RESTRICTED  
  
WT/TPR/G/422  
26 January  2022 
(22-0562) Page: 1/15 
Trade Policy Review Body   Original: English  
 
TRADE POLICY REVIEW  
REPORT BY  
GUYANA  
Pursuant to the Agreement Establishing the Trade Policy Review Mechanism (Annex 3 of the 
Marrakesh Agreement Establishing the World Trade Organization), the policy statement by Guyana  
is attached.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 . WT/TPR/G/422 • Guyana  
 
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  Contents  
1   INTRODUCTION  ................................ ................................ ................................ .........  3 
2   ECONOMIC POLICY ENVIRONMENT  ................................ ................................ ............  3 
2.1   Fiscal Policy  ................................ ................................ ................................ ...............  4 
2.2   The Effect of the COVID –19 Pandemic on the Economy  ................................ ...................  5 
2.3   Infrastructure Development  ................................ ................................ .........................  6 
3   TRADE POLICY DEVELOPMENTS  ................................ ................................ .................  6 
3.1   International Trade Policy  ................................ ................................ ............................  6 
3.2   Trade Performance  ................................ ................................ ................................ ..... 8 
3.3   Preferential Market Access and Free Trade Agreements  ................................ ...................  8 
3.4   New and Emerging Sectors  ................................ ................................ ..........................  9 
4   MULTILATERAL TRADE RELATIONS  ................................ ................................ ..........  11 
4.1   Doha Development Agenda (DDA)  ................................ ................................ ..............  11 
5   FUTURE POLICY DIRECTIONS: OPPORTUNITIES AND CHALLENGES  .........................  11 
5.1   The COVID –19 Challenge  ................................ ................................ ..........................  11 
5.2   Public Infrastructure and Transport Infrastructure  ................................ ........................  12 
5.3   Oil and Gas Sector  ................................ ................................ ................................ .... 12 
5.4   Energy ................................ ................................ ................................ ....................  12 
5.5   Export Diversification  ................................ ................................ ................................  13 
5.6   Reforming Traditional Industries  ................................ ................................ .................  13 
5.7   Climate Change and Environmental Impact  ................................ ................................ .. 13 
5.8   Public -Private Dialogue  ................................ ................................ ..............................  13 
5.9   New Technologies and ICT  ................................ ................................ .........................  14 
5.10   Forestry  ................................ ................................ ................................ .................  14 
 
 
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  1  INTRODUCTION  
1.1.  Guyana welcomes this fourth round of its Trade Policy Review (TPR) by the World Trade 
Organi zation, Trade Policy Review Body. The Government of Guyana acknowledges the virtual 
consultations with WTO Secretariat staff during the preparations of the TPR and appreciates the 
valuable work undertaken under difficult circumstances due to the COVID –19 pandemic restrictions.  
1.2.  Guyana is a small vulnerable economy that still heavily relies on a narrow export base, 
comprised of agricultural and extractive industry products, which are increasingly playing a key role  
in the country's export revenue. Guyana continues to import most of the products it needs, but the 
current policy is to encourage domestic production of products which are hitherto being imported. 
Guyana remains a strong advocate for a transparent, rules -based, multilateral trading system. Most 
of Guyana's import and export trade is based on reciprocal preferential market access based on free 
trade agreements with international and regional trading partners.  
1.3.  During the review period, Guyana has sought to d iversify the economy and create opportunities 
in all economic sectors. With the development of the oil and gas sector, the country started exporting 
oil, and intends to use the revenues to invest in critical development priorities particularly in 
education  and health and in key sectors, especially agriculture with a focus on agro -processing, light 
manufacturing, services and tourism. In its bid to expand the economy and its exportbase, Guyana 
continues to embrace multilateralism, while at the same deepening  regional integration within the 
context of the Caribbean Community (CARICOM). It continues to advocate for the removal of barriers 
to trade to encourage greater access to markets in the countries of the Region.  
1.4.  Prior to the COVID –19 pandemic, Guyana's eco nomy had experienced steady growth over the 
years, but this was disrupted by the pandemic. Like other countries, and economies it is hoped that 
with the easing of restrictions and opening up of economies, Guyana's economic growth, which was 
steadily rising  from 3.8% in 2016 to 5.3% in 20191, and was expected to grow by 45.6% in 20202 
registered an actual rate of 43.48%.  
2  ECONOMIC POLICY ENVIRONMENT  
2.1.  Guyana's has had a positive economic performance during the review period, with an average 
growth rate of ab ove 12.5% during that period, with a 3.8% growth in 2016 and 43.48% in 2020 .3 
The high growth rate in 2020 being a reflection of the early revenue from the gas and oil sector as 
well as other measures by Government to improve the overall business climate and attract 
investment in other sectors of the economy. The generally favourable international environment 
coupled with increased interest in the economy by mostly international investors has been the main 
catalyst for the much -improved macroeconomic perfo rmance. Even without the growth 
rate of 43.48% in 2020 attributed to the oil and gas sector, the average rate of growth for the 
four (4) preceding years would be over 3.3%, which is above the regional average for the same 
period. Guyana is positioned to at tract increased long -term investments, especially in the oil and 
gas related services as well as other economic sectors and tourism.  
2.2.  The World Bank Group Ease of Doing Business Report of 2020 ranked Guyana 134 among 
the 190 countries that were covered by the report with a score of above average at 55.5% The 
report gives Guyana favourable scores for different aspects of doing business in Guyana, including 
starting a business, securing credit and access to finance, securing necessary permits and trading 
across the border, among other considerations. The Government continues to create conducive 
environment for enterprises to establish and thrive their businesses in Guyana, in this regard.  
2.3.  Guyana's GDP at Current Basic Prices (US D million ) (2012 Base) rose from  USD 4,089.90 in 
2016 to US D 4,904.40  in 2020, while the per capita GDP (US D) (2012 Base) rose from US D 5,979.20 
to US D 6,855.10 during the same period .4 This consistent improvement in Guyana's GDP is a 
reflection of the steady economic growth that the country has witnessed over the past decade. This 
 
1 https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=GY .  
2 https://finance.gov.gy/budget -speech -2020/ .  
3 https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=GY . 
4 https://finance.gov.gy/wp -content/uploads/2021/02/Budget -Speech -2021.pdf . WT/TPR/G/422 • Guyana  
 
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  economic growth continues to be registered largely due to the robust performance of all sectors of 
the econ omy due to the Government's targeted measures.  
2.4.  The agricultural sector dominated by the rice and sugar industries as the major contributor to 
the economy in terms of the national GDP during the previous review period has been overtaken by 
the extractive i ndustry over the recent past. Besides, oil and gas other products of mining and 
quarrying, including gold and bauxite were the main export revenue earners for Guyana during the 
review period. It is expected that these exports of mining and quarrying, which  have seen high 
growth during the review period, will continue to be major driver of the economy in the short and 
medium term.  
2.1  Fiscal Policy  
2.5.  During the review period, the Central Bank of Guyana continued to exercise its power to guide 
Guyana's m onetary pol icy with the aim of influencing the availability and cost of money and credit, 
in order to achieve national goals such as a low, stable and predictable rate of inflation and sustained 
economic growth. The principal objectives on the fiscal policy were acco rdingly designed to foster 
domestic price stability through the promotion of stable credit and exchange conditions, as well as 
sound financial intermediation conducive to the growth of the economy of Guyana by strict 
observance of the reserve requirements and open market operations.5  
2.6.  In this respect during the review period , there was a  change in reserve requirement, which 
was implemented in 1999, remained in force up to 23 August 2020. Subsequently, there was a 
temporary amendment of the rate to 10 % effective 24 August to 31 December 2020 as agreed 
between the Bank and the commercial banks in relation to the supplementary relief measures for 
the COVID -19 pandemic. The Bank of Guyana has managed to maintain a stable bank rate, which 
is determined by the 91 -day treasury bill rate, which remained unchanged .6 The 91 -day treasury bill 
yield remained unchanged at 1.54 % due to the non -issuance of the bill during the review period 
while the spread between the Bank rate and 91 -day treasury bill stood at 3.5 %. 
2.7.  The Government continues to apply a fiscal policy that is geared towards long -term stability 
and growth. The implementation of the VAT in the previous review period modernised Guyana's tax 
regime and VAT administration was strengthen and streamlined during the  reporting period. VAT at 
the rates of 14% or 0%  is charged on the taxable supply of goods and services within Guyana by a 
registered person and the supply of machinery and equipment for obtaining, generating, and utili zing 
electricity from renewable energ y sources is VAT exempt, besides other items including international 
transport services, locally mined raw gold or diamonds, educational services, residential rent, 
financial services, and certain medical services, food items, and consumer products, while goods 
and services for export and certain medical supplies are zero-rated .7  
2.8.  The Bank of Guyana managed to maintain a low inflation rate for the respective years during 
the review period with the highest rate being at 2.09% in 2019 .8 This has helped have sustained 
stable consumer prices over the years. The exchange rate against all major convertible currencies 
remained relatively stable during the review period. During the review period, Guyana maintained a 
stable public debt, which h as however witnessed a slight increase in 2020. This slight increase 
notwithstanding, the country remains in a good position to service its external debt given its maturity 
structure and currency composition. Guyana has benefitted from debt relief, made su bstantial 
repayments, and exerci sed prudent debt management, leading to a large decline in the country's 
debt ratios over the past decade and has seen a debt -to-GDP ratio decline to 47 % in 2020. The 
latest debt sustainability analysis (DSA), conducted by t he International Monetary Fund in 2019, 
concluded that the risk of external and overall debt distress is moderate, but debt dynamics will 
improve significantly as oil production begins. ( The Government of the Cooperative Republic of 
Guyana Public Debt Poli cy 2021 – 2024).9 
 
5 www.bankofguyana.org.gy . 
6 https://bankofguyana.org.gy/bog/images/research/Reports/ANNREP2020.pdf . 
7 https://taxsummaries.pwc.com/guyana /corporate/other -taxes .  
8 https://www.worlddata.info/america/guyana/inflation -rates.php . 
9 https://finance.gov.gy/wp -content/uploads/2021/05/Public -Debt-Policy -2021-2024-The-Cooperative -
Republic -of-Guyana.pdf . WT/TPR/G/422 • Guyana  
 
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  2.9.  One major development during the review period is that with the commencement of the 
exploitation of Guyana's oil and gas resource and the need to rationali ze management of anticipated 
revenue, Guyana established the Natural Resources Fun d, through the enactment of Natural 
Resource Fund Act No. 12 of 2019 which became operational during the review period. The Natural 
Resources Fund is intended  to manage the natural resource wealth of Guyana for the present and 
future benefit of the people in an effective and efficient manner by  ensuring that volatilit y in natural 
resource revenues do not lead to vola tile public spen ding; ensuring that natural resource revenues 
do not lead to a loss of  economic competit iveness;  fairly t ransfe rring natural resource wealth across 
genera tions to ensure that future generations benefit from natural resource wealth; and  using 
natural resource  wealth to finance national development priorities including any initiative aimed at 
realising an inclusive green economy. The Fund is a pub lic fund held in the name of  the Bank of 
Guyana on behalf of the Government and peo ple of Guyana.10  
2.10.   Guyana is open t o foreign investments, and there is no discrimination between foreign and 
domestic investors with regard to their investments, except in small scale mining sector. Under the 
Income Tax (In Aid of Industry) Act, the Minister of Finance may grant an exemptio n from some 
taxes with respect to new economic activity of a developmental and risk -bearing nature in specified 
economic fields. Guyana has consistently been ranked very high in UNCTAD's FDI performance index 
during the review period. The Government active ly supports potential investors through the Guyana 
Office for Investment (GO -Invest). Significant investments have been made during the review period 
in all major sectors, especially in the oil and gas sector, and services sector activities linked to the 
oil and gas industry. The Government is seeking to widen the spread of investments in new areas of 
manufacturing for value addition, agriculture and agro -processing industries, as well as in the 
services sector especially in information communication techno logy (ICT) and the tourism sector.  
2.11.   Guyana's economy was ranked among the five fastest growing economies in the world by 
Nasdaq, Bloomberg and the International Monetary Fund (IMF); at a time when the rest of the 
world's economy was in decline. The country's GDP for 2019 was USD 4.28 billion , a 10.36% 
increase  from 2018 and is expected to have a 26.2% growth in 2020 according to the IMF revised 
forecast. Exxon Mobil has projected to produce at least 750,000 barrels of oil per day by year 2025.  
Guyana is on the verge of becoming the largest oi l producing country in the world on a per capita 
basis. Guyana is already preparing for this by putting in place the regulatory framework to manage 
the sector and the investments that would follow.11 
2.2  The Effect of the COVID –19 Pandemic on the Economy  
2.12.   Guyan a remains largely a commodity exporter and is therefore exposed to developments on 
the global commodity markets, and the COVID -19 pandemic created much uncertainty in these 
markets, with mixed effects across the main commodities of export interest to Guyan a. While the 
average world market price of rice and sugar may increase in the immediate post pandemic era, the 
global metal prices including gold, aluminium and oil were lower during the pandemic compared to 
the years before, although the price of oil is s et to rise again. The pandemic created slow growth of 
the rest of the economy, which was characteri zed by closure of all major sectors, including wholesale 
and retail trade, tourism and most of the services sector. The few sectors that remained open only 
operated far below normal capacity. The economic shocks on the economy from the COVID –19 
pandemic are likely to be far more severe and far more lasting than was originally anticipated. Thus, 
Guyana's real Gross Domestic Product (GDP) in 2020 is estimated to  have grown by 43.5 %, 
somewhat lower than previously expected, while initial estimates indicate that the non -oil economy 
may have contracted by up to 7.3 %. 
2.13.   While it is not clear when or if the pandemic is ending, it is evident that the COVID –19 
pandemic wi ll impact the Guyanese economy both in the short and long term. The declining and 
weak global economy has already negatively imparted remittances by Guyanese in the diaspora who 
used to significantly contribute to Guyana's foreign exchange revenue. Some bu sinesses and sectors 
may never recover, or they may take a long time to find their footing again. Except in the oil and 
gas sector, investments in other sectors of the economy stalled since the pandemic and this has a 
ripple effect on employment and purcha sing power within the economy. The Government of Guyana 
 
10 https://finance.gov.gy/publications/natural -resource -fund/ . 
11 www.goinvest.gov.gy . WT/TPR/G/422 • Guyana  
 
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  provided relief to alleviate the impact of COVID –19 both in cash and in kind to the population, as 
well as tax waivers on essential products, but this relief may not be a long -term solution.  
2.14.   Despite the slowdown in the economy however, Guyana's real GDP is projected to grow with 
the reopening of the economy after the COVID -19 restrictions are gradually lifted and is, therefore, 
subject to significant downside risks. The non -oil economy including the a griculture, forestry and 
fishing sector is expected to expand driven by growth across all subsectors as well as the mining 
and quarrying sector expected to grow significantly driven by growth across all industries, namely 
oil, gold, bauxite, and other mini ng and quarrying. The performance of the manufacturing sector is 
projected to also improve on account of anticipated growth in sugar, rice, and other manufacturing. 
Regarding the services sector, significant improvements are anticipated commencing in the s hort 
following the phased reopening of the economy, largely driven by anticipated expansions in 
wholesale and retail trade, transportation and storage, and financial and insurance activities, which 
are all expected to grow significantly when the pandemic e ases.12  
2.3  Infrastructure Development  
2.15.   The modernization and development of the country's economic infrastructure remains key to 
strengthening the economy and transforming the landscape for economic development. During the 
review period, the Government sought  to enhance and expand public physical infrastructure, through 
public investment and strategic partnerships for much needed finance. The Government expanded 
and moderni zed Guyana's international airport at Timehri to improve air transport services and 
enhance Guyana's connectivity with its partners. The privately owned airport at Ogle, near 
Georgetown was also expanded and upgraded to international airport status, to create an alternative 
option for international travellers out of Guyana. The road network b oth within and beyond the main 
port city of Georgetown has been enhanced by constructing new roads and/or renovating and 
expanding existing roads and bridges. The improvement of airports and the road networks resulted 
into increased international arrivals and also eased transportation for both goods and citizens as 
they ply their business and services within the country.  
3  TRADE POLICY DEVELOPMENTS  
3.1  International Trade Policy  
3.1.  Guyana considers trade policy to be at the center of its economic development since trade, 
both exports and imports contribute significantly to the National Gross Domestic Product (GDP). The 
Ministry of Foreign Affairs and International Cooperation is responsible for coordinating Guyana's 
trade policy, specifically through the Department of Foreign Trade. The Ministry oversees the 
National Advisory Committee for External Negotiations (NACEN) which is a forum for public -private 
stakeholders and ensures their participation in trade policy matters. The NACEN has regular 
meetings quarterly to get briefing and give guidance based on Guyana's interests, on key ongoing 
trade policy matters. The NACEN is convened and chaired by the Minister.  
3.2.  Guyana remains open to investment as the basic code and regimes are the same as they were 
during the last Review. As a member of CARICOM, the well -established mechanisms in place for the 
waiver of tariff duties on inputs. Such waivers are still followed by local producers. The general trade 
policy regime as it relates to locally and regionally produced items re main constant as per the last 
review, they do enjoy some amount of tariff protection from extra -regional imports, in particular 
agricultural products. Guyana only uses ad valorem  tariffs and has not imposed any import quotas.  
3.3.  Guyana is a founding member o f the Caribbean Community (CARICOM) and in accordance with 
the Revised Treaty of Chaguaramus, Guyana conducts its external trade policy through the 
CARICOM, including negotiation of external trade agreements with third countries. Any 
external  trade agreeme nt Guyana may wish to negotiate independent of CARICOM must be notified 
to CARICOM for no objection from member states. A key feature of the CARICOM is the operation 
of the Common External Tariff (CET) by member countries and the CARICOM Single Market 
Economy (CSME), which member countries have sought to deepen and strengthen to facilitate 
categories of people that may freely move as service providers during the reporting period.  
 
12 https://finance.gov.gy/wp -content/uploads/2021/02/Budget -Speech -2021.pdf . WT/TPR/G/422 • Guyana  
 
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  3.4.  During the reporting period, Guyana under the auspices of the Caribbean Forum (CARIFORUM) 
Group of countries negotiated with the United Kingdom (UK) of Great Britain and Northern Ireland 
an Economic Partnership Agreement (EPA). This EPA is essentially a rollover agreement 
from the CARIFORUM -European Union (EU) EPA. Guyana signed the CARIFORUM -UK EPA on 
22 March 2019. This EPA is being provisionally applied since 1 January 2021. This Agreement has 
since been notified to the WTO Committee on Regional Trade Agreements.  
3.5.  The governance instituti ons of the CARIFORUM -UK EPA will match those of the CARIFORUM -EU 
EPA, namely the Joint Council (at Ministerial Level), the Trade and Development Committee 
(TDC,  meeting at Technical Level), the Parliamentary Committee and the specialised Committees on 
Agriculture and Fisheries, Services and Development Cooperation. The TDC had its first meeting 
in October 2021, and the Joint Council will meet during the first quarter in 2022.  
3.6.  On the side of the CARIFORUM -EU EPA there continues to be the main vehicle for tra de between 
CARIFORUM States and the EU. Consequent to the exit of the UK from the EU, the Region's trade 
with the EU will be affected. However, with the mandatory second five -year review underway it is 
hoped that measures will be identified to ensure real market access and presence for CARIFORUM 
Member States. The Joint Declaration that was signed at the conclusion of the EPAs mandate that a 
review of the operations of the EU must be undertaken in fiver -yearly intervals. The first such took 
place in 2015 an d the second was due to have been completed during 2020 but was affected by the 
ongoing COVID -19 pandemic. It is anticipated that this the second review will be completed during 
the first quarter of 2022.  
3.7.  The Cotonou Partnership Agreement that governed the  relationship between 
CARIFORUM  States and the EU came to an end in January 2020. Formal negotiations for a successor 
agreement were launched in September 2018 and draft texts of the Agreement were initialled by 
the respective lead Negotiator for the two s ides on 16 April 2021. This new arrangement sees a 
foundation -type agreement at the "all -ACP" level and is supported by Regional Protocols that were 
tailored to the respective regional specificities. To allow for the signing of and implementation of the 
new Agreement the Cotonou Agreement has had several extensions, the latest of which will end on 
30 June 2022. It is anticipated that the new Foundation -type agreement will be signed in Apia, 
Samoa before the expiry of the latest extension.  
3.8.  Since 2015, Guyan a has taken  several  steps to foster Trade Facilitation (TF) reforms and to  
accelerate implementation of the World Trade Organization (WTO) Trade Facilitation 
Agreement  (TFA). Guyana submitted its requisite notifications to WTO under the TFA during the 
period 2015 –2020, this includes nine (9) Category C measures.  
3.9.  During the period under review, the Guyana also benefitted from a number of Technical 
Assistance (TA) activities  under  the United Nations Conference for Trade and 
Development's  (UNCTAD) Empowerment  Programme. UNCTAD's support ensured continuity of the 
work of the National Committee on Trade Facilitation (NCTF)  and led to the  development of a 
Roadmap.  The roadmap  is considered a living document and is intended to guide  Trade Facilitation 
reforms beyon d the TFA for the period 2019 -2024.  Presently, Cabinet's endorsement is being sought 
to further encourage active engagement at the NCTF and to  achieve  the priority goals set out in  
Roadmap. Reviewing  the roadmap  and coming up with  a work plan being discuss ed at the national 
Committee level.  
3.10.   Guyana  currently has an implementation rate of 83.2% under the TFA.  To address  its 
Technical Assistance and Capacity Building (TACB)  needs, the country  successfully  mobilized  support  
under the WTO Trade  Facilitation Agreement Facility (TFAF) Grant program me. Support under the  
TFAF Grant Program,  led to the development of nine  (9) project proposals aligned with Guyana's 
nine (9) notified Category C measures under the TFA. The foregoing is intended to facil itate further 
collaboration with donor support partners  to ensure implementation  of each  C measure through 
engagement at the NCTF level. A notification  on TFAF  Project Preparation Grant is expected to be 
submitted to the WTO to reflect these additional upd ates.  
3.11.   The NCTF meets  on a quarterly basis and is jointly coordinated by the Ministry of Foreign 
Affairs and International Cooperation  (Foreign Trade Department) and the Guyana Revenue 
Authority (Customs  Administration). In  addition, the NCTF  membership includes other  key border 
and regulatory agencies.  WT/TPR/G/422 • Guyana  
 
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  3.12.   Guyana  also remains  committed to engagements  on Trade  Facilitation  at the levels of 
CARICOM within the Regional Committee on Trade Facilitation  and at the  WTO within  Trade 
Facilitation Committe e (TFC).  The former is intended to support the Region's approaches  towards 
implementation  of Trade Facilitation reforms in keeping with  Article 24.5  of the TFA  and the latter 
remains important, given that  the work  of the NCTF  is also guided by the decisions emanating at 
the WTO -TFC.  
3.13.   Through the implementation of the Trade Facilitation Agreement, Guyana has continued to 
streamline and facilitate movements of goods across its borders, with the intension of ensuring that 
there i s increased transparency and efficiency for importers and exporters. In the same vain Guyana 
is in the process of instituting measures that will allow operation of a single electronic window to 
execute customs procedures at the border. This is expected to allow increased predictability and 
reduce time needed to handle and clear trade goods.  
3.14.   Agriculture is a major contributor to Guyana's Gross Domestic Product (GDP) and the current 
Administration intends to continue investing in the sector to expand it and r eturn it to profitability. 
Since August, the Government has made massive investments in the sector, which at the end 
of 2020 accounted for 27.1 % of the non -oil GDP and 21.3 % of non -oil exports. The Government has 
crafted a holistic plan for agriculture aim ed at reali zing Guyana's potential of becoming the 
breadbasket of the Caribbean. This year, expenditure in the agriculture sector is expected to increase 
to GYD 22.6 billion from GYD 18.3 billion  in 2020.  
3.2  Trade Performance  
3.15.   Guyana has seen a strong export g rowth during the review period. The mining and quarrying 
sector has largely contributed to Guyana's increased export revenue, especially since the 
commencement of petroleum exports. Gold and aluminium exports have also made significant 
contribution to Guya na's export. The traditional agricultural products including rice, sugar, rum also 
continue to play a key role in Guyana's exports besides the fisheries and forestry products. Guyana 
is looking to increased diversification of it exports. During the review period , Guyana's imports have 
also increased tremendously in response to the development of new sectors, like the oil and gas 
sector. Imports have grown as well, and Guyana continues to have a significant trade deficit. The 
imports are dominated by machine ry and industrial manufactured goods and the increased imports 
have dictated an increase in Guyana's trade deficit over the years during the review period.  
3.16.   Just as Guyana has sought to diversify its exports during the review period, export markets 
have al so been diversified to new destinations although the traditional markets in USA, Canada, UK 
and EU remain strong besides the regional markets. During the review period , increased imports 
were sourced in new markets, including China, India and Brazil, Singa pore and United Arab Emirates, 
among others. Diversification and expanding of Guyana's export and import markets is a key priority 
for Guyana, as the country seeks to engage in production of new products.  
3.17.   Most of Guyana's trade is currently dependant on p referential trade arrangements with 
partner countries. Although there is still relatively limited trade with Guyana's regional neighbours, 
this trend is changing as Guyana makes investments in the gas and oil sector as well as 
agro-processing industry. Str ategic investments in physical infrastructure are being planned by 
government to facilitate trade on a larger scale with regard to both products and market destinations.  
3.3  Preferential Market Access and Free Trade Agreements  
3.18.   Guyana as a member CARICOM conti nues to be an active proponent and promoter of 
the Caribbean regional integration process. CARICOM administers a CET on extra -regional products 
and tariff -barriers for trade in goods within the Region have been largely abolished, to encourage 
and enhance r egional production. A significant share of Guyana's imports and exports are 
with CARICOM states, especially Trinidad and Tobago and Barbados. Successful implementation of 
the CSME is a priority for both the Government of Guyana and its regional partners as  a way of 
strengthened regional integration and facilitate unimpeded movement of resources across the all 
the countries in the region.  
3.19.   Besides the CARICOM where Guyana enjoys preferential treatment regarding market access, 
it also receives preferential acc ess for most of its products in key markets of the UK, EU and Canada. WT/TPR/G/422 • Guyana  
 
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  Accordingly, Guyana's market presence in these markets has remained strong during the review 
period. The UK and EU's preferential market for Guyana's exports of sugar, rice and rum has b een 
crucial for the development of these sectors. Guyana together with CARIFORUM member countries 
signed the Economic Partnership Agreement with EU in 2007 and with UK alone in 2019 after Brexit. 
Both Economic Partnership Agreements are being provisionally  implemented with progressive 
liberali zation of Guyana's imports from these markets while enjoying market access substantially for 
most of the exports. Despite this seemingly favourable terms, Guyana's exports have not 
significantly increased during the re view period but have remained stable. Guyana looks forward to 
full implementation of both agreements and is intensifying efforts to attract investments from both 
markets.  
3.20.   The United States grants duty -free access for a wide range of products under the 
Caribbean  Basin Initiative (CBI). The Caribbean Trade and Partnership Act (CTPA) was extended 
to 2030 and Guyana will continue to enjoy preferential access to the US market until then .13 The 
United States is also the major source of non -oil imports for Guyana.   
3.21.   Under the CARIBCAN arrangement, Canada extends to Guyana and other CARICOM countries 
non-reciprocal preferential access to the Canadian market for a wide range of products that satisfy 
specific rules of origin. The current arrangement is due to expire in  2023. Gold, diamonds aluminium 
and rum have consistently remained Guyana's key exports to Canada over the review period. 
Negotiations between CARICOM and Canada of an enhanced Trade & Development Agreement to 
strengthen the trade and economic relationship  between the parties have stalled for some time.  
3.22.   Guyana together with other CARICOM countries has signed (Free Trade Agreements) FTAs 
with a number of Latin American countries, including Cuba, the Dominican Republic, Costa Rica, 
Colombia and Venezuela. Gu yana has also signed a bilateral Partial -Scope Agreement with Brazil. 
Trade between Guyana and these countries has been very limited despite efforts to reinvigorate the 
performance of all the agreements during the review period. One contributing factor is the limited 
transportation infrastructure between the parties.  
3.23.   Guyana seeks to enhance its trade relations through new or improved trade agreements with 
a view to diversifying export markets as well as products. There is a concerted effort to attract 
investments from key markets to specifically produce for export markets. The Government is also 
adopting and implementing measures to create an enabling environment for increased production 
and export of non -traditional exports and investing in trade infrastru cture, including transport 
networks as well as trade facilitation at ports and customs points.  
3.4  New and Emerging Sectors  
3.24.   The Guyanese economy has until the recent past relied of few industries, notably sugar, rice, 
bauxite, rum, fisheries and forestry produ cts. During the review period these traditional sectors were 
outpaced by the mining and quarrying sector, particularly gold and diamonds. The oil and gas sector 
has been recently developed and has become key to Guyana's export revenue. While the traditiona l 
sectors remain key to the economy, sugar exports have witnessed a drop in revenue due to erosion 
of preferences, especially in the EU and UK markets. Accordingly, value addition on the traditional 
products will be key to continued relevance to the econom y. In this regard rather than relying on 
export of primary products, focus is shifting to agro -processing and light manufacturing to add value 
before export. There exists great potential in various emerging sub -sectors for investment and 
growth in the agri culture sector, including fruits and vegetables, livestock and aquaculture where 
most of Guyana products are exported as primary products.  
3.25.   Guyana, in the context of the CSME, has lead responsibility within CARICOM for Agriculture, 
Agriculture Diversificati on and Food Security. In exercise of this responsibility, the President of 
Guyana, His Excellency President Dr. Mohamed Irfaan Ali, presented a proposal, Advancing the 
CARICOM Agri -Food Systems Agenda: Prioritising Regional Food and Nutrition Security , 
which was adopted by the Conference of Heads of Government of CARICOM at their 
Thirty -Second  Inter-Sessional Meeting held on 24 and 25 February  2021. The said Conference also 
 
13 https://www.minfor.gov.gy/featured/renewal -of-the-caribbean -basin -trade -partnership -act/. WT/TPR/G/422 • Guyana  
 
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  approved the establishment of a Special Ministerial Taskforce (MTF) on Food Production and 
Food Security to follow -up and monitor implementation of the strategy.  
3.26.   The Strategy envisages a two -tiered approach to reinvigorate growth and development in the 
CARICOM agri -food sector: full commercialization of the agri -food system, invo lving large scale 
private sector investment and potentiating the contribution of MSMEs, including the Region's farmers 
and fisherfolk, through forward and backward linkages; and swift tackling of the strategic policy 
priorities required to address structur al challenges to commercialization. The end result should be 
a modern, highly efficient regional food production and distribution system that responds to the food 
and nutrition needs of the Region's consumers in terms of quality, affordability, reliability  and 
sustainability.  
3.27.   The initiative can be seen as integral to enhancing Regional food and nutrition security and 
"building back better" after the C OVID -19 pandemic, by strengthening the Region's self -reliance in 
meeting basic human needs on a more secure basis. This is particularly relevant to employment 
opportunities, given the devastating impact of the pandemic on the tourism sector and the 
challenges posed in rolling out of vaccine programmes globally.  
3.28.   Besides improving on the traditional agricultural products for export, the Government 
of Guyana is also actively promoting accelerated diversification of the economy and developing 
non-traditional sectors including the services sector, tourism, alternative energy and information 
technology besides the gas  and oil sector. During the review period, the Government has sought to 
strengthen the trade in services sector through the revitalization of the Coalition of Services 
Providers and preparing key legislation for specific services including architects and e ngineers, 
building infrastructure for ICT and promotion of internet connectivity in the country. Since the 
exploitation of oil, the gas and oil related services sector grew tremendously during the review period 
and the trend is not about to stop. The Gover nment is also pursuing investments in alternative 
renewable energy including biofuels, hydropower, and solar energy in response to climate change 
and the need to reduce dependence on fossil fuels.  
3.29.   Guyana's Low Carbon Development Strategy (LCDS) 2030 is gea red towards a massive 
expansion of renewable energy across the country. The strategy aims to decouple economic growth 
from the use of fossil fuels for electricity generation by developing low -carbon energy resources 
(Solar, Hydro, Wind, Biomass, and Natura l Gas) to meet the rapidly rising demand and keep 
greenhouse gas emissions low. The Government's Hinterland Electrification Programme aims to 
utilize the most technical and economically feasible solution (interconnection to the larger grid, solar 
PV and/or  mini-hydro) that will include the enhancement of the productive usages of energy to 
increase the long -term sustainability of the mini -grids. It is anticipated that the programme would 
be implemented during the period 2023 -2026.  
3.30.   The Government of Guyana re mains committed to providing affordable, stable and reliable 
energy that will benefit both households and businesses. Under this initiative, the Government will 
advance an energy mix of solar, hydropower, natural gas, and wind, which will lead to more 
than 500 MW of newly installed capacity while reducing the country's dependence on imported fossil 
fuels for electricity generation and the cost of electricity.  
3.31.   The Government is committed to implementing the following policy measures:  
• Completion of the 165 M W Amaila Falls Hydroelectric project . 
• Production of about 300  MW in the interim, from natural gas . 
• Investment in solar and wind systems for off -grid areas . 
• Expansion of the hinterland electrification programme . 
• Replacement and upgrade of solar systems in the hinterland . 
• Urgent action to improve and upgrade the national grid (transmission and distribution) . 
• Development of micro -grids for large hinterland areas . 
 
3.32.   Guyana became an oil producing country in December 2019 and currently has recoverable  
reserves exceeding (ten) 10 billion barrels.  
3.33.   As new sectors in the economy emerge and outpace traditional sector as drivers of the 
economy, the Government of Guyana puts special emphasis on institutional strengthening, skills WT/TPR/G/422 • Guyana  
 
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  development and training to e nable citizens have opportunity to participate in shaping the future of 
the country. In this regard, Guyana has adopted a local content policy, especially for the oil and gas 
sector, but will also influence other economic sectors. Research and development remain at the 
center of Government's initiative to promote and strengthen the emerging sectors for them to be 
key in enhancing production levels. It is Government's commitment for these sectors to employment 
and provide jobs, especially to the youth and he lp to achieve the Millennium Development 
Goals  (MDGs) and reduce poverty besides reducing the country's vulnerability to external shocks.  
4  MULTILATERAL TRADE RELATIONS  
4.1  Doha Development Agenda (DDA)  
4.1.  Guyana continues to support and advocate for the resumptio n of the now stalled Doha 
Development Round of negotiations with a view to achieving its successful conclusion with a 
balanced, development -oriented outcome. The Government of Guyana is committed to having the 
issues under the Round concluded under a multi lateral framework taking into account the different 
circumstances of all Members. Guyana's position in the Doha round negotiations remains closely 
aligned to the position of its regional CARICOM partners and the Small and Vulnerable 
Economies  (SVEs) group.  Guyana continues to keenly follow developments at WTO and looks to 
working with like -minded members to have the Round concluded.  
4.2.  Guyana's interests in the Doha Development Agenda negotiations on agriculture remain 
premised on the need to have food securi ty for the vulnerable countries that are prone to the effects 
of global warming and climate change; removal of prohibited subsidies by developed countries, 
especially those which have market distorting effects for agricultural products from countries like 
Guyana; the need to provide adequate policy space for domestic and CARICOM agriculture as well 
as other issues that are necessary for sustainable growth of our agricultural sector. Guyana is well 
aware that the proposals of the SVE group have always had ac ceptance among the membership in 
as far as they provide supportive trade environment to agriculture. Market access for agricultural 
products continues to be of concern due to unjustifiable technical barriers as well as damaging 
preference erosion to produc ts of interest to Guyana including sugar, rice and rum.  
4.3.  Guyana looks forward to tackling and resolving the issues related to WTO Reform. It is 
appreciated that the current multilateral trading system as created at the end of the last century, 
no longer ade quately fulfils members' expectations and needs to adjust to the realities of the current 
times. In this regard, it will be important to continue working on consensus building on those issues 
that remain unresolved. There is need to end the impasse with th e Dispute Settlement Body so that 
members have a forum to settle any existing and future disputes. It will also be crucial to restore 
confidence in the institutions and operation of the multilateral trading system. The moratorium on 
tariffs on electronic t ransmissions has been beneficial to small countries, including Guyana and 
provided relief in access internet and participating the global electronic commerce economy. Guyana 
supports the extension of the moratorium and members should consider making it per manent in 
order to help small vulnerable countries attain the required development.  
5  FUTURE POLICY DIRECTIONS: OPPORTUNITIES AND CHALLENGES  
5.1  The COVID –19 Challenge  
5.1.  During the past two years the entire world has been faced with a health crisis that translated  
into an economic slowdown that affected all countries, without exception. Guyana, like other small 
developing countries, has been affected by the crisis much more than developed countries that were 
in better positioned to manage the consequences associate d with the crisis. In the short to medium 
term, Guyana like other countries will continue to design and implement policies to alleviate the 
challenges created by the pandemic. The Government shall continue to work with member countries 
to find solutions th at will enable equitable access to medical supplies by vulnerable countries without 
manufacturing capacity of their own. The COVID –19 pandemic has demonstrated to the entire world 
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  5.2  Public Infrastructure and Transport Infrastructure  
5.2.  The COVID –19 pandemic and related economic negative consequences notwithstanding, the 
Government of Guyana remains committed to creating conducive environment for trade and 
investment and has continued to adopt appropriate policies aimed at making Guyana a better place 
for business and investments. Relevant policy framework has been developed to attract sustainable 
investment, and Government continues to explore new possible markets for Guyanese products 
through agreements with partner countries. Extensive investments have been made in developing 
trade related public infrastructure including airports and road networks in order to make Guyana 
more competitive. Guyana has modern ized the international airport at Timehri and also 
commissioned a second international airport which mainly services the regional market to improve 
connectivity and efficiency as a key component of the tourism industry and provision of other 
services. The road networks linking agricultural production areas to the rest of the country, especially 
to the port city of Georgetown have been upgraded to ease transportation of products and open up 
the interior regions for productive activity. In partnership with th e neighbouring Suriname the 
Government is in the final stages of constructing a bridge at the common border to boost trade 
between the two countries. The Government is focused on export diversification through 
value -addition to primary products that were p revious exported with minimum processing. Particular 
attention is also being given to the services sector, which is being developed as a catalyst for 
developing other economic sectors.  
5.3  Oil and Gas Sector  
5.3.  Although the COVID –19 pandemic and the consequent e conomic slow -down would necessarily 
lead to decreased export revenue, Guyana hopes to the oil and gas sector to make up for the revenue 
missed from other sectors of the economy. Guyana is developing a low carbon green economy, while 
at the same time is dev eloping the oil and gas sector as a key component in enhancing economic 
development. The Government of Guyana has developed necessary policies to manage a robust oil 
and gas sector as a backbone and enabler to other sectors by facilitating development of t he 
industrial sector as well as services sector. Consequently, Guyana looks to attract investments not 
only in the gas and oil sector, but also in other areas that feed into this sector, especially services.  
5.4  Energy  
5.4.  Guyana is cognisant of the negative conse quences of climate change and as a country with a 
low-lying coastline hosting most economic activities will continue to put emphasis on measures 
designed to avert the causes of climate change and environmental degradation. The supply of 
electricity in Guya na also faces difficulties with reliance on imported oil for its power supply, prone 
to price shocks on the oil market. In this respect the Government intends to invest in continued 
diversification of the economy by supporting non -oil sectors and areas of the country away from the 
coastline. This will involve support for physical infrastructure – including river, road and air transport 
networks, the electricity grids; the national digital connectivity network; and  more. It will also 
involve  repairing coasta l and hinterland climate  protection infrastructure, as well as targeted support 
for agricultural expansion in non -forested parts of  the country – to enable Guyana to address national 
and regional food and nutrition security concerns. Measures have been put  in place to encourage 
use of solar energy, while studies are being made to develop hydro power generation plants to 
support economic activity across the country. There are also plans to use wind power, and the 
government is addressing the demand side thro ugh increased efforts to reduce technical and 
commercial losses. Clean and sustainable power generation is expected to have a very positive effect 
on the competitiveness of the manufacturing sector. Guyana's potential for the generation of 
hydropower could  also be used to export energy to neighbouring countries.  
5.5.  Guyana's energy challenges include disparity in energy access between coastal and the remote 
Hinterland and riverine communities, dependence on aged fossil -fuel based generation capability, 
inadequ ate generating capacity resulting in supply shortfalls, a porous transmission and distribution 
network resulting in high technical losses and commercial losses. The Government is currently 
advancing its commitment to achieve a low carbon economy and propel ling the country's transition 
towards clean energy development.  WT/TPR/G/422 • Guyana  
 
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  5.6.  This energy transition is expected to undergo three (3) stages:  
• In the period 2022 to 2027, a combination of natural gas (300  MW) and the 165  MW 
Amaila  Falls Hydro plant will be added to the Demerara -Berbice Integrated System (DBIS), 
coupled with a major expansion of solar power, with batteries, on the rural networks.  
• From 2027 to 2032 there will be continued replacement of HFO, with the expansion of 
wind and solar and the commission of Gu yana's second hydro plant (to be identified before 
2025).  
• From 2032 onwards, future expansion will be determined by prevailing market conditions, 
but it is likely that battery and hydrogen technology will be sufficiently advanced to enable 
solar and wind to provide new capacity increases while contributing to further downward 
pressure on electricity prices.  
5.5  Export Diversification  
5.7.  Hitherto Guyana has relied on a limited number of products for its export revenue. These 
exports consist of agricultural commodi ties and mining and quarrying products as well as forestry 
and fisheries products which are normally exported in raw or semi -processed form. Thus, Guyana 
economy remains vulnerable to price shocks and the erosion of preferences for agricultural has not 
been helpful. Guyana seeks to reverse this situation by encouraging and undertaking value addition 
for exports for both traditional and non -traditional exports. Strategic investments need to be made 
in this regard in order to increase exportable products. Thi s will as a consequence lead to the 
development of Guyana's industrial sector and create employment for citizens.  
5.6  Reforming Traditional Industries  
5.8.  The sugar industry which used to be one of the major contributors to the national revenue has 
been under stre ss for some years. This was largely due to the loss of preferential prices in the 
EU market after the CARIFORUM –EU EPA came into force. The industry is being reformed and has 
downsized personnel after closure of some factories. Efforts are being made to co ntinue the 
modernization that started sometime back and explore diversifying into other value -added products 
besides sugar is expected to bring substantial improvements to the industry. During the review 
period sugar was registered as a geographical indica tion together with rum and molasses in Guyana 
and in EU with a view to making it more competitive with added protection. The rice industry has 
continued to grow over the years although the sector continues to experience flooding and climate 
change related challenges which increase costs. The industry continues to look for new markets and 
diversify into new products. Although these two traditional products as well as rum remain key 
exports for Guyana, they continue to face challenging market access condition  and will continue to 
make necessary investments and reforms to remain viable on market.  
5.7  Climate Change and Environmental Impact  
5.9.  Guyana's economy remains susceptible to the negative effects of climate change and global 
warming which significantly impact t he economy. Guyana's coastland where most of the country's 
economic activities lies below sea level. Changes in climate and weather patterns continue to 
negatively affect most economic activity including the agricultural sector and business. Therefore, 
the Government has put policies to combat climate change at the core of its program and play its 
part in the fight to mitigate the negative impacts of climate change. Guyana integrated its 
rainforest  in a global carbon credit scheme within the United Nations Framework Convention on 
Climate Change (UNFCCC), under the proposed REDD mechanism (Reducing Emissions from 
Deforestation and Degradation) and has been at the forefront of the global climate change advocacy. 
In this regard, Guyana as a potential provider o f environmental services and such activities could 
help to secure revenue to allow addressing adaptation needs, such as improved sea defence and 
drainage, while creating other non -forestry related opportunities.  
5.8  Public -Private Dialogue  
5.10.   Government consider s public – private sector network and dialogue to be a key pillar in 
shaping general government policy. Indeed trade –related policy i n Guyana is determined through WT/TPR/G/422 • Guyana  
 
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  consultations and discussion between public sector agencies and private sector stakeholders.  
The NACEN is the key instrument that is utilized in the consultative process which affords 
Government the opportunity to enhance its understanding and appreciation of how the 
Guyanese  private sector stakeholders are utili zing or are impacted by the trade agreements with a 
view to designing measures to improve market access conditions.  
5.9  New Technologies and ICT  
5.11.   Information and communication technologies (ICT) are key enablers of innovation. 
Recogni zing the importance of digital infrastructure for national d evelopment, and economic and 
social empowerment – Guyana's 2013 Low Carbon Development Strategy (LCDS) included several 
now completed initiatives including the expansion of Guyana's fibre optic capability, support for call 
centres and business process outs ourcing, and completion of telecommunications liberali zation.  
5.12.   The Government of Guyana has also invested heavily in expanding the national 
telecommunications network to reduce the digital divide between hinterland and coast, and between 
Guyana and the rest  of the world; employing new technologies to improve national health, education 
and security; increasing digital literacy; and ensuring that the policy environment promotes 
competition and innovation.  
5.13.   The eGovernment project, which concluded in 2015, encom passed the construction and 
commissioning of a data centre, 54 (4G) LTE towers, and a fibre ring around Georgetown. This 
infrastructure is now the backbone of Guyana's national eGovernment programme and has since 
been expanded to include 55 (4G) LTE sites,  9 third -party (leased) point -to-point connections, 
1 satellite ground station supporting 91 satellite (VSAT) sites, over 227 km of fibre and 
658 mobile  (LTE) units – with fibre and LTE being accessible in the coastal regions, and satellite 
technology bein g utilised in the hinterland and remote parts of Guyana. With the recent completion 
of the national broadband project, Guyana's SafeCity initiative was launched in 2021. This 
ICT solution supports the 911 call centre and local crime fighting efforts and is  serviced through this 
network. Data transmission services are provided to over 150 Intelligent Video Surveillance (IVS) 
sites etc. all of which are monitored and managed from a purpose -built command centre. Internet, 
private leased circuits, and cloud ser vices (i.e. virtual, email and website hosting and data storage 
facilities) are also provided to 319 educational institutions, 16 fire stations, 17 police stations, 
54 health institutions, 104 other government agencies, 128 ICT hubs, and 436 Public Interne t Access 
Points (PIAPS). Government's efforts to bridge the previously mentioned digital divides also 
continue  – the ICT Access and eServices for Hinterland, Poor and Remote Communities project is 
ongoing and LCDS 2030 includes plans for the expansion of G overnment's satellite, LTE and fibre 
optic networks, data centre capacity, and service -oriented government programmes.  
5.14.   Notwithstanding the above, one of the most significant achievements is the liberalization of 
the telecommunications sector on the 5 Octo ber 2020 which ended a 30 -year telecommunication 
monopoly in Guyana.  
5.15.   This change is expected to increase the number of service providers in the sector, lead to 
wider variety of services, greater service availability, and improved service quality. Already, crucial 
reductions in the cost of Internet bandwidth have been observed and while 4G LTE is being offered 
by both of Guyana's mobile telecommunications providers, one provider this year announced their 
intent to upgrade to 4.5G LTE or LTE advance. These ar e all signs that Guyana's investment in this 
sector has started to yield the hoped -for returns, with improved business innovation 
and productivity, jobs creation, and government service delivery through the adoption of e -health, 
e-education, e -security, e -agriculture, and other services soon to follow.  
5.10  Forestry  
5.16.   Guyana notes with pride that it has a very robust and strong system for forest management 
and forest governance. The Forest Sector is governed by a suite of legislations and policy documents. 
Two key policy documents are the National Forest Plan (NFP) and the National Forest Policy 
Statement (NFPS). These documents were updated and received Cabinet approval in 2018. The main 
programmatic areas of the NFP are as follows:  
• Deriving development benefits f rom the forest (ECONOMICS) . WT/TPR/G/422 • Guyana  
 
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  • Conserving, protecting and sustaining the forest (CONSERVATION) . 
• Governing the forest to ensure current and future benefits (GOVERNANCE) . 
• Building human and institutional capacity for management of activities in the forest 
(CAPA CITY).  
 
5.17.   Guyana and by extension the Guyana Forestry Commission (GFC) places high emphasis on 
forest governance in supporting of sustainable forest management. In 2014 , the Government of 
Guyana commenced negotiation of the EU FLEGT Process with the aim of signing a Voluntary 
Partnership Agreement (EU VPA). The EU FLEGT – VPA as is commonly referred to is aimed at 
strengthening forest management and legality hence reducin g illegal logging, developed capacities 
for strong forest governance and increased trade through access to niche and sensitive markets. 
In 2018, the Government of Guyana completed the first stage of this process, and the agreement 
was initialled in Novembe r 2018. The next three to four years will focus on implementation activities 
and capacity development across sectors.  
5.18.   Forest covers over 80% of Guyana's land mass at an estimated 18.5 million hectares of forest. 
The forests provide a range of services and has rich biodiversity. The economic value of Guyana's 
forest eco systems is estimated to be over US D 40 billion  annually. The forest protects against 
climate change. Since the launched of Guyana's first Low Carbon Development Strategy (LCDS 2009) 
Guyana has been pursuing payment for Forest Carbon Services. Extensive work has been done on 
the platform to access thes e services and to date Guyana has developed a World Class Monitoring 
Reporting and Verification Systems (MRVS). Guyana, through the GFC is now pursuing a 
market -based mechanism for payment of forest climate services. Extensive development and 
progress have  been made in this area in 2020 and continuing in 2021 through the ART – TREES 
Programme (Architecture for REDD+ Transactions). This is an integral part of the recently launched 
draft of Guyana's Low Carbon Development Strategy 2030.  
5.19.   Guyana's Forest has a range of species that can be used wide for a wide range of applications 
from external heavy construction, marine works, rails, decking as well as species for high 
value -added products such as furniture, kiln dried lumber, flooring, decking, plywood, veneer , 
shingles and building components. This segment of the forest sector has been expanding and new 
operators and products have developed over the period. The GFC will continue to promote and 
support value added and product diversification.  
5.20.   In 2019 , the Guyan a Forestry Commission commenced a National Forestry Inventory (NFI) 
Program. Forest Inventory is an important tool for planning and resource allocation purposes. An  NFI 
was deemed necessary for Guyana in order to boost the planning capability of the forest ry sector 
and maximize the potential of our rich, tropical, multiple use forests; where the core of the project 
relies on extensive field work to collect empirical forest resource data in 12.3 million hectares of 
State Forests. NFI will address the current  lack of accurate, updated and complete forest resource 
inventory data at the national level, since previous smaller scale inventories were being done non 
contiguously at varying intensities, time periods and purposes; and therefore, cannot be used in 
consolidation to produce a single, comprehensive, reliable and accurate representation of the entire 
state forest estate.  
5.21.   It is envisioned that upon completion of NFI, the forestry sector will be revolutionized in terms 
of sustainable forest management and all ocation, yielding economic, social and environmental 
benefits for a diversity of stakeholders. Data collected from NFI will be analy sed to produce much 
needed forest resource statistics and comprehensive reference databases that will directly enable 
eviden ce-based forest management and planning. NFI will also fulfil GFC's national commitments to 
the National Forest Plan and Policy Statement 2018 which emphasizes the need for resource 
inventory under Policy. The program me will be completed in 2022.  
_________ _