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The CARICOM Secretariat’s Director for External Trade, Joel Richards, praised Guyana for becoming the first English-speaking Caribbean nation to open a World Trade Center (WTC).
Speaking at the official launch of the World Trade Center Georgetown (WTCG), he said this milestone connects Guyana to a global network of more than 300 centers in over 100 countries and marks a major step in Guyana’s growing role in global trade.
Richards said Guyana’s economy has changed dramatically, moving from a lower-middle-income to a high-income country.
According to the International Monetary Fund (IMF), Guyana had the fastest real GDP growth in the world—averaging 47% from 2022 to 2024—thanks to oil production, expanding non-oil industries, and infrastructure investments. He added that the WTCG can help Guyana and the Caribbean attract more investors and integrate local entrepreneurs into global markets.
In his keynote address, Richards said Guyana’s economic rise makes it fitting that the region’s first WTC is based in Georgetown. He noted that Guyana’s long-term prospects remain strong, with more oil discoveries and government spending on infrastructure, climate adaptation, and diversification. The IMF expects Guyana’s economy to keep growing by about 14% a year over the next five years.
However, Richards also warned that the world economy is more divided than before. Global trade rules are under pressure, protectionism is increasing, and the World Trade Organization’s Appellate Body—the top court for trade disputes—has not worked since 2019. Small states like those in CARICOM, he said, depend on stable and predictable trade rules.
Richards pointed out that global investment flows fell by 11% in 2024 to $1.5 trillion, and development aid has dropped for three years in a row. Worldwide trade growth is expected to stay around 1%, although South-South trade—between developing nations—remains a bright spot.
For Latin America and the Caribbean, growth is expected to slow to around 1.8% in 2025 and 1.7% in 2026, mainly due to weaker demand from the United States and reduced tourism. Still, Richards said there are major opportunities in new technologies, industrial policy, and reforms to global institutions.
He described CARICOM’s efforts to build stronger trade links with countries such as Colombia, Brazil, India, and African nations. Within the region, he highlighted recent work on trade rules, industrial policy, and deeper market integration. He praised moves by Barbados, Belize, Dominica, and St. Vincent and the Grenadines to allow full free movement of people, calling it a sign of Caribbean unity.
Richards said Guyana could become a key hub for a stronger Caribbean through its land, resources, and ability to boost food and energy security. He urged Guyana to use its oil wealth to improve public services, infrastructure, and living standards while protecting its forests and investing in renewable energy.
He ended by congratulating Guyana again, saying the new World Trade Center gives the country and the wider region a new gateway to global business. Citing poet Derek Walcott, he said even if the global economy is “broken,” rebuilding it with care and unity can make it stronger than before.
Source: CARICOM.
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