Trade facilitation plays a vital role in economic growth and development and impacts in a measurable way on the ease of doing business in various countries. In Guyana, the Ministry of Business plays an important role in improving the overall business climate by identifying areas of weakness and spearheading comprehensive solutions. The Ministry of Business therefore understands that in order to improve Guyana’s economic performance, the Government of Guyana must invest in modern trade facilitation systems and promote their optimal use. One such system is the Electronic Single Window (ESW or Single Window) for trade which is defined as a facility that allows parties involved in trade and transport to lodge standardized information and documents with a single entry point to fulfil all import, export, and transit-related regulatory requirements.
As long as the information is electronic, then individual data elements need only be submitted once. This would reduce the time and cost of trade, aligning Guyana with international best practices and its commitments under the World Trade Organization’s (WTO’s) Trade Facilitation Agreement.
By enabling easy entry and exit of goods, it is expected that the Electronic Single Window will see more new investments, and more expansions of existing businesses, thus facilitating economic growth and increased revenues. It is also expected to drastically reduce the scope for corrupt practices, which are exacerbated by slow and inefficient systems.
