HOW WILL BREXIT AFFECT GUYANA’S TRADE WITH THE UK? The United Kingdom’s transition period for its official departure from the EU ended on December 31st 2020. January 1, 2021 therefore heralded in a UK that is independent from the EU in the management of its trade policy. However, Guyanese exporters needed not be worried. When Guyana signed the CARIFORUMUK EPA on March 22, 2019, along with a Memorandum of Understanding to facilitate provisional application, it was with the intention of safeguarding the interests of exporters against interruptions in preferential access to the UK market. Therefore, by signing the agreement Guyana was able to maintain, with the independent UK, all preferences that were applied to Guyana’s trade with the UK when it was part of the EU. There will however be Administrative changes that are required, both by Guyana and by the UK. On Guyana’s end, the signing of the Ministerial Order on December 30th by the Minister of Finance, Dr. Ashni Singh, paved the way for the Guyana Revenue Authority to make amendments to its tariff schedule to treat the UK separately from the EU. Therefore, importers of products from the EU can expect the same treatment as products originating from EU countries. The Ministerial Order will have to be laid before the National Assembly at the shortest time possible, so that the full amendment to the Customs Act could be facilitated. GRA may also take some time to fully sift out the UK and reflect the applicable rates in its tariff schedule. Nevertheless, the issuance of the Ministerial order paves the way for GRA to begin to apply the Agreement effective January 1, 2021. On the UK side, a number of internet-based tools have been created to ensure transparency and predictability in access to information on trading with the UK. The rates to be applied to CARIFORUM countries will be published on www.gov.uk. In addition, from 1 January 2021, Trade With the UK tool will set out all tariff rates. In the intervening period, the UK has published a temporary tariff tool (https://www.gov.uk/look-up-
Year Edition, 2020
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