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…Guyana could lose $3.2B in exportsA quarrel is brewing between the US and regional rum makers. This quarrel has engaged the attention of the Caribbean Community (CARICOM) because the rum makers are worried.CARICOM’s Council for Trade and Economic Development (COTED),Cheap Adidas NHL Jerseys, following a two-day meeting in Guyana which ended yesterday,Wholesale NFL Jerseys China, called on the United States to engage early with Caribbean rum-producing countries with a view to achieving an outcome that will support the continued competitive access for Caribbean rum to the US market.The issue has to do with US Virgin Islands and Puerto Rico, two US territories,Wholesale Nike NFL Jerseys, being allowed to “unfairly” use a tax rebate from the US Federal Government to provide benefits to companies to produce and market rum for the US market.The matter had been engaging the West Indies Rum and Spirits Producers Association Inc. (WIRSPA) and there were reports that the matter would have been taken to the World Trade Organization (WTO).CARICOM wants to US to engage the region’s rum producers in talks over worry about unfair subsidies.According to CARICOM, its trade arm was clear that rum production and export are critical to the social and economic well-being of the region.“In addition to being the largest agriculture-based export industry in CARICOM, the rum industry is a substantial employer and a major contributor to foreign exchange earnings and government revenues.”The statement said that CARICOM continues to have serious concerns about the threat to the competitiveness of Caribbean rum in the United States (US) market, resulting from the massive subsidies provided by the governments of the United States Virgin Islands (USVI) and Puerto Rico to multinational rum producers in those territories.“The nature and scale of these subsidies are such that they threaten to distort rum markets not only in the US but elsewhere.”Puerto Rico produces Bacardi while the USVI is known for Captain Morgan.“Time is not on the side of the Caribbean rum industry. Given the likely deleterious effect of these subsidies on the long-term viability of an industry which is of such critical importance to the economic fabric of so many countries in the Region, the COTED supports strongly the deep commitment of CARICOM countries to pursuing all avenues available to secure a resolution of this matter that restores the competitive balance in the marketplace.”Guyana’s two rum makers are the Demerara Distillers Limited and Banks DIH Limited.The issue had deeply worried rum officials here, with DDL saying that WIRSPA was pursuing it at a number of levels.Chairman of the Barbados Rum Committee,Wholesale Authentic Jerseys, Dr. Frank Ward, has reportedly said that the country was facing difficulties in competing with the low prices from the two US territories. He warned that if the situation is not dealt with immediately it could result in the demise of the rum industry not just in Barbados, but throughout the Caribbean. Barbados rum export industry is reportedly worth US$50M a year.In the case of Guyana, while in 2011 its total rum exports were 3.8 per cent of total exports, rum is significant because of the number of people employed by the industry (4.6 per cent of the country’s work force), according to Sir Ronald Sanders in a recently published column.The subsidy issue would ultimately affect WIRSPA’s members market in the European Union.According to Sanders, when losses from the US market – that are now very real because of the actions of the USVI and PR – are added to the potential losses from the EU market,Cheap Jerseys China, on the strength of 2011 figures, the Dominican Republic remains the biggest loser per annum in money terms (US$88.2 m), Bahamas second (US$34.9 m),Cheap Jerseys From China Online, followed by Jamaica (US$25.4 m), Barbados (US$25.3 m) and Guyana (US$16.08 m).Guyana is known for its award-winning El Dorado rum.CARIFORUM governments, Sir Ronald reported, have tried talking with the representatives of the US Trade Representative’s office and they have got no indication that the US government will act to stop the actions of the USVI and Puerto Rico. (Leonard Gildarie)
