THE Guyana Government and the Government of Cuba yesterday signed a Memorandum of Understanding on trade, which aims at diversifying and intensifying trade and economic cooperation between both Republics. The signing took place at the Ministry of Foreign Affairs Boardroom, Takuba Lodge, Georgetown.
The MOU arises out of initiatives that were taken at the Twenty-Second Session of the Guyana/Cuba Joint Commission to promote trade, investment and joint ventures in support of both countries' developmental objectives and enhance bilateral ties between both countries.
Minister of Foreign Trade and International Cooperation, Mr. Clement Rohee, signed on behalf of the government of Guyana while Cuban Ambassador to Guyana Mr. Jose Manuel Inclan signed for his government.
Participating at the signing were representatives of the Guyana/Cuba Joint Business Development Council, the Private Sector Commission, Georgetown Chamber of Commerce Association of Regional Chamber of Commerce and other members of the business community.
Minister Rohee said it is anticipated that the signing of the MOU would be greater impetus for interaction between members of the commercial and business sector of both countries.
He said it is important that Guyana have a diversified trade relations with countries of the world in pursuing its trade interest and the relations with Cuba is one example of "not having all your eggs in one basket". The trade pattern with Guyana has indicated that there is a clear need for this diversification, Mr. Rohee pointed out and the MOU signals a step in that direction, he said.
According to him, recent statistics on the balance of trade between Guyana and Cuba indicate that it is 'healthy' one, the Minister said.
The necessary internal procedures to accede with the agreement were only recently completed in the National Assembly, the Foreign Trade Minister said.
The next step would be to deposit the instrument of ratification and the formalisation of the internal procedures with the Caricom Secretariat, he explained.
Already the Guyana/Cuba Joint Business Development Council, which comprises business representatives from both countries, is already moving to implement aspects of the MOU he said.