Minister of Foreign Affairs Carl Greenidge yesterday said he does not believe that the United Kingdom’s vote to leave the European Union (EU) will affect the various agreements this country has with Brussels and London.
“Britain’s commitment to Guyana will depend on the government of Britain and their economic standing,” Greenidge said at a news conference at his Ministry’s South Road complex.
“There is not likely to be any adverse short-term consequence by way of a curtailing of resource flows or curtailment of access, or let us say, sugar or any other commodity into the European Union, whatever may be the case in relation to Britain,” he asserted.
Greenidge added that the African, Caribbean and Pacific (ACP) group to which Guyana belongs, is not expected to be adversely affected. He said that the Cotonou Agreement, a treaty between the EU and the ACP states covering several areas of cooperation including trade, is legally binding. The treaty expires in 2020.
The Foreign Affairs Minister said that the UK’s referendum to leave the EU was complicated and he is still analysing all the possible implications.
However, he emphasised that given the legal obligation of the EU of which the UK remains a member until the separation is formalised which could take about two years, monies being provided to Guyana and other ACP countries through the European Development Fund (EDF) are not likely to be affected.
“You have legal obligations. They just can’t change the amounts made available to the ACP. It won’t change in two years and I don’t see it changing before 2020,” said Greenidge, a former ACP Deputy Secretary General and former Finance Minister of Guyana.
On Thursday, British citizens voted 51.9/48.1 in favour of leaving the EU. Reuters reported that global stock markets lost about $2 trillion in value yesterday following the vote while the British currency, the pounds sterling suffered its biggest one-day fall of more than 10 percent against the dollar, hitting a 31-year low on market fears the decision will hit investment in the world’s fifth largest economy.
The vote will initiate at least two years of messy divorce proceedings with the EU and British Prime Minister David Cameron has said he would resign by October.
