GEORGETOWN, Guyana (CMC) — The Guyana government says it will sign a new air transport agreement with the United States that will stimulate competition and minimise government intervention.

The Ministry of Foreign Affairs said that the new accord would replace the 66-year old agreement between Washington and the United Kingdom that had been signed in Bermuda in 1946 and which Guyana inherited at the time of gaining independence from Britain in 1966.

The agreement will also liberalise the rules for international aviation markets and minimise government intervention as it applies to passenger, all-cargo and combination air transportation as well as scheduled and charter services.

It will be signed on Wednesday by Aviation Minister, Robeson Benn and American Ambassador, Bent Hardt.

The Ministry of Foreign Affairs said that the accord is expected to stimulate the development of individual airlines and liberalise passenger and cargo services and would also make it possible for airlines to offer the traveling and shipping public a variety of service options which will encourage individual airlines to develop and implement innovative and competitive prices.