Guyana and Barbados have inked a Memorandum of Understanding (MOU) aimed at establishing trade missions between the two countries.
The MOU was signed by Chief Executive Officer of the Guyana Office for Investment Keith Burrowes and Business Development Officer at the Barbados Industrial Development Corporation (BIDC) Madaline Headley-Woodroffe during the Guy Expo Investment Forum held at the Guyana International Conference Centre (GICC).
Headley-Woodroffe said the MOU is intended to “lead the way for trade between our countries”.
“It will assist with trade missions [and so on] from one country to another, it will help with broadening horizons into other areas like Brazil that we can step from Barbados through the CARICOM agreements to Guyana and hopefully into Brazil. We hope you can find avenues as well, back through Barbados to the northern areas of the region,” she said.
However, Headley-Woodroffe noted that there were challenges to trade in the region.
In the case of Barbados and Guyana, she said, the main challenge was shipping.
“It is difficult to ship items from Barbados directly to Guyana because of the trade route. I believe that the authorities need to address this from both in Barbados and in Guyana, and the region generally, because if we are in a small area I don’t believe that we should have to go Miami or so far and spend two weeks to get an item here,” she said.
Headley-Woodroffe urged both countries to negotiate and discuss with relevant agencies in an effort to improve the situation.