article that although there are provisions in the RTA which touch and concern the issue of restrictions (see Articles 32, 37 and 44), none of them were violated by the implementation of the LCA.3
In fact, Bhagwandin postulated that the LCA has flexible mechanisms and provides for Joint Venture arrangements with local companies through which overseas companies in other member states can participate in the local industry: see s. 1 definition of Guyanese company under LCA. Further, Bhagwandin argued that several provisions in the RTA speak to protectionist measures for (i) disadvantaged sectors of Member States’ economies and; (ii) lesser developed countries (see Articles 47 and 49). It is, however, important to acknowledge that multinational corporations and international bodies, such as the World Trade Organization and other free-trade advocates, have staunchly opposed local content requirements. A concern with local content policy is that foreign companies may have a disadvantage if they find themselves competing with local companies that a government supports heavily. Therefore for many countries it has been quite a challenge to execute the balancing exercise of a local content policy with the potentially conflicting interests and provisions of free-trade agreements.4
However, even as we as Guyanese navigate our own path, may we consider the lessons and best practices of other nations that have walked this road, and may we set a new template of success. The act opens the door to every Guyanese. May we grasp the opportunities which are presented in this year of opportunities. Have you registered your business with the secretariat?
3Ibid.
4Peter Arthur and Emmanuel Arthur, Local Content and Private Sector Participation in Ghana’s Oil Industry: An Economic and Strategic Imperative, Africa Today, Vol. 61, No. 2 (Winter 2014), pp. 57-77, https://www.jstor.org/stable/10.2979/africatoday.61.2.57
