Guyana should Re-Evaluate its WTO Membership

Abstract

Not all countries that entered the World Trade Organization (WTO) were fortunate to see an increase in economic growth as a result thereof, hence my urging for Guyana to re-evaluate its WTO membership and give serious consideration to exiting. There should be a critical look at the reasons why underdeveloped countries joined and how they gained or lost and also, carefully examine the rules and trading practices of the more developed countries. The WTO has stagnated industrial and economic growth in Guyana by limiting its ability to regulate the inflow of cheap goods from more developed manufacturing economies such as the US and the EU. It is better for countries such as Guyana to focus more on Bilateral Investment Treaties (BITs) and treaties with individual trading blocs, such as CARICOM, with the aim of lowering the cost of exporting its manufactured products. Citation: Paul L (2018) Guyana should Re-Evaluate its WTO Membership. J Glob Econ 6: 306. doi: 10.4172/2375-4389.1000306