Hardbeatnews, WASHINGTON, D.C., Thurs. Sept. 29, 2005: Guyana’s President Bharrat Jagdeo has called for the granting of special or preferential trading regimes to small economies that make miniscule contribution to international trade.
Jagdeo, in an address to the Organization of American States Permanent Council yesterday, argued that the special treatment for developing countries was needed desperately because of the erosion of preferential trade for many.
“I think that Latin American and Caribbean countries and the OAS must lead efforts to create a world trading system that is fair, rule-based, that has mechanisms to enforce its decision and takes account of the interests of both large and small,” President Jagdeo urged.
He cited the proposed European Commission’s proposal to cut preferential treatment for exported sugar from the African, Caribbean and Pacific countries as the main reason for such as move, reiterating that the EU plan could harm the region’s trade significantly and, if implemented, affect thousands of Caribbean families.
Jagdeo also argued that preferential treatment for small economies would not distort international trade regimes, noting that the Latin American and CARICOM small economies account for less than one per cent of global trade. – Hardbeatnews.com