Former Minister of Foreign Affairs, Dr Rudy Insanally, believes that Guyana and Suriname can provide a gateway to the Caribbean and exploit trade potentials as part of the Union of South American States (UNASUR).
Dr Rudy Insanally
During an interview with Guyana Times International, Dr Insanally said that, as two of the closest non- Spanish-speaking countries on the southern bloc, Guyana and Suriname can take full advantage of undeveloped areas of economic trade.
“Suriname and Guyana have common causes within UNASUR, and can work together on the issue of asymmetry; and since there are lots of asymmetry within Latin America and the Caribbean economy, we need to work very closely to make an argument for special treatment of smaller economies within the large family of nations,” the trade expert said.
Dr Insanally, who served as an expert on foreign trade, explained that Guyana and Suriname represent a new dimension to the southern family of nations, and can capitalise on their unique language and population sizes. He pointed out that the two countries can work to development infrastructural links which are key to economic integration, and on providing alternative trade routes within the region.
“… We will eventually be able to give South America a gateway to the Caribbean and beyond in terms of trading and economic cooperation arrangements,” the former minister disclosed. He related that Guyana and Suriname lie on the northern shoulder of the Guiana Shield, which has great potential for development, and can rely on UNASUR to strengthen those economies to the north.
An aerial veiw of the Takutu bridge which links Guyana and Brazil
The former foreign trade minister said that while the Caricom Single Market and Economy (CSME) has made some progress, there has been a note of pessimism pervading discourses in the region at various levels. He mentioned that Caricom has tried strenuously to take advantage of the Revised Treaty of Chaguaramas in terms of its freedom of movement of capital, investment, labour and trade.
“There has been some progress, although I think the percentage of intra-regional trade is still a small amount, so there is clearly room for improvement and a challenge to entrepreneurs to expand their productive activities,” Dr Insanally opined. He added that there is a need to bolster regional and bilateral agreements to support the economy, and Guyana must work hard within Caricom, the European Union (EU) and UNASUR to expand its social and economic space. He explained that with negotiations of various agreements, including the EPA with the EU and the new trade agreement with Canada, the region must sharpen its negotiation skills.
“As you know, it has been reported that the round of negotiations is now being jettisoned. I find that a great pity, because small countries like Guyana are being served through multilateral arrangemens,” he said. Dr Insanally stressed that since smaller countries are hard pressed to maximise limited resources, Caricom must redouble its efforts and establish priorities on very realistic grounds. He said they must also find a niche for markets and do their best to coordinate policies that can increase the productive capacity of the region.
Questioned on what benefits a possible UNASUR/Caricom merger can have on regional trade and development as they relate to creating a powerful economic bloc on the world stage, Dr Insanally stated that the possibilities are endless.
According to him, these regional entities help to augment national and economic space and encourage coalition of business across borders.
“So you will find businessmen from Caribbean region may now look to markets in South America and use Guyana as a gateway,” he posited.
Dr Insanally said that Caricom has already in some areas internationalised itself into the global economy, and as a result, any conglomerate will greatly assist in the area of competitiveness of individual countries. “If we can try joint ventures with partners in the region, we will optimise our prospects in the marketplace in terms of economies of scales, competitiveness, cost of labour and cost of production,” the former foreign trade minister highlighted. The emergence of such a body would allow for the entry into the world of trade as opportunities will be created for partnerships within Caricom and the South American region. There are various projects that are being examined, and with Brazil now establishing closer ties to Guyana, Dr Insanally underscored, agriculture is a clearly defined area for cooperation.
Guyana’s commitment to South/South cooperation with Brazil, Venezuela and Cuba is a good example of the possibilities.
