In light of the buildup of arrears over the past five years owed to the Caribbean Community (CARICOM) Competition Commission, the Guyana Government will be utilising $60M from this year’s National Budget to clear some of this debt.
This is according to Foreign Affairs Minister Carl Greenidge, who made this declaration today during the review of estimates for his Ministry by the Committee of Supply.
He stated that the CARICOM Competition Commission is of high importance with regards to regional integration and in order to ensure fair competition among member states, the Region had agreed to have this Commission established.
While highlighting the difference between the National Competition Commission and the CARICOM Competition Commission, the minister explained that the national commission has responsibilities relating to the environment and consumers at a national level, and this responsibility falls under the Business Ministry.
According to the Government Information Agency (GINA) on the other hand, when trade issues arise between entities of two States, especially one being a local entity, the Ministry of Foreign Affairs will be called upon to make representation in the unit of the Council for Trade and Economic Development.
GINA stated that the functions and power of the Caribbean Competition Commission are enshrined in Articles 173 and 174 respectively of the Revised Treaty of Chaguaramas. The Commission seeks to promote fair competition within the region.
Guyana was taken before the Commission a few years ago by Trinidadian Cement Company (TCL), for what the company complained