A bilateral investment protection and promotion agreement has been in place since 1994. The Federal Republic of Germany has contributed to Guyana’s economic recovery through debt cancellation. A regular political dialogue has been held between Guyana and the European Union (EU) since 2009.
In development cooperation, Germany funds resource management and rainforest preservation projects in Guyana. Through agreements between Germany and the Caribbean Community (CARICOM), Guyana is also indirectly involved in cooperation on sustainable economic development, the promotion of renewable energy and climate change adaptation. In addition, Germany provides assistance in the region through micro-projects.
Other cooperation and trade accords exist within the framework of the agreements between the European Union and the ACP (Africa, Caribbean, Pacific) states as well as between the EU and CARIFORUM (CARICOM member states plus the Dominican Republic). The further development of trade relations with the EU is being followed very keenly in Guyana and the entire region against the background of the upcoming signing of the EU’s new partnership agreement with the states of Africa, the Pacific and the Caribbean (Post-Cotonou Agreement).
In light of the start of exports from the extensive oil fields off its coast in early 2020, Guyana expects to chalk up very high economic growth in future. However, it also remains committed to achieving a sustainable energy mix and to meeting its own needs with hydro, solar and biomass power.
After the last Government lost a vote of confidence, new elections were held on 2 March 2020. Following a planned recount supervised by an expert commission from the regional association CARICOM and various legal proceedings, the final result was not announced until early August 2020. The new Government led by President Ali took office later that month.