Of all the other Caricom countries, Guyana has enjoyed the closest relations with Trinidad and Tobago. Language, common colonial history, ethnic make-up, common cultural patterns, similar systems of government and laws and long established people to people contact have all come together to keep us close.
During the period of the 1970s to 1980s when Guyana’s economy was flatlining, Trinidad and Tobago continued to supply Guyana with petroleum products on credit. During the 1990s, at the conclusion of the debt forgiveness process under the Paris Club arrangements for Guyana, Trinidad and Tobago forgave Guyana the single largest amount of debt of hundreds of millions of US dollars. This largesse should not be forgotten. Even though it has been almost impossible for Guyanese business people to get permission to invest or for professionals to get jobs or to reside in Trinidad and Tobago, relations between the governments of Guyana and of Trinidad and Tobago have always been cordial.
The results of the referendum held in Britain to determine whether or not it should remain in or leave the European Union (EU), has been won by voters who supported the leave option. Prime Minister David Cameron attempted to resolve the opposition within the Conservative Party to membership of the European Union by way of a referendum, when there was no national demand for it. Cameron gambled the entire future of Great Britain. He and the British people lost instead. Speculation is now rife as to the future of the EU.
The British economy is expected to be severely dislocated and damaged. Predictions are that economic growth will plummet and that the economy will contract. Britain will lose at one fell swoop the privileged access to the large European internal market for its goods and services. Access will also be lost to the fifty or so markets with which the EU has trade agreements. A range of industries from health to automotive will feel the negative impact. Britain’s pre-eminence as a financial centre is likely to be lost. While some of these negative effects will be overcome by negotiated agreements over time, including of necessity with the Caribbean Community, it is the uncertainties that will be damaging. These uncertainties are being reflected in the billions lost in financial markets and currency depreciation on Friday.