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RESTRICTED WT/TPR/S/320 28 July 2015 (15-3847) Page RESTRICTED WT/TPR/S/320 28 July 2015 (15-3847) Page: 1/77 Trade Policy Review Body TRADE POLICY REVIEW REPORT BY THE SECRETARIAT GUYANA This report, prepared for the third Trade Policy Review of Guyana, has been drawn up by the WTO Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), sought clarification from Guyana on its trade policies and practices. Any technical questions arising from this report may be addressed to Masahiro Hayafuji (tel: 022 739 5873); and Xinyi Li (tel: 022 739 5579). Document WT/TPR/G/320 contains the policy statement submitted by Guyana. Note: This report is subject to restricted circulation and press embargo until the end of the first session of the meeting of the Trade Policy Review Body on Guyana. This report was drafted in English. WT/TPR/S/320 • Guyana - 2 - CONTENTS SUMMARY ........................................................................................................................ 6 1 ECONOMIC ENVIRONMENT .......................................................................................... 9 1.1 Recent Economic Developments................................................................................... 9 1.2 Monetary and Exchange Rate Policies .......................................................................... 10 1.3 Fiscal Policy ............................................................................................................. 11 1.4 Balance of Payments ................................................................................................. 13 1.5 Developments in Merchandise Trade ............................................................................ 14 1.5.1 Composition of trade .............................................................................................. 14 1.5.2 Direction of trade ................................................................................................... 14 1.5.3 Foreign direct investment........................................................................................ 16 2 TRADE AND INVESTMENT REGIME ............................................................................ 18 2.1 General Framework .................................................................................................. 18 2.2 Trade Policy Objectives and Implementation ................................................................. 18 2.3 Trade Agreements and Arrangements .......................................................................... 19 2.3.1 WTO .................................................................................................................... 19 2.3.2 Regional and bilateral agreements ............................................................................ 19 2.3.3 Other non-reciprocal arrangements .......................................................................... 21 2.4 Investment Regime .................................................................................................. 21 2.4.1 Business environment ............................................................................................ 21 2.4.2 Foreign investment regime ...................................................................................... 21 3 TRADE POLICIES AND PRACTICES BY MEASURE ........................................................ 23 3.1 Measures Directly Affecting Imports ............................................................................ 23 3.1.1 Customs procedures and requirements ..................................................................... 23 3.1.2 Customs valuation ................................................................................................. 25 3.1.3 Rules of origin ....................................................................................................... 25 3.1.4 Tariffs .................................................................................................................. 25 3.1.4.1 WTO bound tariffs ............................................................................................... 25 3.1.4.2 Applied MFN tariffs .............................................................................................. 26 3.1.4.3 Tariff exemption and adjustments ......................................................................... 29 3.1.4.4 Preferential tariffs ............................................................................................... 29 3.1.5 Internal taxes and other charges collected at the border .............................................. 30 3.1.5.1 Internal taxes ..................................................................................................... 30 3.1.5.2 Other charges..................................................................................................... 31 3.1.6 Import controls ..................................................................................................... 31 3.1.6.1 Import prohibitions and restrictions ....................................................................... 31 3.1.6.2 Import licensing .................................................................................................. 33 3.1.7 Contingency measures ........................................................................................... 34 3.1.8 Technical regulations and standards ......................................................................... 34 3.1.9 Sanitary and phytosanitary requirements .................................................................. 35 WT/TPR/S/320 • Guyana - 3 - 3.2 Measures Directly Affecting Exports ............................................................................. 37 3.2.1 Export documentation and procedures ...................................................................... 37 3.2.2 Export duties ........................................................................................................ 37 3.2.3 Export prohibitions, restrictions, and licensing ............................................................ 38 3.2.4 Export support and promotion ................................................................................. 38 3.2.5 Export finance, insurance, guarantees ...................................................................... 39 3.3 Measures Affecting Production and Trade ..................................................................... 39 3.3.1 Taxation and incentives .......................................................................................... 39 3.3.2 Non-tax incentives and other assistances .................................................................. 41 3.3.3 State trading, and state-owned enterprises ............................................................... 41 3.3.4 Competition and consumer protection policy .............................................................. 42 3.3.5 Government procurement ....................................................................................... 43 3.3.6 Intellectual property rights ...................................................................................... 45 4 TRADE POLICIES BY SECTOR ..................................................................................... 47 4.1 Agriculture, fisheries, and forestry .............................................................................. 47 4.1.1 Agriculture ............................................................................................................ 47 4.1.2 Fisheries ............................................................................................................... 49 4.1.3 Forestry ............................................................................................................... 50 4.2 Mining .................................................................................................................... 51 4.2.1 Gold .................................................................................................................... 52 4.2.2 Bauxite ................................................................................................................ 53 4.3 Energy .................................................................................................................... 53 4.3.1 Electricity ............................................................................................................. 53 4.3.2 Petroleum ............................................................................................................. 55 4.4 Manufacturing .......................................................................................................... 55 4.5 Services .................................................................................................................. 56 4.5.1 Main features ........................................................................................................ 56 4.5.2 Financial services ................................................................................................... 57 4.5.2.1 Banking ............................................................................................................. 57 4.5.2.2 Insurance .......................................................................................................... 58 4.5.3 Telecommunications ..............................................................................................
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