Guyana, Caricom mull new tariffs after Brexit

Guyana is seeking a “transitional arrangement” for itself and the Caribbean Region as the United Kingdom (UK) begins the two-year process to leave the European Union (EU).
Foreign Affairs Minister Carl Greenidge recently said this was raised by President David Granger when he made a State visit to the UK in late April.
“That transition has implications for those who supply the United Kingdom with products such as sugar, in Guyana, and for those who purchase United Kingdom goods which also applies to Guyana,” Minister Greenidge explained.
Those implications referred to by the Minister are tariffs and new regulations, which will differ from what are currently being offered by the EU.
Establishing a transitional arrangement will facilitate “a soft landing as a result of these changes” for Guyana and the Caribbean as a whole, Minister Greenidge noted.
Meanwhile, the Caribbean Community (Caricom) is also mulling the implications of Britain leaving the EU. Like Guyana, Caricom too has to reassess trade arrangements with the UK.
At the opening of the 44th regular meeting of the Council for Trade and Economic Development (COTED) on May 10, Caricom Secretary General Irwin LaRocque noted that Brexit would have an impact on the Region’s external trade relationships.
Britain and the EU are major trade partners of Caricom. At COTED’s recent meeting, a decision had to be made to ensure Caricom’s market access to the UK continued after the Brexit process had been complete.
“This is important given that the UK market absorbs approximately 22 per cent of our overall exports to the European Union,” Ambassador LaRocque pointed out. Britain voted to leave the EU last June in a referendum that was popularly referred to as Brexit. At the end of March, Britain’s Prime Minister, Theresa May, officially triggered the process for leaving the EU.