI), a 
state-owned enterprise contracted to operate and maintain four power plants on behalf of the GPL, 
was established.  
4.60.   There are a number of small community -owned mini -grids in the hinterland villages, such as 
Ituni, Orealla/Siparuta, St Cuthbert's Mission,  Moraikabai, Moruca, Kamarang, Karasabai, Annai, and 
Aishalton. Any person/company has the right to supply electricity for their own purposes 
(i.e. self-generation), and a number of major industrial organizations provide for their own 
generation. The right  to supply electricity to any other person, whether for private or public 
purposes, is restricted; nonetheless, a licence may be granted by the responsible minister for areas 
where electricity is not supplied by the GPL.  The service provided by the GPL is largely limited to the 
coastal regions of the country; it has been the practice of the Government to grant supply licences 
to persons to generate and sell in bulk or distribute electricity for private and public purposes in 
areas not served by the GPL. Dur ing the review period, no companies were added to or eliminated 
from the group of public suppliers not serviced by the GPL.  
 
16 This includes about 270.7 KW  by the GPL. The remainder is generated by the Lethem Power Company 
Inc., Mahdia Power and Light Inc., Port Kaituma Power and Light Inc., Linden Electricity Company Inc., 
Kwakwani Utilities Inc., Matthews' Ridge Power and Light Inc., and Mabaruma Power and  Light Inc.  
17 This provision applies to all public supplies, i.e. the GPL and the hinterland public suppliers. No licence 
is required to supply electricity to the public suppliers.  WT/TPR/S/422 • Guyana  
 
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  4.61.   Guyana remains almost entirely dependent on imported fuel oil for electricity generation: 95% 
of electricity is generated by diesel and heavy fuel oil, and 5% by co -generation using bagasse. 
No electricity is currently generated from hydroelectric power.18 
4.62.   The GPL continues to target its efforts at loss reduction; the loss was estimated at 37% in 
2006 and projected to be at 24.7% by De cember 2021. It aims to reduce loss through an aggregated 
investment of USD  43 million in debt and grant funding from the Inter -American Development Bank 
and the European  Union, respectively, in addition to the company's self -funded efforts. The IDB/EU 
funding targets upgrading 830  km of low -voltage conductors, including distribution transformer 
right-sizing, meter replacements, and service installation upgrades. Under its Power Utility Upgrade 
Programme, the GPL plans to upgrade the remaining 1,700 meters to an automated infrastructure 
in 2022.  
4.63.   The Public Utilities Commission (PUC) is the regulatory authority charged with reviewing and 
approving tariffs charged by public suppliers. The PUC is also responsible for monitoring and 
enforcing operators' complian ce with commitments to customers emanating from licences and 
standard terms and conditions for operations, including operating standards and performance 
targets and development of expansion plans; handling consumers' complaints; and advising the 
Prime Mini ster on these issues.  
4.64.   In order to determine the tariff structure of the GPL, the Government has had in place since 
1999 mechanisms and formulae for calculating such tariff. The GPL is subject to a tariff review on a 
yearly basis, and it may elect to apply to the PUC for an increase or decrease of such tariff. The First 
Schedule of the Licence outlines the mechanism for the calculation of any Fuel Surcharge or Fuel 
Rebate, which is required to be done on a quarterly basis.  
4.65.   On 1 April 2016, tariffs for the GP L reflected a 15% fuel rebate and 5% reduction on fixed 
charges across all categories. On 11  April 2021, the GPL, with approval from the PUC, discontinued 
the fuel rebate within its billing system. Instead, the fuel rebate of 15% is be included in the tari ff, 
and thus the tariff now reflects the current net energy rate. The authorities consider that there has 
been no change in electricity costs since 1  April 2016. On 11  April 2021, the tariffs were modified. 
Currently, the GPL's electricity price for non -government residential customers is between GYD  39.1 
per kWh and GYD  43.43 per kWh. The price is between GYD  48.78 per kWh and GYD  50.93 per kWh 
for industrial users, and GYD  56.38 per kWh for commercial users.19 
4.66.   Foreign investment is encouraged, and investo rs must comply with local legislation including 
the Environmental Protection Act and Investment Act. Projects and proposals must receive approval 
from the Prime Minister, who is also responsible for granting licences for IPPs. Other key stakeholders 
includ e the Guyana Office for Investment (GO -Invest); the Ministry of Finance; the Ministry of 
Tourism, Industry and Commerce; and NICIL.  
4.4  Manufacturing  
4.67.   In 2020, manufacturing (including food processing) accounted for 4.2% of GDP and 10.2% of 
employment. Guyana i s a net importer of manufactured goods. In 2020, Guyana's imports of 
manufactured products (according to WTO definition based on HS nomenclature) accounted for 
65.7% of total imports. Guyana's main imports were machinery and mechanical appliances, articles  
of iron and steel (pipes and structures), Portland cement, automotive products, and electrical 
machinery. In 2020, exports of manufactured products represented 46.1% of total exports, and the 
main exports were gold powder, aluminium ores, parts for machin ery, and wood products.  
4.68.   According to the ISIC definition of manufacturing, the simple average applied MFN tariff rate 
for manufacturing was 11.8% in 2021, with rates ranging from 0% to 100%.  
 
18 The authorities state that the Government is currently focused on the development of the Amaila Falls 
Hydropower Project (165 MW) and the Gas to Power Project (300 MW). A wind farm project (the Guyana Wind 
Farm Project) has not yet been approved by the En vironmental Protection Agency or the Government. The 
authorities state that the Government remains interested in the opportunity for regional integration of its 
power generation and transmission systems.  
19 GPL, Rates and Tariffs . Viewed at: https://gplinc.com/bill/rates -and-tariffs . WT/TPR/S/422 • Guyana  
 
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  4.69.   The main manufacturing products include traditional agricultural products such as rice and 
sugar, forest products, and minerals (bauxite, gold, and diamonds), as well as basic consumer items, 
food and beverages, and pharmaceuticals.  
4.70.   The Industry Department of the Ministry of Tourism, Industry and Commerce is responsible  
for promoting industrial development and the management of industrial estates with the overall aim 
of encouraging investment in manufacturing. The Guyana Manufacturing and Services Association, 
a private organization, provides policy advocacy, marketing, and technical assistance to 
manufacturing firms.  
4.71.   The authorities state that the main policy focus of the Ministry of Tourism, Industry and 
Commerce is the development of industrial estates. To this end, the Department of Industrial 
Development has drafted an industrial policy specific to the use and management of industrial 
estates.20 Between 2016 and 2017, the role of the Department was in keeping with the strategic 
objectives of the Ministry to enhance value -added production and export. In this re gard, the 
following strategy and actions were taken: (i)  a policy framework for the management of industrial 
estates was drafted; (ii)  consultancy on the best practice model of the industrial estate was 
conducted; and (iii)  a study was conducted by UNIDO c alled "Guyana Green Industry and Trade 
Assessment". The study aimed to influence the design, implementation, and partnership building 
pertaining to emerging opportunities for green manufacturing, greening selected value chains, and 
improving resource effic iency and environmentally sustainable practices in industrial estates in 
Guyana over the next few years.  
4.72.   To assist the development of manufacturing, the Government offers various specific tax 
incentives for the production and export of manufactured goods  (Table 4.4) , in addition to horizontal 
incentives.  
Table 4.4 Fiscal incentives to manufacturing industries, 2021  
Legislation  Incentives offered  
Customs Act  • Exemption from customs duties for materials used to manufacture spirits, beer, cider, and 
wine; and materials not obtainable or manufactured in Guyana considered to be raw 
materials and packaging materials for use in the manufacture of goods by manufacturers 
and small businesses  
• Exemption from general ex port duty rate of 1.5%  
VAT Act  • Zero-rating of specific locally produced manufactured goods: jams, jellies, and peanut 
butter; bed sheets, pillow cases, towels, rags, curtains, handkerchiefs, rugs, mats, table 
covers, shelf covers, blankets, and ribbons; and locally produced garments  
 • Zero-rating of a large variety of other manufactured goods (both imported and 
domestically produced)  
• Zero-rating of raw materials to be used in the production of goods subsequently 
exported, provided the taxable exp orter exports 50% of production  
Source:  Customs Act; and VAT Act.  
4.73.   The GMC is in the process of constructing and retrofitting facilities in selected administrative 
regions in order to further encourage agro -processing. These facilities aim to provide a certified 
environment for new and existing agro -processors and create an environment to boost 
agro-processing in the regions. The authorities state that, to mitigate the high cost of production 
faced by farmers and agro -processors, the GMC will subsidize the cost of specific raw materials to 
encourage agro -processing. They c onsider that this would also address the availability of 
preservatives, packaging, and other input supplies needed by agro -processors and reduce the time 
and cost it takes a processor to import essential items for food processing. Food preservatives and 
packaging materials (e.g. bottles and boxes) are planned to be available for sale at subsidized cost 
to processors. The GMC also provides its Agri -Business Incubation Services, where agro -processors 
can benefit from a one -stop shop initiative, which assists potential and existing agro -processors at 
one central location where all necessary documentation (e.g. business registration forms and food 
and drug forms) can be expedited as it relates to agro -processing, and other services including 
advisory services on  label requirements, generation of nutritional facts and barcodes, label design, 
 
20 A. Boyd (2019), Final Consultancy Report – Guyana Green Business Framework . Viewed at: 
https://www.business.gov.gy/wp -content/uploads/2019/06/Final -Guyana -Green -Business -Framework -1.pdf. 
 WT/TPR/S/422 • Guyana  
 
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  label printing, and sale of packaging materials can be provided. The GMC also assists with 
product/company introduction to buyers.  
4.5  Services  
4.5.1   Main features  
4.74.   Services accounted fo r 38.9% of GDP in 2020. The main subsectors are government services, 
real estate, distribution, finance and insurance activities, transport and storage, education, and 
information and communication.  
4.75.   Guyana's GATS commitments have remained unchanged since i ts previous Review. No list of 
MFN exemptions has been presented.  
4.76.   Provisions for the liberalization of services within the CARICOM are contained in Chapter 3 of 
the Revised Treaty of Chaguaramas Establishing the Caribbean Community including the CARICOM 
Single Market and Economy (Revised CARICOM Treaty).21 The authorities state that in practice 
Guyana maintains virtually no restrictions on the provision of services by CARICOM nationals.  
4.77.   The Caribbean Community (Movement of Factors) Act No.  7 of 2006 gives n ationals of 
CARICOM member States the right to provide services in Guyana without discrimination on the 
grounds of nationality. During the review period, there was no revision to this Act. Incremental steps 
have been taken towards the stated goal of free m ovement of CARICOM nationals (Chapter 3, 
Article  45, of the Revised CARICOM Treaty), and this may encourage intra -CARICOM trade in 
services through the presence of natural persons (mode 4). Currently, most visiting CARICOM 
nationals are entitled to automat ic entry and a six -month period of stay, barring two exceptions as 
specified in the Revised CARICOM Treaty. CARICOM, however, has not yet implemented blanket free 
movement, which allows all categories of workers to move freely across the region. Nine group s of 
persons are currently permitted to work and reside in any of the CARICOM Single Market and 
Economy ( CSME) member States without a work permit: university graduates, media workers, 
athletes, artists, musicians, qualified artisans, non -graduate qualifie d teachers, nurses, and holders 
of associate degrees and their equivalents.  The Conference of Heads of Government decided in 2018 
to expand the categories to include agricultural workers and security guards. The Caribbean  
Community (Free Entry of Skilled Nationals) Act (Cap. 18:08) (last amended in 2014) lists 
10 categories approved by the Conference of Heads of Government in addition to "any qualification 
certified by the Secretary -General of the Caribbean Community under  section 9 of the Act" 
(Section  8(1)). Section 8(2) of the Act also allows the relevant Minister to prescribe any qualification 
by way of Order.  
4.5.2   Financial services  
4.78.   During the review period, Guyana adopted, inter alia : the Anti -Money Laundering and 
Counteri ng the Financing of Terrorism (Amendment) Act No.  1 of 2015; the Anti -Money Laundering 
and Countering the Financing of Terrorism (Amendment) Act No.  10 of 2015; the Anti -Money 
Laundering and Countering the Financing of Terrorism (Amendment) Act No.  15 of 2 016; the 
Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Act No.  21 of 2017; 
the Bank of Guyana (Amendment) Act No.  14 of 2018; the Credit Reporting (Amendment) Act No.  28 
of 2016; the Deposit Insurance Act No.  15 of 2018; the F inancial Institutions (Amendment) Act 
No. 12 of 2015; the Financial Institutions (Amendment) Act No.  12 of 2018; and the National 
Payments System Act No.  13 of 2018.  
4.79.   Foreign financial institutions wishing to establish themselves in Guyana receive national 
treatment. All banking, insurance, and other financial institutions must be licensed by the BOG in 
accordance with Section 3 of the Financial Institutions Act 1995.  
 
21 CARICOM, Revised Treaty of Chaguaramas Establishing the Caribbean Community including the 
CARICOM Single Market and Eco nomy . Viewed at:  https://caricom.org/documents/4906 -revised_treaty -
text.pdf . WT/TPR/S/422 • Guyana  
 
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  4.80.   As at end -April 2021, Guyana's financial system comprised 6 commercial banks22, 
17 insuranc e companies, 6 licensed non -bank financial institutions, 13 licensed foreign currency 
dealers, and 4 money transfer agencies. In addition, as at end -2021, there were two  trust 
companies, one investment company, one stockbroker, one merchant bank, and one b uilding 
society; they were part of the six licensed non -bank financial institutions – three of the commercial 
banks were controlled by Guyanese investors and three by foreign banks. There were neither 
mergers nor acquisitions among banks during the review period. The Government has no shares in 
the banks. The three largest banks hold about 73% of the banking system assets. As at 
end-April 2021, total banking sector assets stood at GYD  640,917 million.23 Guyana has one stock 
exchange, the Guyana Association of Securities Companies and Intermediaries (GASCI).  
4.5.2.1   Banking  
4.81.   During the period between end -December 2015 and end -February 2021, total bank loans 
increased on average 3.3% per annum. While deposits saw increases during the years 
end-December 2015 and end -December 2016, there was a slight decrease of 1.5% during the year 
end-December 2017. However, for the period end -December 2018 to end -February 2021, total 
deposits grew by 33.7%.  
4.82.   The BOG is responsible for defining Guyana's banking sector policy.24 Under the Bank of 
Guyana Act 1998, the Financial Institutions Act (FIA) 1995, the New Building Society (Amendment) 
Act 2010, and the BOG's Supervision Guideline No.  2 (Licensing of Financial Institutions), the BOG 
has statutory responsibility for issuing banking  regulations and authorizing and supervising all 
licensed financial institutions in Guyana. Under the Bank of Guyana Act 1998, the BOG shall secure 
the credibility of the financial system, including payment arrangements, through supervision and 
oversight, and is required to advise the Government on any matter within the jurisdiction of the 
BOG. The Ministry of Finance oversees the BOG. The Minister of Finance is responsible for appointing 
the Deputy Governor of the BOG and the Banking Manager (Bank of Guyan a Act 1998, Section  12). 
Furthermore, the BOG is required to consult with the Minister before refusing or approving to grant 
a licence (FIA, Section 6(2 & 3), and Supervision Guideline No.  2, Sections 16 and 18).  
4.83.   Institutions that comprise the banking sect or are all members of the Guyana Association of 
Bankers Inc. (GABI), which is an entity that makes representation on behalf of its members.25 In 
addition, the banking sector also reports to the Financial Intelligence Unit, an autonomous body 
established an d operating within the ambit of the Anti -Money Laundering and Countering the 
Financing of Terrorism (AML/CFT) Act 2009 and its Regulations. The mandate of the Financial 
Intelligence Unit is to facilitate the detection, prevention, and deterrence of money l aundering and 
financing of terrorist activities.  
4.84.   The FIA distinguishes between licences to conduct "banking business" and "financial 
business".26 The former allows for the acceptance of demand deposits and their use to extend credit, 
while the latter does not. A holder of a "banking business" licence (a bank) may also conduct any 
"financial business" subject to the provisions of the Act. Commercial banks are licensed by the BOG 
only to conduct banking business; all banks are permitted to accept deposits inc luding demand 
deposits in any currency, and the use of such funds for loans, advances, extensions of credit, 
guarantees, investments, or other activities authorized by law. Banks are not permitted to operate 
insurance businesses as they fall outside the pa rameters specified above as banking business. Banks 
 
22 Three of these are foreign owned. There are no state -owned banks or banks with state participation. 
There is no monopolized activity practiced by the banks. As at end -February 2021, the largest bank held 
around 34.3% of total bank assets.  
23 Total assets for the three largest banks were GYD  221,893 million (RBL), GYD  137,368 million (GBTI) 
and GYD  108,534 m illion (DBL).  
24 Section 5 of the Bank of Guyana Act 1998 prescribes that the objective of the BOG includes fostering 
domestic price stability through the promotion of stable credit and exchange conditions, as well as sound 
financial intermediation conduciv e to the growth of the economy.  
25 GABI also develops principles aiming to foster good relations between the banking sector and its 
customers. Further, GABI aims to promote good banking practice by formalizing standards of disclosure and 
conduct which its m embers have adopted.  
26 BOG, Financial Institutions Act. Viewed at: 
https://bankofguyana.org.gy/bog/images/Legislation/BOG%20Act/Financial %20Institutions%20Act%201995.p
df.  WT/TPR/S/422 • Guyana  
 
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  may engage in stock broking activities but will be required to be registered by the Guyana Securities 
Council prior to being listed on the local stock exchange.  
4.85.   Only banks licensed by the BOG have full ac cess to credit from the BOG pursuant to 
Sections  39 and 40 of the Bank of Guyana Act 1998. Local banks are not prohibited from investing 
in bonds issued by foreign -based banks. Only financial institutions licensed by the BOG can install 
automated teller ma chines.  
4.86.   Concerning the approval of new bank applications, the application process for persons wishing 
to establish a new financial institution in Guyana commences with a preliminary meeting conducted 
by the Bank Supervision Department. The objective of th e meeting is to apprise the applicant of the 
laws and regulations, the licensing prerequisites, and the criteria for evaluation. If the applicant 
reasonably establishes capacity and seriousness of intent, an evaluation is conducted upon 
submission of the r equired application documents, as stipulated in Section 5(1) of the FIA, along 
with the prescribed application fee. Thereafter, the Bank Supervision Department has 10 days to 
review for completeness of submission and issue a formal Letter of Acknowledgemen t (stipulating 
that the documents were found to be complete, and the evaluation has commenced) or a Letter of 
Deficiency (outlining shortfalls in the application documents, along with a deadline for rectification). 
Upon receipt of a completed application, along with supporting documents, the Bank has no more 
than 120 days (for local applicants) and 180 days (for foreign applicants) to complete the evaluation. 
If additional information is required, this timeline may be extended for 90  days, upon written noti ce 
to the applicant. If the evaluation establishes that the applicant has satisfied the licensing criteria, 
the Bank shall issue a licence in accordance with Section 6(2) of the FIA and shall publish the 
issuance of same in the Official Gazette  and a newsp aper of general circulation in Guyana. If the 
applicant does not satisfy the licensing criteria in accordance with Section 6(3) of the Act, a written 
notification will be sent to the applicant, advising them accordingly. With reference to national 
ownershi p requirements, national management requirements, reinsurance requirements, and 
obligations not directly related to prudential supervision, the BOG does not have any specific 
stipulations.  
4.87.   There are no institutional differences between head offices, incorp orated subsidiaries, branch 
offices, agencies, and other entities in Guyana. All licensed financial institutions are treated the same 
way. The only legal difference among banks is the condition under which they are licensed, 
i.e. foreign versus local compa ny (FIA, Section 7(2)). Foreign -based banks may establish a branch 
or a subsidiary (but not agencies) in Guyana subject to the BOG's approval pursuant to Part II, 
Section  3, of the FIA. There are no minimum domestic equity participation criteria.  
4.88.   The BOG is responsible for all prudential issues including financial stability, crisis 
management, payments systems, and issues between customers throughout the financial sector. 
Additionally, banks are required to report to the Deposit Insurance Corporation o f Guyana (DIC), 
established in accordance with the Deposit Insurance Act 2018, and, for those banks listed on the 
local stock exchange, the Guyana Securities Council.27 All licensed banks are governed by the same 
legislation and all prudential requirements  apply equally across all banks. The minimum capital 
requirements for all depository financial institutions (both domestic and foreign -based institutions) 
are stipulated in Section 7 of the FIA, which specifies that domestic depository financial institutio ns 
must have paid -up capital of no less than GYD 250 million and foreign institutions must have no less 
than GYD 2.5 billion. The parent company of a foreign branch or subsidiary must have paid -up capital 
of at least GYD  2.5 billion in its home country. There are no prudential requirements on the maximum 
percentage of shares that can be held by individuals or as a group, but a broad -based ownership 
profile is preferred as stipulated in paragraph 5 of Supervision Guideline No.  2. For liquidity ratio, 
banks a re required to maintain a minimum level of liquid assets equivalent to the sum of 25% of 
demand liabilities and 20% of time liabilities. There are no prudential requirements on liability ratio. 
The lending limits on extensions of credit are stipulated in S ection 14 of the FIA. For single borrowers, 
the individual limit is 25% and the unsecured limit for individuals is 10%. For borrower groups, the 
group limit is 40% and the unsecured limit for groups is 20%. These limits are standard for all 
licensed financ ial institutions.  
 
27 Under Section 5 of the Deposit Insurance Act 2018, the DIC was established as an independent entity 
responsible for protecting small depositors in Guyana in the event of the failure of a deposit -taking financial 
institu tion. The DIC was established on 2 April 2019; it covers all eligible depositors up to the maximum limit 
of GYD  2 million.  WT/TPR/S/422 • Guyana  
 
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  4.89.   Lending institutions of any kind require an authorization from the BOG to open a new place 
of business in Guyana, for which they must pay a fee.  Lending institutions are not allowed to grant 
loans, advances, financial guarantees, or other  extensions of credit and other liabilities in excess of 
25% of their capital base to a single individual or 40% for a single borrower group with 
interdependent incomes. Every licensed financial institution must seek permission from the BOG to 
open a new p lace of business in accordance with Section 3 of the FIA and Supervision Guideline 
No. 3 (Branching).  
4.90.   No shareholder is permitted to hold more than 25% of the shares of any licensed financial 
institution ( LFI) (including via merger or acquisition) unless a uthorized by the BOG; the only 
exception is a capital expansion of the LFI in which the shareholder already had ownership control.  
The shareholder must be a person "fit and proper" to conduct financial business in Guyana, and 
there are no nationality requi rements. After obtaining the appropriate licence, a foreign bank may 
establish a branch or a subsidiary, but not a representative office; a foreign subsidiary must be 
incorporated in Guyana.  In general, a n LFI that accepts deposits may not engage, directly  or 
indirectly, in wholesale or retail trade, including foreign trade. Additionally, it may not own shares 
of a single commercial company more than 25% of its own capital base.  
4.91.   The BOG plans to implement Basel II/III in phases. It is currently in the proce ss of 
implementing Pillar I and has decided to adopt the standardized approach of the Basel II accord, as 
well as some of the enhancements of the Basel III accord. On 2  December  2019, the BOG also issued 
Supervision Guideline No.  14. This guideline details  the Capital Adequacy Framework Minimum 
Capital Requirements, Pillar I of the Basel II/III Framework, which will run concurrently with the 
existing Supervision Guideline No.  4 (Capital Adequacy Ratio) until such time that the BOG 
withdraws Supervision Guid eline No.  4. 
4.92.   Residents are not prohibited from borrowing from foreign -based banks. However, only banks 
licensed by the BOG are authorized to provide credit to the public in Guyana.  
4.93.   The BOG's Supervision Guideline No.  13 under Section 22 (2)(b) of the Anti -Money Laundering 
and Countering the Financing of Terrorism (AML/CFT) Act 2009 and Section  19(1) of the AML/CFT 
Regulations 2010 provides guidance on what is required to implement an adequate 
AML/CFT -compliant risk -based framework within each financial inst itution.28 
4.94.   Domestic banks, corporations, and individuals are free to make deposits with foreign banks 
located abroad, but they must obtain permission from the Ministry of Finance before borrowing in a 
foreign currency from foreign banks located abroad.29 
4.95.   All new banks must seek and acquire approval from the BOG in accordance with Section 3 of 
the FIA and Supervision Guideline No.  2. There is no restriction on foreign institutions establishing 
banks in Guyana.  
4.96.   There are no offshore banking zones in Guyana.  
4.5.2.2   Insurance  
4.97.   At end -December 2020, the insurance sector comprised 17 insurance companies, including 
5 life insurers offering general, life, health, annuities, and pension products, and 12 non -life insurers 
providing coverage for accident and liabilities, auto,  marine and aviation, and fire. Four general 
insurance companies and one life company were foreign owned; during the past five years, one new 
general insurance company was registered. No insurance company was closed during the past 
five years. The sector a lso has seven registered brokers including one foreign -owned broker, which 
was registered on 17  February  2020. Currently, there are 161 registered agents. The four largest 
insurers captured more than 57.6% of the sector's total gross premiums.  
 
28 BOG, Supervision Guideline No.  13. Viewed at: 
https://bankofguyana.org.gy/bog/images/Publications/supervisionguidelines/sg13.pdf . The guideline was 
originally issued in 2013; it was amended by Circulars No.  53/2018 and No.  47/2020.  
29 Details on the operation and maintenance of foreign c urrency accounts can be viewed at the BOG 
website: https://www.bankofguyana.org.gy/bog/images/supervision/guidelines/FEMP%201.pdf  and 
https://www.bankofguyana.org.gy/bog/images/supervision/guidelines/FEMP%202.pdf . WT/TPR/S/422 • Guyana  
 
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  4.98.   Insurance companies in Guyana are owned by shareholders, policyholders, or foreign 
insurance companies. According to the authorities, as at end -December 2020, 29.4% of the 
companies (subsidiaries or branches) were foreign owned, while the remainder were pr ivately owned 
and/or owned by policyholders. Insurance brokers in Guyana are privately owned, with 86% being 
locally owned and the remaining 14% foreign owned.  
4.99.   During the review period, the Insurance Act 2016 and the Insurance (Amendment) Act 2018 
were ado pted, together with their regulations, as the main legal instruments that govern insurance 
services  in Guyana . The BOG  regulates and supervises the insurance sector. The Acts require all 
insurance companies, brokers, and agents to be licensed by the BOG if they intend to provide 
insurance services, including cross -border supply of insurance services to Guyanese residents. 
Insurance companies and special brokers are allowed to conduct business overseas.  
4.100.   All insurance companies in Guyana are specialized; the same company cannot offer life and 
non-life policies. However, pursuant to Sections 72 and 73 of the Insurance Act 2016, life and general 
insurance companies may conduct ancillary services/activities. The ancillary activities of an 
insurance company should  not exceed 5% of its total assets.  
4.101.   Underwriting insurance may be conducted only by companies or associations of underwriters 
registered in Guyana. Only companies or partnerships in Guyana may act as brokers; no controller, 
officer, or employee of an insur ance company may apply for registration as a broker. Any company, 
including foreign companies, may apply for registration with the BOG. The application form must be 
accompanied by a fee of GYD  250,000 (approximately USD  1,200). There is no provision in the  
Insurance Act regarding association of underwriters. Insurance companies must be incorporated on 
a joint stock basis. Any individual may apply to the BOG for a licence as a broker, and any 
incorporated entity may apply to the BOG for a licence as a corpor ate broker.  
4.102.   The main distinction between head offices, branches, and agencies is the capital 
requirement. Pursuant to Section 44(a) of the Insurance Act, long -term and general insurance 
companies are required to have paid -up capital and surplus. This requi rement is not extended to 
branches.  
4.103.   Legislation does not require domestic companies (insurance and other companies) to be 
obliged to use specified companies for insurance purposes.  
4.104.   There are controls in place to regulate insurance intermediaries. Part XVII  of the Insurance 
Act, Part 5 of the Regulations, and the Brokers Code of Conduct stipulate the requirements for 
registrations and other requirements.  
4.105.   Registration is needed to determine the eligibility of the applicant. Following the registration 
process,  if the applicant is successful, a licence is issued. Under the Insurance Act, there are 
two main groups of classes: long -term insurance business and general insurance business.30 A 
company may register under any number of classes; it is required to keep s eparate accounts for 
each class of insurance activities in which it engages.  There are no foreign ownership restrictions for 
new entrants into the insurance industry. All companies applying to be registered must pay a fee of 
GYD 5 million. General insurance companies must have a minimum paid -up capital of 
GYD 400 million. Long -term insurance companies must have a minimum paid -up capital of 
GYD 500 million.  Companies applying for registration are required to deposit GYD  5 million 
(approximately USD  24,500) per class of business in the case of a long -term insurance business, or 
20% of the net premium income of the insurer during the financial year preceding the deposit, or 
GYD 5 million if greater, in the case of any class of general insurance business . There are no 
composite insurers; legislation does not provide for their registration.  
4.106.   There is no legislation regulating investments by foreigners into the insurance industry. 
Irrespective of foreign ownership, Part V of the Insurance Act sets out the re quirement for companies 
to obtain a licence to conduct insurance business in Guyana. Section 11 and Part VI of the Act set 
out the fit -and-proper and corporate governance requirements, respectively, for the board and 
 
30 Long-term insurance business classes are general life, health, and pensions. General insurance 
business cl asses are accident and liability, auto, marine and aviation, and fire.  WT/TPR/S/422 • Guyana  
 
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  senior management of the company. No fo reign-based insurance or reinsurance company can 
advertise or sell its services directly or through any intermediaries in Guyana.  
4.107.   The legislation does not provide for registration of reinsurance companies. However, 
pursuant to Section 41 of the Act, the BO G needs to maintain a register of the acceptable reinsurers 
that are permitted to carry on reinsurance business in Guyana. To date, there are 70 acceptable 
reinsurance companies on the register. Pursuant to Section 41(2) of the Act, a company may be 
includ ed on the reinsurance register if the BOG is satisfied that: (i)  the reinsurer has an acceptable 
rating from an approved international rating agency; and (ii)  the reinsurer conducts its business in 
Guyana in a satisfactory manner.  
4.108.   The BOG may prohibit a re gistered company from writing new policies in any class of 
insurance business if it is not in the interest of the policyholders or prospective policyholders to do 
so. The company must receive prior notification from the BOG and may appeal the decision. Dis putes 
and complaints are handled by the Insurance Arbitration Board, which comprises a representative 
of the BOG, a representative of the Insurance Association of Guyana, and a representative of the 
insurer. Decisions of the Board may be appealed to the Hi gh Court. The company's internal 
ombudsman handles disputes and issues a final position letter. Based on the final position letter, the 
Arbitration Board will investigate disputed amounts between GYD  200,000 and GYD  5 million.  
4.109.   The BOG is committed to adopt ing the principles of the International Association of Insurance 
Supervisors, and, as a member of the Caribbean Association of Insurance Regulators, is committed 
to ensuring regulatory harmonization within the CARICOM.  
4.5.2.3   Securities  
4.110.   The securities market in G uyana is operated by GASCI. Trading takes place at the GASCI 
office where orders to buy and sell are matched on a computer -based Limit Order Book. Market 
capitalization increased by 173% (GYD  250.9 billion) between 2015 and 2020.  
4.111.   The sector is mainly gover ned by the Securities Industry Act 1998, which stipulates that 
persons engaged in securities business are subject to the regulatory control of the Guyana Securities 
Council, which is an autonomous body established under Section 4 of the Act. This control e xtends 
to brokers, dealers, traders, underwriters, investment advisers , securities intermediaries and 
securities companies, and self -regulatory organizations (securities exchanges, clearing agencies, 
and associations of securities companies and intermediar ies).31 
4.112.   Regulatory control is exercised by the Guyana Securities Council. All persons wishing to 
engage in securities business must first be registered with the Council. In order to be registered, 
applicants must satisfy the Council that they meet the stat utory requirements of the Securities 
Industry Act 1998 and its regulations and are in all respects "fit and proper" to be registered for the 
business that is the subject of the application. In addition, the Council is required to monitor and 
supervise the securities business activities of all registered persons. The Council is given wide powers 
of investigation and enforcement for this purpose by the Securities Industry Act 1998.32 
4.5.3   Telecommunications  
4.113.   In 2020, information and communication services accounted  for around 2.1% of GDP and 
0.5% of employment. Guyana's telecommunications sector is characterized by a de facto  monopoly 
in fixed telephony and a de facto  duopoly in mobile telephony.33 Guyana's principal 
telecommunications operator is Guyana Telephone a nd Telegraph Co. Ltd. (GT&T), which is privately 
owned. Prior to 5  October  2020, GT&T, by virtue of its licence, was granted the status of "monopoly" 
for fixed telephony and the international gateway, which in effect meant that competition in its strict 
sense was not exercised. The provisions as contained in the Competition and Fair Trading Act No.  11 
of 2006 are not applicable to the telecommunications sector and, as such, actions by the telecom 
operators are not subject to the Act.  
 
31 Guyana Securities Council. Viewed at: https://guyanasecuritiescouncil.com/index.html . 
32 Guyana Securities Council, Who We Regulate . Viewed at: https://guyanasecuritiescouncil.com/who -
we-regulate.html . 
33 In the mobile telephony market, there are two companies, GT&T and Digicel.  WT/TPR/S/422 • Guyana  
 
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  4.114.   The telecommunications sector is governed by the Telecommunications Act No.  18 of 2016 
and the Public Utilities Commission Act No.  19 of 2016. Other relevant legislation includes the 
Telecommunications (Licensing and Frequency Authorization) Regulations 2020, the 
Telecommunicati ons (Spectrum Management) Regulations 2020, the Telecommunications (Universal 
Access and Universal Services) Regulations 2020, the Telecommunications (Interconnection and 
Access) Regulations 2020, the Telecommunications (Pricing) Regulations 2020, the 
Telecommunications (Consumer Protection) Regulations 2020, and the Telecommunications 
(Competition) Regulations 2020. The authorities considers that the current Telecommunications Act 
provides for an open, liberalized, and competitive sector that is attractive  to new entrants and 
investors, and specifically addresses the expansion of telecommunications networks and services to 
unserved and underserved areas via the implementation of a universal service access/universal 
services programme. The Act, together with  the new Public Utilities Commission Act, is intended to 
create a clear, harmonized framework and a level playing field for the sector, which was previously 
lacking, resulting in greater choice, better quality of service, and lower prices for consumers.  
4.115.   When a new licence was granted to GT&T on 5  October  2020, the monopoly on landline 
services and the international gateway was removed. On the same day, a new telecommunications 
licence was granted to E -Networks Inc. to provide fixed and mobile services and t o operate a 
submarine cable. On 23  October  2020, the Telecommunications (Competition) Regulations 2020 
entered into force; the Regulations serve as the guiding principles for competition in the sector.  
4.116.   Guyana does not have any GATS commitments regarding te lecommunications.  
4.117.   The authorities indicate that the fixed -line tele -density rate as at 30  June 2021 based on a 
population of 786,559 was 14.37 per 100 persons. The mobile penetration rate as at 
31 December  2020 based on the same population was 83%. Data on the penetration rate for 
Internet users are not available.  
4.118.   The PUC, which reports to the Office of the President, is responsible for regulating telecom 
operators, with respect to, inter alia,  tariffs, competition, interconnection, expansion programmes, 
investigating and dealing with complaints from aggrieved consumers, and the quality of service 
offered. The Commission is independent statutory body and is guided by the Public Utilities 
Commissi on Act No.  19 of 2016. The Commission serves as an advis er to the Prime Minister.  
4.119.   The PUC may introduce price regulation for specific services. Prices for fixed -line services 
are set using the rate of return regime. The prices for mobile voice services are  set on a floor -and-
ceiling basis. The prices for Internet services and VoIP services remain unregulated. The authorities 
state that the current pricing regime will remain in place until such time as the PUC introduces a 
new price regulation regime, which may entail either a Price Cap Regime or a regime in keeping with 
Section 38 of the Telecommunications Act No.  18 of 2016. Prices of telecommunications services will 
be determined in accordance with the principles of supply and demand in a freely competitiv e 
market, while the prices will be monitored by the authorities.  
4.120.   Each operator is responsible for, and operates, its own network. GT&T offers landline, mobile, 
and Internet services. The company owns 100% of the wireline network and approximately 65% of 
the cellular towers in Guyana. According to the authorities, GT&T has a coverage area of 
approximately 90%. U -Mobile Inc. (Digicel) is the other major service provider, and in accordance 
with its licence provides only mobile services. The company owns approx imately 35% of the cellular 
towers in Guyana, and it has a coverage area of approximately 98%.  
4.121.   The Telecommunications (Interconnection) Regulations 2020, which entered into force on 
23 October  2020, outline the policy and requirements for interconnection b etween any new service 
providers and GT&T. GT&T is mandated by the licence granted to it by the Government and the 
Telecommunications (Interconnection and Access) Regulations 2020 to facilitate interconnections 
and access. In accordance with the Regulation s, as at 16  February  2021 the PUC has reviewed and 
approved GT&T's Reference Interconnection Offer. The PUC is now awaiting the conclusion of 
negotiations between GT&T, Digicel, and any other new entrants for a new Interconnection and 
Access Agreement. Dig icel, having been declared jointly dominant with respect to mobile services, 
is also required to produce a Reference Interconnection Offer. Digicel in fact appears to have close 
to 60% of the mobile market.  WT/TPR/S/422 • Guyana  
 
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  4.122.   The Telecommunications (Universal Access and Univ ersal Services) Regulations 2020 outline 
the provision and mechanism to implement universal service, which is to ensure that all persons in 
Guyana, irrespective of their income and/or geophysical location, will enjoy access to 
telecommunications services, including high -quality public telephone services. Under the Universal 
Access and Universal Services provisions, Universal Services requirements do not extend to the 
Internet.  
4.123.   As a member of the International Telecommunication Union (ITU), Guyana participat es in 
the ITU's work, such as on standardization. In terms of wireless devices, Guyana falls into ITU 
Region  2 (Americas) and manages its spectrum in accordance with regionally harmonized 
allocations, thus ensuring equipment and device compatibility.  
4.5.4   Transport  
4.124.   Transport and storage accounted for 2.8% of GDP and 6.8% of employment in 2020.  
4.5.4.1   Air transport  
4.125.   Guyana has six commercial air operators established domestically; the Government does 
not have a stake in any domestic airline. The authorities state that t here are no special benefits 
offered to national airlines such as governmental guarantees or assistance, and there are no 
exclusivity rights or obligations relating to the air transport industry, or exclusive access to routes, 
within Guyana.  
4.126.   As at end -December 2020, there were 11 international operators providing air service in 
Guyana, 9 of which were foreign owned.  
4.127.   Data provided by the authorities indicate that total international passenger traffic grew by 
approximately 13.8% from 2015 to 2016, i.e. passen ger traffic increased to 640,644 travellers in 
2016, up from 562,907 passengers in 2015. Due mainly to the COVID -19 pandemic, Guyana's 
passenger traffic declined in 2020 (Table 4.5).  
Table 4.5 Air transport tr affic, 2019 -20 
Traffic type  2019  2020  
International passenger traffic  751,631  205,085  
International freight traffic (tonnes)  8,629.01  8,755.26  
Domestic passenger traffic  224,881  120,992  
Domestic freight traffic (tonnes)  8,981.33  10,471.30  
Source:  Data provided by the authorities.  
4.128.   Air transport is under the responsibility of the Minister of Public Works. The Guyana Civil 
Aviation Authority (GCAA) , which reports to the Ministry, is responsib le for aviation regulation, air 
transport management , air navigation services, and safety.34 Safety and security oversight support 
at the regional level is provided by the Caribbean Aviation Safety and Security Oversight System 
(CASSOS).35 
4.129.   The main law governing the air transport sector is the Civil Aviation Act 2018. The authorities 
state that the preamble to the Civil Aviation Act 2018 makes it clear that the Act is to give effect to 
the Chicago Convention, which guides international aviat ion, Section 5 makes clearer the GCAA's 
functions, and Section 46 empowers the GCAA to license any air transport undertaking, which 
includes international air service operations. The Act gives the GCAA responsibility to regulate the 
sector, including the r egulatory oversight of existing air carriers and approval of new carriers.  
 
34 The Civil Aviation Act 2018 established the GCAA, which is a semi -autonomous agency with 
responsibility for aviation sa fety, security, and economic oversight of the industry. The GCAA is governed by a 
non-executive Board of Directors under the oversight of the Minister of Public Works, who has responsibility for 
the development of civil aviation.  
35 CASSOS's functions are t o assist CARICOM state parties to be compliant with ICAO standards and 
practices, and facilitate and promote the harmonization of civil aviation regulations, standards, practices, and 
procedures.  WT/TPR/S/422 • Guyana  
 
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  4.130.   There are no exemptions from Guyana's competition law that are specific to the air transport 
services industry. No restrictions are placed on domestic carriers to purchase craft and  other 
equipment from particular sources, except where safety concerns may exist, nor are any incentives 
given for domestic carriers regarding the purchase of aircraft and other equipment from particular 
sources. Prices are set by individual air operators and are monitored by the GCAA to guard against 
unreasonable or discriminatory pricing practices, unreasonably high prices, or restrictive practices 
due to abuse of a dominant position.  
4.131.   The approval of air carriers falls under bilateral regulation and natio nal regulation. Where 
bilateral regulation does not exist, the comity and reciprocity principle is applied. Notwithstanding 
this, all air carriers must comply with national regulations for the issuance of their licences.  
4.132.   Guyana is party to the CARICOM multilateral air services agreement (MASA), which confers 
up to seventh freedom route rights to airlines owned and operated by Caribbean nationals within 
States that are signatories to the MASA. Additionally, cabotage is allowed under the MASA.  
4.133.   The authorities state that Guyana facilitates cooperation agreements, such as code sharing, 
between Guyanese carriers and foreign carriers by way of the inclusion of enabling terms within 
negotiated air services agreements (ASAs) with other States. Currently,  there exists a code sharing 
agreement between Trans Guyana Airways and KLM Royal Dutch Airlines for the transfer and 
transport of passengers from Guyana to the Netherlands via Suriname. There are no restrictions on 
cooperative arrangements involving maint enance, capacity, route planning, and code sharing among 
domestic carriers, providing these arrangements are compliant with regulatory requirements.  
4.134.   While Guyana's laws do not restrict cabotage, it is not permitted under  any of the bilateral 
ASAs to which Guyana is a party.  Guyana has bilateral ASAs with 54 trading partners (Table 4.6). 
Table 4.6 Key features of air services agreements, 2021  
No. Partner/  
Signature  
5th 
7th 
Cabotage  
Ownership  
Tariffs  
Capacity  
Designation  
Code sharing  
Exch. of stats  
Signature  
1 Brazil, 1974  Yes No No Soec Double 
approval  Pre-
determination  Single  No Yes Yes 
2 Canada, 2005  Yes No No Soec Double 
disapproval  Pre-
determination  Multi Yes Yes Yes 
3 CARICOM MASA, 
2019 Yes Yes Yes Soec Double 
disapproval  Flexible  Multi No No Yes 
4 Cuba, 1973  Yes No No Soec Double 
approval  Bermuda II  Single  No Yes Yes 
5 France, 1974  Yes No No Soec Double 
approval  Bermuda II  Single  No Yes Yes 
6 State of Kuwait, 
2010 Yes No No Soec Double 
approval  Flexible  Multi Yes Yes Yes 
7 United  States, 2013 Yes Yes No Soec Double 
disapproval  Flexible  Multi No No Yes 
8 Turkey, 2014  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes No Yes 
9 China, 2014  Yes No No Soec Double 
disapproval  Pre-
determination  Two Yes No Tbs 
10 Kenya, 2014  Yes No No Soec Double 
disapproval  Flexible  Multi Yes No Tbs 
11 Curaçao, 2015  Yes Yes No Soec Double 
disapproval  Flexible  Multi No Yes Tbs 
12 Singapore, 2018  Yes Yes No Soec Double 
disapproval  Pre-
determination  Multi Yes Yes Yes 
13 Ghana, 2018  Yes No No Ppb/erc  Double 
disapproval  Pre-
determination  Multi Yes Yes Yes WT/TPR/S/422 • Guyana  
 
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  No. Partner/  
Signature  
5th 
7th 
Cabotage  
Ownership  
Tariffs  
Capacity  
Designation  
Code sharing  
Exch. of stats  
Signature  
14 United Kingdom, 
2014 Yes No No Soec Double 
disapproval  Pre-
determination  Multi Yes No Tbs 
15 Norway, 2014  Yes No No Soec Double 
disapproval  Pre-
determination  Multi Yes No Tbs 
16 Netherlands, 2014  Yes No No Soec Double 
disapproval  Flexible  Multi Yes No Tbs 
17 Iceland, 2014  Yes Yes No Soec Double 
disapproval  Flexible  Multi Yes No Tbs 
18 Qatar, 2019  Yes No No Soec Double 
disapproval  Flexible  Multi Yes No Yes 
19 Canada, 2014  Yes No No Soec Double 
disapproval  Flexible  Multi Yes No Tbs 
20 Nigeria, 2014  Yes No No Soec Double 
disapproval  Pre-
determination  Multi No Yes Tbs 
21 United Arab 
Emirates, 2015  Yes No No Soec Double 
disapproval  Flexible  Multi Yes No Yes 
22 Chile, 2016  Yes No No Soec Double 
disapproval  Flexible  Multi Yes No Yes 
23 Tanzania, 2016  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
24 Cabo Verde, 2016  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
25 South  Africa, 2016  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
26 Namibia, 2016  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
27 Dominican  Republic, 
2016 Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
28 Mexico, 2016  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
29 Nicaragua, 2016  Yes No No Soec/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
30 Republic of Korea, 
2016 Yes No No Soec/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
31 New Zealand, 2016  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes No Tbs 
32 India, 2016  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
33 Oman, 2018  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
34 Jordan, 2018  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
35 Malaysia, 2018  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
36 Colombia, 2018  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
37 Zimbabwe, 2018  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
38 Morocco, 2018  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
39 Gambia, 2018  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
40 Rwanda, 2018  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
41 Luxembourg, 2018  Yes No No Soec/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
42 Congo, 2018  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
43 Burkina Faso, 2018  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs WT/TPR/S/422 • Guyana  
 
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  No. Partner/  
Signature  
5th 
7th 
Cabotage  
Ownership  
Tariffs  
Capacity  
Designation  
Code sharing  
Exch. of stats  
Signature  
44 Great Britain and 
Northern Ireland, 
2018 Yes No No Soec/erc  Notification  Flexible  Multi Yes No Tbs 
45 Mozambique, 2018   
Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
46 Sri Lanka, 2018  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
47 Cameroon, 2018  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
48 Senegal, 2019  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
49 Seychelles, 2019  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
50 Bahamas, 2019  Yes No No Soec/erc  Notification  Flexible  Multi Yes Yes Tbs 
51 Paraguay, 2019  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
52 Kingdom of Saudi 
Arabia, 2019  Yes No No Soec/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
53 Germany, 2019  Yes No No Soec/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
54 Greece, 2019  Yes No No Soec/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
55 Spain, 2019  Yes No No Soec/erc  Double 
disapproval  Flexible  Multi Yes Yes Tbs 
56 Suriname, 2020  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Yes 
57 Brazil, 2017  Yes No No Ppb/erc  Double 
disapproval  Flexible  Multi Yes Yes Yes 
58 Association of 
Caribbean States, 
1999 Yes No No Soec/Ppb  Double 
disapproval  Flexible  Multi Yes No Yes 
Note:  Soec = Substantial ownership and effective control.  
 Erc = Effective regulatory control.  
 Ppb = Principal place of business.  
 Tbs = To be signed but negotiated and provisionally enforced.  
Source:  Information provided by the authorities.  
4.135.   Guyana's main internati onal airport is Cheddi Jagan International Airport, situated close to 
Georgetown. It is Guyana's main hub for passenger and cargo transportation, handling around 
183,000 international passengers (a 72.2% decline from 2019 as a result of the pandemic), and 
around 8,400 tonnes of international cargo in 2020 (2.4% increase from 2019) . The second largest 
airport is the Eugene F. Correia International Airport, formerly known as the Ogle Aerodrome; it 
handled around 22,300 international passengers (a 76.3% annual  decline from 2019) and 
121,000  domestic passengers (46.2% annual decrease), as well as around 378 tonnes of 
international cargo in 2020 (representing a 15.5% drop from 2019).  Guyana has 120  additional 
airstrips offering frequent non -scheduled and schedule d services ; most of them are owned by the 
Government and only a few are privately owned. Airport services can be owned and operated by the 
private sector subject to approval of the Government; for example, the Eugene F. Correia 
International Airport is pri vately owned and operated. Swissport, the only foreign ground handling 
and support services entity, was granted approval by the Cheddi Jagan International Airport in 2020 
in addition to the locally owned Roraima Ground Handling and New Timehri Handling Ser vices, which 
operated prior to 2020.  
4.136.   The authorities state that there are no restrictions on foreign participation in airport services, 
except for physical constraints. There has been no subsequent change to this stance since 2015. 
There is no foreign own ership of international airports.  WT/TPR/S/422 • Guyana  
 
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  4.137.   The Ministry of Public Works is responsible for operating national airports and airstrips with 
the exception of the Cheddi Jagan International Airport and the Eugene F. Correia International 
Airport. The Cheddi Jagan airpo rt is managed by the Cheddi Jagan International Airport Corporation; 
its Board of Directors reports to the Ministry of Public Works. The Eugene F. Correia International 
Airport was leased by the Government in 2001 to the Ogle Airport Inc., a private Guyane se company, 
for a period of 25 years, renewable upon request. Under the Civil Aviation Act , the Minister is 
authorized to approve the establishment and operation of aerodromes by private persons.  
4.138.   Slot allocation is handled by the two main international air ports: Cheddi Jagan International 
Airport and Eugene F. Correia International Airport. Airlines submit their schedule of flights to the 
GCAA, which forwards them to the respective airport for its "no objection" on accommodation of the 
schedule. No airline is granted special treatment. The authorities state that there is enough capacity 
to cover the demand for airport usage, which is currently on a first -come, first -served basis.  
4.139.   There exists no established legislation regulating auxiliary services such as g round handling. 
While all ground handling,  aircraft repair, and maintenance services are currently provided by 
domestic private operators, the authorities state that foreign participation in the provision of these 
services is allowed. There is no market ac cess restriction in the supply of computer reservation 
systems.  
4.5.4.2   Maritime transport  
4.140.   The Ministry of Public Works has overall responsibility for the sector. The Maritime 
Administration Department (MARAD) is responsible for : (i) administering the provisions of the 
Shipping Act and any other laws relating to maritime affairs ; (ii) controlling, improving, and 
regulating Guyana's harbours and their approaches ; and (iii)  maintaining a pilotage service.  
4.141.   Guyana is a member of the International Maritime O rganization  (IMO) and participates in a 
number of maritime conferences administered by the IMO . 
4.142.   It would appear that no major changes have taken place since the previous Review 
concerning laws and regulations pertaining to maritime transport. The Shipping Act (Cap. 49:01), 
last amended in 2006, provides the legal framework for maritime services, including registration and 
licensing of ships, flagging, the manning of ships, the welfare of sailors, navigation and safety, 
regulation of cargo, wrecks and salvag e, and legal proceedings.36 Registration and licensing of ships 
in Guyana are limited to Guyanese citizens, residents, and companies established and with their 
principal place of business in Guyana, as well CARICOM citizens under certain conditions.  
4.143.   Trade between Guyana's ports and within waters (cabotage) is restricted to 
Guyana -registered ships under Guyana's jurisdiction.37 The cabotage restriction is subject to 
regulations, exemptions, or any bilateral or multilateral treaty or agreement, although the r estriction 
has not been lifted under any of these circumstances. Guyana is obliged to extend cabotage rights 
to CARICOM citizens upon request.  
4.144.   The Transport and Harbours Act and its regulations are the legislation governing the 
operations of ports and harb ours in Guyana. MARAD is the authority overseeing harbours. There is 
no port organization in Guyana. All of the terminals are independently owned and operated, mainly 
by the private sector, with very limited state involvement. MARAD provides and approves t he 
provision of harbour services.  
 
36 Other relevant legislation governing the sector includes t he Transport and Harbours Act (Cap. 49:04), 
the Maritime Drug Trafficking (Suppression) Act (Cap. 10:07), the Hijacking and Piracy Act (Cap. 10:08), the 
Defence Act (Cap. 15:01), the Environmental Protection Act (Cap.  20:05), the Carriage of Goods by Sea A ct 
(Cap. 49:02), the Passengers Act (Cap. 49:03), the Government Wharves Act (Cap. 49:05), the Shipping 
Casualties (Investigation & Prevention) Act (Cap. 49:07), the River Navigation Act (Cap. 50:01), the River 
Navigation Markers Act (Cap. 50:02), the Mari time Zones Act (Cap. 63:01), the Petroleum (Exploration & 
Production) Act (Cap. 65:04), the Petroleum (Production) Act (Cap.  65:05), the Fisheries Act (Cap. 71:08), and 
the Customs Act.  
37 The cabotage and ownership provisions are set out in Part VI, Sectio n 11, and Part III, Section 10, of 
the Shipping Act.  WT/TPR/S/422 • Guyana  
 
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  4.145.   The Transport and Harbours Act sets out the various shipping -related levies imposed; these 
include tonnage dues (applicable only to the international traffic), light dues , and shipping fees.38 
The National Assembly may inc rease these fees by resolution, and the new rates must be published 
in the Official Gazette . Coasting vessels are exempt from the tonnage tax.39 Pilotage fees are set by 
the Minister of Public Works.  
4.146.   No specific foreign direct investment (FDI) restrictions  exist in port services. Nonetheless, 
certain m aritime transport services must be provided uniquely by the Government: pilotage (which 
is compulsory at the Georgetown, New Amsterdam, and Essequibo Pilotage Districts), aids to 
navigation, dredging, and hydr ographic services.  All other port operations are undertaken by private 
operators. The authorities state that the prices of port services are not controlled . 
4.5.5   Tourism  
4.147.   According to the Guyana Tourism Authority Regulations 2008, there are four categories of 
tourism businesses and individuals that are required to have a licence from the Guyana Tourism 
Authority to operate, on an annual basis: (i)  tourism accommodation establishments; (ii)  tour 
operators; (iii)  tourist guides; and (iv)  interior lo dges and resorts.  
4.148.   The authorities state that Guyana is currently in the process of updating the tourism 
regulations to move from a pass -fail system to a tiered system, which makes licensing more 
attainable. Key components of changes are being made under su stainability, customer service, and 
health and safety.  
4.149.   Based on guidance provided by GO -Invest, there are no limitations or restrictions to foreign -
invested or foreign -owned service providers to operate in Guyana. Both foreign and local investors 
are given  the same opportunities and benefit from the same incentives. Incentives accorded 
specifically to the tourism sector include: (i)  incentives for tourist accommodation (e.g. tax 
exemptions for new hotels/guesthouses/inns, depending on the region in which th ey are located and 
the size of accommodation; exemption from corporation tax for a period up to 10 years for 
companies creating employment, based on the recommendation of GO -Invest; customs duty 
exemption on the investment on building materials, fittings, equipment, furnishings, and appliances 
for equipping the entity; and on equipment for use in sports and motor vehicles; VAT exemption on 
investment on building materials, equipment, and appliances for equipping the entity; and on 
equipment for use in sport s and motor vehicles; and excise tax exemption on the value of motor 
vehicles); (ii)  incentives for tour operators, including full customs duty exemption on 50% of the 
value of the investment on camping equipment, floating crafts, and non -motorized collaps ible mobile 
lodging with basic amenities; 50% customs duty exemption on the value of motor vehicles; full 
excise tax exemption on 50% of the value of each motor vehicle; and exemption from corporation 
tax for a period up to a maximum of 10 years to entitie s located in selected regions, based on the 
recommendations of GO -Invest; and (iii)  tax exemptions for expansion/re -tooling of operations of 
tour operators, including full duty, excise tax, and VAT exemption on 25% of the value of each motor 
vehicle, and f ull customs duty exemption on 50% of the value of the investment on camping 
equipment, floating craft, and non -motorized collapsible mobile lodging with basic amenities.  
 
 
38 Shipping fees are charged for engagement and disengagement of crews.  
39 Transport and Harbours Act.  WT/TPR/S/422 • Guyana  
 
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  5  APPENDIX TABLES  
Table A1. 1 Merchandise exports by HS section and main chapter, 2015 -20 
(USD million and %)  
Description  2015  2016  2017  2018  2019  2020  
Total exports  1,169  1,453  1,790  1,379  1,566  2,597   
of which:  re-exports  16 142 144 14 68 31  
(% of total exports)  
1 - Live animals; animal products  7.6 7.0 6.3 8.2 3.0 2.1  
03. Fish and crustaceans, molluscs and other 
aquatic invertebrates  7.5 6.8 6.2 8.0 2.9 2.1 
 
01. Live animals  0.1 0.1 0.1 0.1 0.1 0.0 
2 - Vegetable products  19.4 12.4 11.4 14.6 15.0 9.7  
10. Cereals  18.8 11.7 10.5 13.7 14.3 9.4  
08. Edible fruit and nuts; peel of citrus fruit or 
melons  0.4 0.6 0.7 0.7 0.5 0.2 
 
07. Edible vegetables and certain roots and 
tubers  0.1 0.1 0.1 0.1 0.0 0.0 
 
09. Coffee, tea, maté and spices  0.1 0.1 0.1 0.1 0.1 0.0 
3 - Animal or vegetable fats and oils; prepared 
edible fats  0.1 0.1 0.0 0.1 0.1 0.0 
4 - Prepared foodstuffs; beverages, spirits and 
vinegar; tobacco  13.2 10.2 13.2 6.4 5.6 3.0 
 
22. Beverages, spirits and vinegar  3.3 3.0 2.7 3.4 3.0 1.6  
17. Sugars and sugar confectionery  8.7 6.3 9.7 2.0 1.8 1.0  
19. Preparations of cereals, flour, starch or milk  0.6 0.5 0.4 0.5 0.3 0.3  
20. Preparations of vegetables, fruit, nuts or 
other parts of plants  0.2 0.2 0.2 0.2 0.2 0.1 
5 - Mineral products  9.0 7.9 8.3 9.6 8.6 44.0  
27. Mineral fuels, mineral oils and products of 
their distillation  0.0 0.1 0.0 0.1 0.1 41.0 
 
26. Ores, slag and ash  8.9 7.4 8.1 9.4 8.2 2.9 
6 - Products of the chemical or allied industries  0.8 1.4 1.1 0.3 0.7 0.7  
33. Essential oils and resinoids; perfumery, 
cosmetic or toilet preparations  0.1 0.0 0.0 0.0 0.0 0.4 
 
30. Pharmaceutical products  0.6 0.2 0.2 0.2 0.2 0.2 
7 - Plastics and articles thereof; rubber and articles 
thereof  0.2 0.3 0.2 0.3 0.2 0.1 
8 - Raw hides and skins, leather, furskins and 
articles thereof; travel goods, handbags  0.0 0.0 0.0 0.0 0.0 0.0 
9 - Wood and articles of wood; wood charcoal; cork 
and articles of cork  4.0 2.9 2.5 2.8 2.2 1.0 
 
44. Wood and articles of wood; wood charcoal  4.0 2.9 2.5 2.8 2.2 1.0 
10 - Pulp of wood or of other fibrous cellulosic 
material; paper and paperboard and articles 
thereof  0.3 0.2 0.1 0.2 0.1 0.0 
 
48. Paper and paperboard; articles of paper pulp, 
of paper or of paperboard  0.3 0.2 0.1 0.1 0.1 0.0 
11 - Textiles and textile articles  0.2 0.1 0.1 0.0 0.0 0.0 
12 - Footwear, headgear, umbrellas; prepared 
feathers and articles; artificial flowers  0.0 0.0 0.0 0.0 0.0 0.0 
13 - Articles of stone, plaster, cement, etc.; ceramic 
products; glass and glassware  0.0 0.0 0.0 0.0 0.1 0.0 
14 - Natural or cultured pearls, precious or semi -
precious stones, precious metals  44.3 47.1 37.0 56.5 56.1 38.1 
 
7108. Unwrought non -monetary gold  42.9 45.7 35.8 55.7 55.0 38.0 
15 - Base metals and articles of base metal  0.3 1.0 0.5 0.5 1.0 0.1  
73. Articles of iron or steel  0.1 1.0 0.4 0.2 0.6 0.1  
72. Iron and steel  0.1 0.0 0.1 0.2 0.2 0.0 
16 - Machinery and mechanical appliances; electrical 
equipment; television image and sound 
recorders  0.4 6.5 4.4 0.2 2.0 0.7 
 
84. Nuclear reactors, boilers, machinery and 
mechanical appliances  0.3 5.4 4.3 0.1 1.7 0.6 
17 - Vehicles, aircraft, vessels and associated 
transport equipment  0.0 2.9 14.7 0.1 0.1 0.2 
 
87. Vehicles other than railway or tramway 
rolling -stock, parts and accessories  0.0 0.0 0.1 0.1 0.1 0.2 WT/TPR/S/422 • Guyana  
 
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  Description  2015  2016  2017  2018  2019  2020   
89. Ships, boats and floating structures  0.0 0.0 0.5 0.0 0.0 0.0  
86. Railway or tramway locomotives, rolling -
stock and parts thereof  0.0 2.1 13.4 0.0 0.0 0.0 
18 - Optical, photographic, precision, medical or 
surgical instruments; clocks and watched; 
musical instruments  0.0 0.1 0.1 0.1 0.2 0.0 
19 - Arms and ammunition  0.0 0.0 0.0 0.0 0.0 0.0 
20 - Miscellaneous manufactured articles  0.0 0.0 0.0 0.0 0.0 0.0 
21 - Works of art, collectors' pieces and antiques  0.0 0.0 0.0 0.0 0.0 0.0 
Other  0.0 0.0 0.0 0.0 5.1 0.0 
Source:  WTO Secretariat calculations, based on data from UN Comtrade  database; and data provided by the 
authorities for the year 2020.  
  WT/TPR/S/422 • Guyana  
 
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  Table A1. 2 Merchandise imports by HS section and main HS chapter, 2015 -20 
(USD million and %)  
Description  2015  2016  2017  2018  2019  2020  
Total imports  1,484  1,625  1,762  2,400  4,025  2,163   
(% of total imports)  
1 - Live animals; animal products  3.1 2.4 2.6 2.1 0.7 2.2  
04. Dairy produce; birds' eggs; natural honey; 
edible products of animal origin  3.0 2.2 2.5 2.0 0.6 2.0 
 
03. Fish and crustaceans, molluscs and other 
aquatic invertebrates  0.0 0.0 0.0 0.0 0.0 0.1 
2 - Vegetable products  4.4 4.1 4.0 3.2 1.4 3.2  
10. Cereals  1.9 1.9 1.4 1.2 0.3 1.1  
07. Edible vegetables and certain roots and tubers  0.9 1.0 0.9 0.6 0.4 0.7  
12. Oil seeds and oleaginous fruits; miscellaneous 
grains, seeds and fruit  0.6 0.3 0.8 0.8 0.4 0.6 
 
11. Products of the milling industry; malt; 
starches; inulin; wheat gluten  0.6 0.5 0.4 0.3 0.2 0.4 
 
09. Coffee, tea, maté and spices  0.2 0.2 0.2 0.1 0.1 0.2 
3 - Animal or vegetable fats and oils; prepared edible 
fats 0.8 0.8 0.8 0.6 0.3 0.7 
4 - Prepared foodstuffs; beverages, spirits and 
vinegar; tobacco  9.0 9.2 7.7 5.7 3.4 6.4 
 
19. Preparations of cereals, flour, starch or milk  2.0 2.1 1.9 1.4 0.7 1.5  
22. Beverages, spirits and vinegar  2.0 2.2 1.8 1.4 0.7 1.2  
21. Miscellaneous edible preparations  1.3 1.2 1.2 0.9 0.6 1.0  
20. Preparations of vegetables, fruit, nuts or other 
parts of plants  0.8 1.0 0.9 0.6 0.4 0.6 
5 - Mineral products  27.7 23.0 23.9 25.0 17.1 29.1  
27. Mineral fuels, mineral oils and products of their 
distillation  25.1 20.5 21.5 22.2 15.2 22.9 
 
25. Salt; sulphur; earths and stone; plastering 
materials, lime and cement  2.7 2.5 2.3 2.8 1.9 6.2 
6 - Products of the chemical or allied industries  9.0 10.2 11.7 16.4 9.5 7.9  
38. Miscellaneous chemical products  1.0 2.2 2.1 8.2 3.1 1.6  
31. Fertilizers  2.2 1.7 0.8 1.3 0.7 1.1  
33. Essential oils and resinoids; perfumery, 
cosmetic or toilet preparations  0.9 1.2 1.0 0.8 0.6 1.0 
 
28. Inorganic chemicals; organic or inorganic 
compounds of precious metals  0.6 1.2 1.8 1.4 2.3 1.0 
7 - Plastics and articles thereof; rubber and articles 
thereof  4.6 4.4 4.5 3.9 3.8 4.3 
 
39. Plastics and articles thereof  3.5 3.3 3.2 2.7 2.8 3.1  
40. Rubber and articles thereof  1.1 1.1 1.3 1.2 1.0 1.2 
8 - Raw hides and skins, leather, furskins and articles 
thereof; travel goods, handbags  0.1 0.2 0.2 0.1 0.1 0.1 
9 - Wood and articles of wood; wood charcoal; cork 
and articles of cork  0.3 0.3 0.4 0.3 0.3 0.3 
10 - Pulp of wood or of other fibrous cellulosic 
material; paper and paperboard and articles 
thereof  2.6 2.9 2.6 1.9 1.0 1.4 
 
48. Paper and paperboard; articles of paper pulp, 
of paper or of paperboard  2.1 2.3 2.2 1.6 1.0 1.3 
 
49. Printed books, newspapers, pictures and other 
products of the printing industry  0.5 0.6 0.5 0.3 0.1 0.1 
11 - Textiles and textile articles  1.9 1.9 2.2 1.7 1.1 1.4  
63. Other made up textile articles  0.8 0.7 0.8 0.6 0.4 0.5  
62. Articles of apparel and clothing accessories, not 
knitted or crocheted  0.3 0.4 0.5 0.4 0.3 0.3 
 
61. Articles of apparel and clothing accessories, 
knitted or crocheted  0.2 0.2 0.4 0.3 0.2 0.2 
12 - Footwear, headgear, umbrellas; prepared 
feathers and articles; artificial flowers  0.6 0.7 0.7 0.5 0.4 0.4 
13 - Articles of stone, plaster, cement, etc.; ceramic 
products; glass and glassware  1.7 1.4 1.5 1.2 0.7 1.8 
 
70. Glass and glassware  0.7 0.6 0.7 0.6 0.3 1.0 
14 - Natural or cultured pearls, precious or semi -
precious stones, precious metals  0.0 0.0 0.0 0.0 0.0 0.0 WT/TPR/S/422 • Guyana  
 
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  Description  2015  2016  2017  2018  2019  2020  
15 - Base metals and articles of base metal  6.0 5.4 6.0 7.6 8.9 11.4  
73. Articles of iron or steel  2.2 2.8 2.9 3.8 5.9 8.3  
72. Iron and steel  2.1 1.4 1.9 1.9 1.3 1.7  
76. Aluminium and articles thereof  0.5 0.3 0.4 0.3 0.2 0.5 
16 - Machinery and mechanical appliances; electrical 
equipment; television image and sound recorders  17.4 21.9 21.6 21.2 19.9 20.4 
 
84. Nuclear reactors, boilers, machinery and 
mechanical appliances  11.7 17.7 16.7 16.0 16.5 15.3 
17 - Vehicles, aircraft, vessels and associated 
transport equipment  7.5 8.0 7.0 5.4 28.3 6.2 
 
87. Vehicles other than railway or tramway rolling -
stock, parts and accessories  7.1 5.7 5.8 5.1 2.8 5.4 
 
89. Ships, boats and floating structures  0.0 0.1 0.3 0.1 25.0 0.5 
18 - Optical, photographic, precision, medical or 
surgical instruments; clocks and watched; 
musical instruments  1.3 1.8 1.4 1.8 1.7 1.2 
19 - Arms and ammunition  0.0 0.0 0.0 0.0 0.0 0.0 
20 - Miscellaneous manufactured articles  1.8 1.5 1.4 1.4 1.0 1.6  
94. Furniture; bedding, mattresses, mattress 
supports, cushions and similar stuffed 
furnishings  1.3 1.1 1.0 1.0 0.7 0.9 
21 - Works of art, collectors' pieces and antiques  0.0 0.0 0.0 0.0 0.0 0.0 
Other  0.0 0.0 0.0 0.0 0.3 0.0 
Source:  WTO Secretariat calculations, based on data from UN Comtrade database; and data provided by the 
authorities for the year 2020.  
  WT/TPR/S/422 • Guyana  
 
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  Table A1. 3 Merchandise exports by trading partner, 2015 -20 
(USD million and %)  
Description  2015  2016  2017  2018  2019  2020  
Total exports  1,169  1,453  1,790  1,379  1,566  2,597  
 Of which:  re-exports  16 142 144 14 68 31  
(% of total exports)  
Americas  73.7 75.9 72.7 64.7 63.8 61.9 
 United  States  25.6 20.6 15.9 10.7 6.7 28.5 
 Other America  48.1 55.3 56.8 54.0 57.1 33.4 
 Canada  25.7 30.6 22.9 37.2 37.9 18.4 
 Barbados  2.3 1.1 0.9 0.8 0.6 5.3 
 Venezuela, Bolivarian Republic of  4.3 0.2 0.9 0.4 5.7 3.4 
 Trinidad and Tobago  3.1 11.4 11.4 2.4 5.1 1.4 
 Jamaica  3.7 3.0 4.9 3.4 3.0 1.2 
 Bahamas  0.0 0.0 0.0 0.0 0.0 1.0 
 Brazil  0.6 0.4 0.4 0.1 0.0 0.8 
 Dominican  Republic  0.3 0.4 0.7 0.5 0.4 0.2 
 Suriname  1.1 0.8 0.7 0.5 0.5 0.2 
 Haiti 1.2 0.6 0.2 0.7 0.1 0.2 
 Mexico  0.7 0.6 2.1 2.2 0.4 0.2 
Europe  22.0 18.4 20.7 16.8 20.3 10.7 
 EU (27)  13.8 10.6 9.8 10.7 12.1 6.9 
 Italy 1.8 1.6 0.8 0.9 1.1 2.2 
 Portugal  2.9 1.5 0.7 1.6 1.5 1.2 
 Netherlands  1.4 0.8 0.6 2.5 1.5 1.1 
 Belgium  2.3 1.8 3.2 1.8 4.6 0.7 
 Germany  0.9 2.1 2.4 1.1 0.6 0.5 
 EFTA 0.0 1.3 1.1 0.6 1.9 0.0 
 Other Europe  8.2 6.5 9.8 5.4 6.3 3.8 
 United Kingdom  6.2 3.9 7.1 2.5 2.9 3.6 
 Ukraine  2.0 2.6 2.7 2.7 3.3 0.2 
Commonwealth of Independent States (CIS)a 0.0 0.0 0.0 0.0 0.0 0.2 
 Russian  Federation  0.0 0.0 0.0 0.0 0.0 0.2 
Africa  0.3 0.8 0.6 0.1 0.1 0.2 
 Guinea  0.0 0.0 0.0 0.0 0.0 0.2 
 Eswatini  0.0 0.8 0.3 0.0 0.0 0.0 
Middle East  0.4 1.1 3.2 15.7 13.5 17.2 
 United Arab Emirates  0.3 0.6 3.0 15.6 13.4 17.2 
Asia 3.6 3.7 2.8 2.7 2.4 9.9 
 China  1.3 1.1 1.4 1.1 1.3 4.6 
 Japan  0.2 0.1 0.3 0.1 0.1 0.1 
 Other Asia  2.0 2.5 1.2 1.5 0.9 5.2 
 Singapore  0.3 0.3 0.1 0.2 0.1 4.9 
 India 0.5 0.4 0.1 0.1 0.1 0.1 
 Hong Kong, China  0.6 0.5 0.4 0.8 0.3 0.1 
 New Zealand  0.1 0.1 0.1 0.1 0.1 0.0 
 Thailand  0.0 0.0 0.0 0.0 0.0 0.0 
Other  0.0 0.0 0.0 0.0 0.0 0.0 
Memorandum:        
EU (28)  20.0 14.5 16.9 13.3 15.0 10.5 
Caribbean Community (CARICOM)  13.7 18.9 19.8 9.2 10.4 9.9 
a Commonwealth of Independent States, including certain associate and former member States.  
Source:  WTO Secretariat calculations, based on data from UN Comtrade database; and data provided by the 
authorities for the year 2020.  
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  Table A1. 4 Merchandise imports by trading partner, 2015 -20 
(USD million and %)  
Description  2015  2016  2017  2018  2019  2020  
Total imports  1,484  1,625  1,762  2,400  4,025  2,163   
(% of total imports)  
Americas  72.5 75.7 72.2 76.8 59.9 70.1 
 United  States  25.9 27.6 26.5 27.2 25.4 31.4 
 Other America  46.6 48.1 45.7 49.6 34.6 38.6 
 Trinidad and Tobago  23.2 29.1 27.5 34.3 24.4 23.2 
 Suriname  5.2 5.5 6.1 4.6 2.6 4.2 
 Brazil  1.3 1.5 1.5 1.3 0.9 1.5 
 Mexico  1.4 1.3 1.2 1.5 1.0 1.5 
 Barbados  1.9 1.4 1.4 1.1 0.8 1.4 
 Panama  1.1 0.8 1.3 1.1 0.9 1.4 
 Canada  1.4 2.3 1.5 1.4 0.9 1.0 
 Costa Rica  0.8 0.9 0.8 0.5 0.3 0.7 
 Dominican  Republic  1.1 0.6 0.5 0.5 0.5 0.6 
 Colombia  1.2 1.0 0.8 0.7 0.4 0.6 
 Peru 0.3 0.1 0.2 0.4 0.2 0.4 
 Jamaica  0.7 0.9 0.5 0.3 0.2 0.4 
Europe  9.1 8.1 9.1 7.0 5.8 10.6 
 EU (27)  5.4 3.9 5.5 4.1 2.5 5.3 
 Netherlands  1.8 1.6 1.8 1.5 1.0 1.5 
 Finland  0.1 0.0 0.0 0.0 0.1 1.3 
 Germany  0.7 0.5 1.7 0.7 0.4 0.7 
 Belgium  0.6 0.5 0.5 0.5 0.2 0.3 
 Italy 0.3 0.2 0.2 0.3 0.2 0.3 
 EFTA 0.4 1.0 0.6 0.4 0.4 0.7 
 Switzerland  0.4 0.9 0.5 0.4 0.3 0.3 
 Norway  0.0 0.0 0.1 0.0 0.1 0.3 
 Other Europe  3.3 3.2 3.0 2.4 2.9 4.6 
 United Kingdom  2.7 2.7 2.1 1.5 1.8 3.2 
 Turkey  0.5 0.5 0.9 0.9 1.0 1.3 
Commonwealth of Independent States (CIS)a 0.0 0.2 0.0 0.3 0.0 0.1 
 Russian  Federation  0.0 0.2 0.0 0.3 0.0 0.0 
Africa  0.3 0.2 0.6 0.2 0.2 0.5 
 Eswatini  0.1 0.1 0.1 0.0 0.0 0.2 
 Egypt  0.2 0.0 0.0 0.0 0.0 0.1 
 Tanzania  0.0 0.0 0.0 0.0 0.0 0.1 
Middle East  0.2 0.3 0.4 0.4 0.3 0.3 
 United Arab Emirates  0.1 0.2 0.1 0.2 0.1 0.1 
 Israel  0.0 0.0 0.1 0.2 0.1 0.1 
Asia 17.8 15.6 17.7 15.3 33.7 18.5 
 China  7.6 7.3 8.9 7.9 5.4 9.7 
 Japan  3.8 3.1 2.9 2.4 1.6 3.3 
 Other Asia  6.4 5.1 5.9 5.0 26.7 5.5 
 Korea, Republic of  0.6 0.9 1.4 1.2 0.4 1.2 
 India 1.4 1.0 1.2 1.2 0.6 1.0 
 Hong Kong, China  0.5 0.4 0.6 0.4 0.4 0.9 
 New Zealand  1.6 1.0 1.1 0.8 0.2 0.8 
 Singapore  0.1 0.3 0.4 0.2 24.5 0.4 
Other  0.0 0.0 0.0 0.0 0.0 0.0 
Memorandum:        
EU (28)  8.1 6.6 7.6 5.6 4.4 8.5 
Caribbean Community (CARICOM)  31.9 37.3 36.0 40.7 28.5 29.6 
a Commonwealth of Independent States, including certain associate and former member States.  
Source:  WTO Secretariat calculations, based on data from UN Comtrade  database; and data provided by the 
authorities for the year 2020.  
 
 
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  Table A2. 1 Selected notifications to the WTO, January 2015 -September 2021  
Legal provision  Description of 
requirement  Frequency  WTO document  
General Agreement on Tariffs and Trade 1994  
Article  XVII:4(a) and 
paragraph 1 of the 
Understanding on the 
Interpretation of 
Article  XVII State trading enterprises and 
products traded by them  Every two years (new 
and full notifications)  No notifications  
Article  XXIV: 7(a) Customs unions and free 
trade areas  Ad hoc  Last notification in 2021 
(WT/REG420/N/1/Add.1, 
5 May 2021 (CARIFORUM -
United  Kingdom EPA))  
Agreement on Agriculture  
Articles  18.2 and 18.3  Domestic support  Annual/ ad hoc  (DS:1 
and DS:2)  Last notification in 2005 
(G/AG/N/GUY/14, covers calendar 
years 2003 and 2004)  
Article  18.2 Export subsidies (Tables 
ES:1, ES:2, and ES:3)  Annual  Last notification in 2005 
(G/AG/N/GUY/13, covers calendar 
years 2003 and 2004)  
Agreement on the Application of Sanitary and Phytosanitary Measures  
Article  7 and Annex B, 
paragraph 5  Proposed and adopted SPS 
regulations  Ad hoc  G/SPS/N/GUY/1, 4  June 2012 
Agreement on Technical Barriers to Trade  
Articles 2, 3, 5, and  7 Proposed and adopted 
technical regulations and 
conformity assessment 
procedures  Prior to or, for urgent 
problems, immediately 
after the measure is 
taken  2018: G/TBT/N/GUY/21  
2019: G/TBT/N/GUY/22 -54/Add.1  
2020: G/TBT/N/GUY/55 -58 
2021: No notifications  
Article  15.2 Implementation and 
administration measures  Once, then changes  No notifications  
Paragraph J of the Code of 
Good Practice for the 
Preparation, Adoption and 
Application of Standards  Work programme of bodies 
that have accepted the Code  Semi-annual  Last notification in 2016 
(G/TBT/CS/2/Rev.22, 
29 February  2016)  
Agreement on Rules of Origin  
Annex II, paragraph  4 Preferential rules of origin  Once, then changes 
and new rules  Last notification in 2016 
(G/RO/N/42/Rev.1, 
12 September  2016)  
Agreement on Implementation of Article  VII of the GATT  1994 (Agreement on Customs Valuation)  
Article  22.2 and Decision of 
the Committee on Customs 
Valuation  Legislation  Once, then changes  No notifications  
Decision of the Committee 
on Customs Valuation 
(12/05/1995)  Responses to the checklist of 
issues  Once No notifications  
Agreement on Preshipment Inspection  
Article  5 Laws or regulation notified  Once, then changes  Last notification in 2004 
(G/PSI/N/1/Add.10, 19  July 2004)  
Agreement on Import Licensing Procedures  
Articles 1.4(a), 5, and 
8.2(b)  Import licensing procedures  Ad hoc  Last notification in 2002 
(G/LIC/N/1/GUY/1)  
Agreement on Implementation of Article  VI of the GATT  1994 (Anti -Dumping Agreement)  
Articles  16.4 and 16.5  Anti-dumping actions  Semi-annual  
Ad hoc  G/ADP/N/193/GUY, 22  March  2010 
Article  18.5 New or changes to laws or 
regulations relevant to the 
Agreement and in the 
administration of such laws 
and regulations  Ad hoc  G/ADP/N/1/GUY/1, 20  April 2010 
Article  7.3 Questionnaire  Annual  Last notification in 2003 
(G/LIC/N/3/GUY/2, 
28 October  2003)  
Agreement on Subsidies and Countervailing Measures  
Article  25.1 Subsidies  Every two years (new 
and full notifications)  G/SCM/N/3/GUY, G/SCM/N/16/GUY, 
G/SCM/N/25/GUY, 
G/SCM/N/38/GUY,  
G/SCM /N/48/GUY, 
G/SCM/N/60/GUY,  
G/SCM/N/71/GUY, 19 October 2016; 
and 
G/SCM/N/95/GUY 
G/SCM/N/123/GUY,  
G/SCM/N/155/GUY, 
G/SCM/N/186/GUY,  
G/SCM/N/220/GUY, 
G/SCM/N/253/GUY,  
G/SCM/N/284/GUY, 
19 October  2016  WT/TPR/S/422 • Guyana  
 
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  Legal provision  Description of 
requirement  Frequency  WTO document  
Articles  25.11 and 25.12  Countervailing duties actions  Semi-annual  
Ad hoc  G/SCM/N/202/GUY, 22  March  2010 
Article  32.6 New or changes to laws or 
regulations relevant to the 
Agreement and in the 
administration of such laws 
and regulations  Ad hoc  G/SCM/N/1/GUY/1, 20  April 2010 
Agreement on Safeguards  
Article  12.6 Legislation  Ad hoc  G/SG/N/1/GUY/1, 20 April 2010  
General Agreement on Trade in Services  
Article  III:3 New or changes to laws or 
regulations that significantly 
affect trade in services  Annual  No notifications  
Articles III:4 and IV:2 Contact and enquiry points  Once, then changes  Last notification in 2021 
(S/ENQ/78/Rev.21, 
12 February  2021)  
Article  V:7(a)  Economic integration 
agreements  Ad hoc  Last notification in 2021 
(S/C/N/1025/Add.1, 5  May 2021 
(CARIFORUM -United Kingdom EPA))  
Agreement on Trade -Related Aspects of Intellectual Property Rights  
Article  63.2 Laws and regulations  Once, then changes  Last notifications in 2002 (series 
IP/N/1/GUY)  
Article  69 Contact points  Once, then changes  IN/N/3/GUY/1, 9 September  2016 
Agreement on Trade -Related Investment Measures (TRIMs)  
Article  5.1 TRIMs that are not in 
conformity with the 
provisions of the Agreement  Once S/C/N/1051, 8  April 2021  
Article  6.2 and Decision of 
the TRIMs  Committee of 
30/09/1996  Publications in which TRIMs 
may be found  Once, then changes  No notifications  
Other  
WTO document G/L/59 
(Decision on Notification 
Procedures for Quantitative 
Restrictions)  Quantitative restrictions  Biennial  No notifications  
Source:  WTO Secretariat.  WT/TPR/S/422 • Guyana  
 
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  Table A2. 2 Guyana's preferential trade agreements, September 2021  
Preferential trade agreements  
CARIBBEAN COMMUNITY (CARICOM) SINGLE MARKET AND ECONOMY (CSME)  
Parties  The founding members are Barbados, Guyana, Jamaica, and Trinidad and Tobago. 
Bahamas, Belize, Dominica, Grenada, Montserrat, St Lucia, and St Vincent and the 
Grenadines acceded in May 1974; Antigua and Barbuda and St Kitts and Nevis in 
July 1974; Suriname in J uly 1995; and Haiti ratified the Treaty in 2004. Bahamas and 
Haiti opted out of the CSME.  
Date of 
signature/entry 
into force in 
Guyana  Treaty of Chaguaramas establishing CARICOM was signed in 1973. The Treaty of 
Chaguaramas was revised to create the CSME. Guyana signed the Revised Treaty in 
2001. In 2006, Guyana enacted the Caribbean Community Act (No.  8) to give the 
Revised Treaty the force of domestic law.  
Transition for full 
implementation  The Single Market became operational in 2006. The CSME took effect on 
1 January  2006.  Work for full implementation of the Single Economy is still ongoing both 
at the level of the member States and the CARICOM Secretariat to achieve full 
implementation. Acc ording to the authorities, Guyana has an implementation rate of 
approximately 80% and continues to work towards the full implementation of all 
outstanding commitments/obligations . 
Provisions  Free movement of goods and services within CARICOM; common exter nal tariff (with 
some exceptions); right of establishment; movement of capital and current 
transactions; movement of Community nationals; harmonization of laws in a number 
of areas (see Chapters III and IV).  
Related WTO 
documents  WT/REG155/1, 8 July 2003 (Revised Treaty); WT/REG155/2, 27  September  2004 
(services regime of CSME); WT/REG155/3, 30  September  2004 (statistical data on 
services)  
CARICOM/CARIFORUM FREE TRADE AGREEMENTS  
CARICOM -Colombia  
Parties  CARICOM members, Colombia  
Date of 
signature/entry 
into force in 
Guyana  1994 (revised 1998)/1995  
Transition for full 
implementation  Agreement providing for trade liberalization, initially one -way by Colombia to 
CARICOM, but with reciprocity by the CARICOM More Developed Countries (MDCs) 
introduced in 1999. Annex I contains the goods of CARICOM origin that enter 
Colombia duty -free; Annex II contains the goods of Colombian origin that enter 
CARICOM MDCs duty -free; Annex IV contains the goods of Colombian origin entering 
the CARICOM MDCs subj ect to a phased reduction of tariffs. These tariffs were 
eliminated through four equal annual reductions between 1998 and 2002.  
Guyana's duty -
free tariff lines 
(2021)  100% duty -free lines (the authorities state that the tariff lines of Colombia Annex II 
phased reduction were implemented in 1998 and eliminated in 2008 apart from the 
immediate tariff elimination in 1998).  
 
Provisions 
concerning goods  Duty-free imports from Colombia into Guyana mainly include certain agricultural 
products and processed foods; leather and fabrics; minerals, chemicals, and 
gemstones; pharmaceutical products; rubber products; and manufactured goods 
made of metal.  
Provisi on 
concerning 
services  There are no services provisions in the agreement; extension of agreement to cover 
services is envisaged.  
Other provisions  Temporary bilateral safeguard measure. Dispute settlement provision (although 
disputes regarding anti -dumping are to be taken to the WTO).  
Related WTO 
documents  None 
CARICOM -Costa Rica (CR)  
Parties  CARICOM members, Costa Rica  
Date of 
signature/entry 
into force in 
Guyana  2004/2005  
Transition for full 
implementation  A few tariff lines were subject to a phased reduction between 2005 and 2008. For 
Guyana these included ham; fish; cut flowers; wheat or meslin flour; makeup; hair, 
dental, and shaving products; insecticides; organic solvents and thinners; 
paperboard; certain footwear; stoves; and lead -acid accumulators (Table D.1 of the 
FTA). Phased reductions have been completed.  
Guyana's duty -
free tariff lines 
(2021)  100% duty -free (the authorities state that the tariff lines of Costa Rica List D (Special 
Phased Reduction) were implemented in 2003 and eliminated in 2013, apart from the 
immediate tariff elimination in 2003 in List C).  WT/TPR/S/422 • Guyana  
 
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  Preferential trade agreements  
Provisions 
concerning goods  Recip rocal agreement insofar as CARICOM MDCs are concerned. Provides for free trade 
for a wide range of products, exclusive of sensitive products. A list of CARICOM -wide 
excluded products for which no concessions will be made includes a range of agricultural 
products, and a few manufactured goods (Table B1 of the FTA); Guyana applies the MFN 
tariff rate to certain fresh fruits and vegetables imported from Costa Rica during certain 
months (Table A.1 of the FTA). CARICOM products covered by the Oils and Fats 
Agree ment are exempt from the FTA's scope. Some products exclusions are country -
specific. For Guyana this includes cocoa powder, pasta, biscuits, ice cream, certain 
beverages, cigars, mosquito coils, leather handbags and wallets, mattress supports, and 
mattress es (Table D.1 of the FTA).  
Provision 
concerning 
services  Provisions on applications by nationals of the parties for licensing/certification 
(domestic regulation), and on the regulation of professional services. Review of need 
for further disciplines on services to be held within two years (Article  IX.02 of FTA).  
The Joint Council has not met since implementation of the Agreement, thus there 
have been no discussions on this issue.  
Other provisions  SPS, TBT, and dispute settlement provisions. Disputes on anti -dumping are to be 
taken to the WTO. Provisions on inve stment admission, protection, and promotion. 
Reviews within two years to consider need for disciplines on competition policy and 
government procurement and further disciplines on investment. These issues are will 
be addressed at the first meeting of the Jo int Council.  
Related WTO 
documents  None 
CARICOM -Cuba  
Parties  CARICOM members, Cuba  
Date of 
signature/entry 
into force in 
Guyana  2000 (implementing Protocol 2001, provisional application Protocol 2002)/2004  
Transition for full 
implementation  Reciprocal agreement in so far as CARICOM MDCs are concerned. Elimination of tariffs 
on a list of products (Annex II of Protocol 1). Phased elimination of tariffs on a further 
list of products phased in from the MFN rate of duty to zero in f our annual stages 
(Annex IV of Protocol 1). The phase -out process commenced in 2002 and was 
completed in 2005.  
Guyana's duty -
free tariff lines 
(2021)  100% duty -free (the authorities state that Guyana has fully implemented the application 
of Protocol 1 to the rate of zero within the agreed timelines; Protocol 2, which was 
negotiated and agreed upon in 2021, is yet to be fully implemented).  
Provisions 
concerning goods  • Duty-free treatment of a list of products exported from Cuba. These include 
certain agricultural items; processed foods; beverages, chemicals, and minerals; 
construction materials; pharmaceutical products; health and beauty products; 
produc ts made from leather, wood, plastic, metal, and paper; textiles, garments, 
and footwear; machinery; electrical equipment; vehicles; medical apparatus; and 
furniture (Annex II of Protocol 1).  
• Phased reduction (over four years from MFN rate to zero) of certa in coffee, 
sausages, pasta, jams and jellies, soups, chemicals, paints and varnishes, products 
made out of plastic and paper, garments and footwear, and furniture (Annex IV of 
Protocol 1).  
• Seasonal tariffs applied to certain agricultural products listed in  Annex V to the 
agreement.  
• Goods shipped from free trade zones are subject to MFN tariff.  
Provision 
concerning 
services  Provisions on tourism and transportation services. Exchange of information on 
services sector and provision for future negotiations on services, focusing on the 
following services sectors: tourism and travel, entertainment, financial, professional, 
constru ction and related engineering, computer, telecommunications, and transport.  
Other provisions  Review of technical regulations; safeguard mechanism; recourse to WTO disciplines 
on anti -dumping and subsidies and countervailing measures. Dispute settlement.  
A protocol was signed in 2001 containing agreements on intellectual property rights 
and the reciprocal promotion and protection of investments.  
Related WTO 
documents  None WT/TPR/S/422 • Guyana  
 
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  Preferential trade agreements  
CARICOM -Dominican  Republic  
Parties  CARICOM members, Dominican  Republic  
Date of 
signature/entry 
into force in 
Guyana  1998 (instrument of provisional application 2001)/2004  
Guyana's duty -
free tariff lines 
(2021)  100% duty -free (according to the authorities, the phased list of items expired in 2011; 
accordingly, the relevant items are commonly referred to as "duty free").  
Provisions 
concerning 
goods  Mutual granting of tariff concessions between CARICOM MDCs and the 
Dominican  Republic. All exports from the Dominican  Republic receive immediate duty -
free treatment except those subject to phased reductions (see above) and those listed 
as remaining subject to the MFN rate as listed in the revised Attachment II to the FTA. 
Attachment II includes certain meat, fish, dairy products; vegetables; wheat flour; 
sugar; guava cheese; peanuts; fruit juices; pepper sauce; water; beer; tobacco; 
cement; paints and varnishes; beauty products; candles; disinfectant; organic 
compo site solvents and thinners; bottles; various articles made of metal; and solar 
water heaters. In addition, Article  III specifies that seasonal tariffs may be applied to 
selected fresh fruit and vegetables as set out in Attachment V.  
Provision 
concerning 
services  Provisions on applications by nationals of the parties for licensing/certification 
(domestic regulation) and on the temporary entry of business persons. Provision made 
for future negotiations on services: negotiating group on services was establish ed in 
August 2005, but there have been no concrete developments since then.  
Other 
provisions  • Promotion and protection of investment, dispute settlement, bilateral safeguard, 
recourse to WTO disciplines on anti -dumping and subsidies and countervailing 
measures, customs cooperation, TBT, and SPS.  
• Provisions envisaging future mechanisms on competition policy and agreements on 
government procurement and intellectual property rights. Negotiating group on 
intellectual property rights was estab lished in August 2005; however, there have 
been no further developments.  
Related WTO 
documents  None 
Economic Partnership Agreement (EPA) between CARIFORUM and the European  Union  
Parties  CARIFORUM  (CARICOM members and the Dominican  Republic), European  Union  
Date of 
signature/entry 
into force in 
Guyana  Signed 2008/provisionally applied since 2007  
Transition for 
full 
implementation  The European  Union to offer immediate duty -free and quota -free market access to all 
CARIFORUM goods with the exception of rice and sugar, and products listed in HS 
Chapter 93 (arms and ammunition). By 2033, liberalization of 86.9% of imports from 
the Europ ean Union will be fully liberalized. CARIFORUM countries to phase -in tariff 
reductions between 2011 and 2033.  
Guyana's duty -
free tariff lines 
(2021)  65.4% duty -free (51% duty -free immediately, 35% phased out up to 25 years); 14% 
excluded. According to th e authorities, the current phased position of the EPA is being 
implemented in each phase of the agreement until 2033.  
Provisions 
concerning 
goods  Certain sensitive products (mainly food items and processed food) imported from the 
European  Union into CARIFORUM countries will continue to attract tariffs, and these are 
set out in Annex III to the EPA.  
Provision 
concerning 
services  The European  Union to open up to 90% of its services sectors, and CARIFORUM to open 
up to 65%.  
Other 
provisions  Investment; current payments and capital movement; innovation and intellectual 
property, public procurement, environment, social aspects and personal data 
protection; development cooperation; recourse to WTO dispute settlement provisions 
on safeguards, anti -dumping, and countervailing measures (with the exception of a 
time-limited special safeguard mechanism); commitments to facilitate trade; TBT; SPS; 
dispu te settlement.  
Related WTO 
documents  WT/REG255/N/1, 20  October  2008; WT/REG255/N/1/Rev.1, 24  October  2008 
EPA between CARIFORUM and the United Kingdom  
Parties  CARIFORUM, United Kingdom  
Date of 
signature/entry 
into force in 
Guyana  Guyana signed the agreement on 20  October  2008; it was ratified on 14  June 2012. 
The agreement has not yet entered into force; it is provisionally applied.  WT/TPR/S/422 • Guyana  
 
- 83 - 
 
  Preferential trade agreements  
Transition for 
full 
implementation  According to the authorities, the current phased position of the EPA is being 
implemented in each phase of the agreement until 2033.  
Guyana's duty -
free tariff lines 
(2021)  .. 
Provisions 
concerning 
goods  All goods are liberalized on a duty -free quota -free basis.  
Provision 
concerning 
services  Provisionally applied  
Other 
provisions  Trade and innovation, rules on investment, services, MFN treatment, and agriculture  
Related WTO 
documents  WT/REG420/N/1, 7  January  2021; WT/REG420/N/1/Add.1, 5  May 2021 
CARICOM -Bolivarian Republic of Venezuela  
Parties  CARICOM members, the Bolivarian Republic of Venezuela  
Date of 
signature/entry 
into force in 
Guyana  1992/1993  
Guyana's duty -
free tariff lines 
(2021)  None. According to the authorities, the Agreement is non -reciprocal in design; it lists 
imports (commodities) from CARICOM that are granted duty -free access, whereas all 
imports from the Bolivarian Republic of Venezuela will be subject to the applied MFN 
tariffs.  
Provisions 
concerning 
goods  One-way preferences aimed at promoting CARICOM exports to the Bolivarian Republic 
of Venezuela  
Provision 
concerning 
services  None; provision for future amendments to the agreement and for future negotiations 
on air and maritime transport  
Other 
provisions  Bilateral safeguard, recourse to WTO disciplines on anti -dumping and subsidies and 
countervailing measures, and dispute settlement  
Related WTO 
documents  None 
BILATERAL AGREEMENTS  
Partial scope agreement, Guyana -Brazil  
Parties  Guyana, Brazil  
Date of 
signature/entry 
into force in 
Guyana  June 2001/March 2004  
Transition for 
full 
implementation  
 None 
Guyana's duty -
free tariff lines 
(2021)  96.6% duty -free 
Provisions 
concerning 
goods  Tariff concessions granted by Guyana to Brazil are listed in Annex II. Preferences range 
from duty -free treatment to a tariff reduction of 15% from the MFN rate.  
Provision 
concerning 
services  None 
Other 
provisions:  Safeguards, dispute settlement  
Related WTO 
documents  None 
.. Not available.  
Source:  Information provided by the authorities.  
  WT/TPR/S/422 • Guyana  
 
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  Table A4. 1 Main bodies active in the agriculture sector  
Body  Responsibilities/activities  
National Agricultural 
Research and 
Extension Institute 
(NAREI)  Semi-autonomous body for which the Ministry of Agriculture has reporting 
responsibilities. Undertakes research and development in agriculture as well as 
plant prote ction; provides agricultural services; and maintains a library and 
documentation centre. An Agricultural Research Committee within NAREI advises 
the Minister of Agriculture on agricultural research policy issues.  
Mahaica -Mahaicony -
Abary  Agricultural 
Development 
Authority (MMA/ADA)  Semi-autonomous body for which the Ministry of Agriculture has reporting 
responsibilities. Has responsibility for a range of activities related to the 
development of agriculture in the Mahaica/Mahaicony Abary a rea. 
National Drainage and 
Irrigation Authority 
(NDIA)  Semi-autonomous body for which the Ministry of Agriculture has reporting 
responsibilities. The NDIA is responsible for operation and maintenance of 
drainage, irrigation, and flood control infrastructu re and services.  
Guyana Sugar 
Corporation 
(GuySuCo)  
 State -owned corporation for which the Ministry of Agriculture has reporting 
responsibilities. GuySuCo operates five sugar estates and eight factories. It is not 
the only producer of sugar in Guyana, but  it is the only company manufacturing 
sugar and permanently authorized to import and export sugar (all other companies 
may only import sugar under a non -automatic licence). GuySuCo and the two large 
beverage companies (DDL and Banks DIH) import refined sug ar. GuySuCo supplies 
the imported refined sugar to small manufacturers.  
Guyana Rice 
Development Board 
(GRDB)  Semi-autonomous body for which the Ministry of Agriculture has reporting 
responsibility. Its objectives are the development of the rice industry and 
promotion of rice exports, establishment of research facilities, and promotional and 
developmental activiti es. The GRDB grades and certifies rice and paddy, and issues 
rice milling and export licences.  
National Cane 
Farmers' Committee 
(NCFC)  Established by the National Cane Farming Committee Act (Cap. 69:04). The NCFC 
brings together representatives of farmer s associations, government officials, the 
industry (GuySuCo), and a development organization. Its purpose is to, inter alia,  
devise programmes to promote and expand cane farming, advise the Minister of 
Agriculture, and administer the funds of the Cane Farm ers Special Funds Act.  
Guyana Rice 
Producer's Association 
(GRPA)  Established by the Guyana Rice Producers Association Act (Cap. 60:01), which 
establishes a body corporate comprising rice producers in Guyana. Its functions 
include protecting and promoting rice producers' interests, and making proposals 
to and advising th e Minister of Agriculture.  
Guyana Marketing 
Corporation (GMC)  Semi-autonomous body for which the Ministry of Agriculture has reporting 
responsibilities. Provides various services to the private sector for the export of 
non-traditional agricultural produce (mainly fruits and vegetables) including market 
research, technical assistance and training, export assistance, and marketing 
services. It has established a Marketing Information Centre to provide information 
to stakeholders, and it ru ns two packaging facilities, and acts as a one -stop 
brokerage desk for the exportation of fruit and vegetables. The GMC no longer 
buys farmers' produce for domestic and export sale.  
Guyana Livestock 
Development 
Authority (GLDA)  Semi-autonomous body aimed to promote greater efficiency in the livestock 
industry and to provide enhanced services in livestock husbandry, livestock health, 
and research.  
Source:  Information provided by the authorities.  
__________