…to establish Economic Cooperation Working Group
…Pres Ali meets Chinese Premier
By Jarryl Bryan
Following President Dr Irfaan Ali’s visit to China last week, a joint statement between the two countries confirms that tangible benefits for Guyana are being derived from the trip, including a commitment with China to expand trade and investments and a Memorandum of Understanding (MoU) that will give effect to this.
During President Ali’s visit to China, he attended the FISU World University Games in Chengdu and had extensive bilateral discussions with Chinese President Xi Jinping.
President Ali also met with the Premier of China’s State Council, Li Qiang on Sunday. Throughout these discussions, one thing was clear: both countries are committed to deepening their bilateral relations.
Specifically, the two countries reaffirmed their respect for each other’s independence and territorial integrity. Guyana also reaffirmed its support for the one-China principle. When it comes to trade between the two countries, meanwhile, a commitment was made to increase this in concrete ways.
“Both sides welcomed the signing of Memoranda of Understanding on the establishment of an Investment and Economic Cooperation Working Group… both sides recognised the important value of trade and investment in deepening economic ties and committed to creating a favourable business environment to facilitate bilateral trade and investment activities,” the joint statement said.
Further, it was revealed that both countries agreed to explore the possibility of expanding trade in a variety of industries, including agriculture, energy, mining, manufacturing, and services.
In addition, the sides recognised the crucial role of the business community of Guyana and China in driving the economic development of the two countries and as such, encouraged the business communities to take advantage of investment opportunities and forge partnerships.
Trade between Guyana and China has been increasing over the past few years, and at the end of 2022, bilateral trade in goods jumped to US$1.88 billion. In August 2022, China’s status as a valued partner in Guyana’s development was underscored at a China-Guyana Investment Opportunities seminar, where it was revealed that trade between the two countries for the first half of last year totalled US$950 million.
During the seminar, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), Zhang Shaogang revealed that of that total figure, Guyana’s exports to China accounted for US$720 million. The US$950 million is in fact a more than 200 per cent increase in trade between the two countries.
“Both sides also discussed the implementation of the 2030 agenda for sustainable development, noting that 2023 represents a milestone for its achievement. Both sides expressed the firm conviction that greater international mobilisation is critical for bridging the economic divide between developed and developing countries, strengthening developing countries’ capacity to respond to shocks.”
Infrastructure development
When it comes to infrastructure development, they both agreed to expand collaboration, having recognised the positive role that infrastructure development plays in generating economic growth and alleviating poverty.
“Both sides agreed to investigate the prospects for collaboration in the development and construction of critical infrastructure projects, leveraging China’s experience, expertise and finance capacity.”
They also agreed to deepen collaboration in the medical field, by exchanging best practices and skills, with President Ali hailing Chinese medical teams for their service to Guyana.
At a bilateral level, the two countries agreed to have regular meetings with each other, noting the importance of meeting regularly to boost bilateral cooperation and coordinating on multilateral occasions.
Back in June, Guyana was elected, by an overwhelming majority, to a non-permanent seat on the UN Security Council – representing the Group of Latin American and Caribbean Countries (GRULAC). In the joint statement, President Ali expressed his gratitude for China’s support of Guyana’s election to the UN Security Council.
The Chinese side meanwhile lauded President Ali for the role Guyana has been playing in regional and international affairs, in particular when it comes to food security, regional integration, and China-Community of Latin American and Caribbean (CELAC) relations.
“President Ali shared with the Chinese side his conviction that keen attention needed to be paid by both developed and developing countries in promoting food, climate, and energy security for sustained development. Both sides noted that the global development initiative was one framework that could support the implementation of this objective,” a statement added.
