Trade monitoring
Aid for Trade during the COVID-19 crisis and recovery
This chapter provides an overview of the evolution of Aid for Trade flows in a context marked by the COVID-19 pandemic. It reviews key trends affecting the trade and investment landscape and their repercussions on Aid for Trade flows. Finally, it analyses the role of Aid for Trade in supporting an equitable global economic recovery
Executive summary
The 2022 Aid for Trade Monitoring and Evaluation (M&E) exercise takes place amidst crises of unprecedented magnitude, significantly affecting trade and investment. The COVID-19 pandemic has caused severe human and economic losses, slowing down and in some cases reversing hard won progress towards the Sustainable Development Goals (SDGs). Countries lacking the capacity to implement large monetary and fiscal stimuli were hit hard, experiencing widening inequalities. While 2021 showed signs of a swift recovery, in early 2022 Russia’s war against Ukraine created a major humanitarian crisis and derailed economic growth prospects. Spikes in the price of energy and food caused by the war, combined with rapidly rising inflation, are posing serious food security risks in low-income countries (LICs).
Statistical note
According to the WTO Task Force on Aid for Trade, projects and programmes are part of aid for trade if these activities have been identified as trade related development priorities in the partner country’s national development strategies.
Explanatory note
The aid-for-trade country profiles provide factual information aid-for-trade financing flows, trade costs, trade performance and key development indicators at the country level. The aim is to compare a performance in these four categories for the year 2020 as compared to 2006, the year of the inception of the aid-for-trade initiative, and against country group benchmarks for these selected indicators. The aim of the country profiles is to stimulate debate on aid-for-trade effectiveness.
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT contracting parties in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.
Report by the Republic of Korea
An unprecedented global pandemic and growing uncertainties across the globe have resulted in a global economic recession and contraction in trade. Against this backdrop, the Republic of Korea is making bold efforts to reduce inequality and secure its growth potential while pursuing the liberalization of global trade.
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT CONTRACTING PARTIES in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT CONTRACTING PARTIES in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.
Report by Oman
The Government of the Sultanate of Oman continued to adopt a trade policy based on economic openness despite the world economic crisis and regional challenges this policy continues to be based on four pillars: sustainable development with a stable macroeconomic framework; diversified, dynamic, and globalized economy, advanced human resource development, and efficient and competitive private sector.
Concluding Remarks by the Chairperson, H.E. Mr. Didier Chambovey of Switzerland, acting on behalf of the current Chairperson of the Trade Policy Review Body, H.E. Dr. Athaliah Lesiba Molokomme of Botswana, at the Trade Policy Review of the Republic of Korea, 13 and 15 October 2021
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT CONTRACTING PARTIES in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT CONTRACTING PARTIES in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.
Report by the Kingdom of Bahrain
The information herewith is for the fourth trade policy review of the Kingdom of Bahrain at the World Trade Organization.
Report by Tajikistan
At the initiative and with the direct support of the Founder of Peace and National Unity - Leader of the Nation, the President of the Republic of Tajikistan, His Excellency Emomali Rahmon, Tajikistan became a member of the World Trade Organization (WTO) on 2 March 2013, after more than 11 years of negotiations.
Report by Mauritius
The world is witnessing one of the worst economic crises ever due to the COVID-19 pandemic. The Mauritian economy was also severely affected. The Mauritian GDP contracted by 14.9% in 2020, while public sector gross debt reached 84.3% of GDP at the end of December 2020.
Report by the WTO Secretariat
Though Oman is relatively less hydrocarbon-rich than its neighbours, oil and gas still play a significant role in the economy. In 2020, the oil and gas sector accounted for 26.2% of GDP, represented about 60% of Oman’s merchandise exports, and contributed three quarters of total government revenues. Oman joined the OPEC+ Agreement in November 2017, and its average daily production was cut to 760,000 barrels as of July 2020. During the review period, Oman faced a double challenge from low oil prices and the COVID-19 pandemic; Oman’s economy grew to a peak in 2016 at a rate of 5.1% before it began a sharp slowdown in 2017. The economy contracted by 0.8% in 2019, and by a further 6.4% in 2020, mainly due to the global pandemic. As vaccine rollout gradually restores domestic activity along with the recovery of external demand, the economy is expected to grow by 2.5% in 2021.
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT CONTRACTING PARTIES in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.
Observaciones formuladas a modo de conclusión por el Presidente, Excmo. Sr. Dacio Castillo de Honduras, en nombre de la actual Presidenta, del Órgano de Examen de las Políticas Comerciales, Excma. Sra. Dra. Athaliah Lesiba Molokomme de Botswana, en la reunión de Examen de las Políticas Comerciales de Panamá celebrada los días 24 y 26 de enero de 2022.
Este tercer examen de las políticas comerciales de Panamá ha sido una excelente ocasión para examinar las políticas de comercio e inversión de Panamá y los cambios introducidos durante el período examinado, el cual ha sido particularmente difícil para todos debido a los desafíos que enfrentamos a causa de la crisis sanitaria que ha perturbado el comercio y la economía mundial. Esta ha sido una oportunidad para comprender mejor estas políticas y para formular preguntas e intercambiar impresiones de manera franca. Deseo agradecer a la Viceministra de Negociaciones Comerciales Internacionales, Excma. Sra. Linda Castillo, que ha participado desde Panamá; al Embajador Alfredo Suescum, y al resto de la delegación de Panamá, aquí en Ginebra y en la capital, por su activa participación en este examen. Agradezco además a nuestro ponente, el Sr. Laurie Lo, Representante Permanente de Hong Kong, China, por su valiosa contribución a nuestras deliberaciones. Las más de 230 preguntas recibidas por Panamá y las 29 delegaciones que tomaron la palabra ilustran la importancia que los Miembros otorgan a las políticas comerciales de Panamá. Los Miembros han valorado mucho las respuestas que Panamá presentó por escrito a las preguntas recibidas, y esperamos con interés las respuestas pendientes, a más tardar un mes después de la presente reunión.
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT contracting parties in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.
Concluding Remarks by the Chairperson, H.E. Mr. Dacio Castillo of Honduras, acting on behalf of the current Chairperson of the Trade Policy Review Body, H.E. Dr. Athaliah Lesiba Molokomme of Botswana, at the Trade Policy Review of Georgia, 12 and 14 January 2022.
This third Trade Policy Review of Georgia has been an excellent opportunity to examine the evolution of its trade and related policies since the previous Review in 2016, as well as to learn about the unique challenges caused by the COVID-19 pandemic that has impacted trade and the global economy. I would like to thank the delegation of Georgia, led by Mr Genadi Arveladze, Deputy Minister of Economy and Sustainable Development, for its active participation and engagement in this exercise. I would also like to express my appreciation to our discussant, H.E. Ambassador Simon Manley of the United Kingdom, and to the 18 delegations that took the floor during this meeting.
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT contracting parties in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.
Prefacio
El Mecanismo de Examen de las Políticas Comerciales (MEPC), establecido a título experimental por las Partes Contratantes del GATT en abril de 1989, se ha convertido en un elemento permanente de la Organización Mundial del Comercio en virtud del Acuerdo de Marrakech por el que se estableció esta Organización en enero de 1995.
Report by the WTO Secretariat
The United Arab Emirates (UAE) is a federation of seven Emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah, and Umm Al Quwain. Responsibility for policy, laws, and administration is shared among the federal authorities and the individual Emirates. Together, Abu Dhabi and Dubai account for over 85% of the country’s gross domestic product (GDP). The oil and gas sector accounts for around 30% of the UAE’s GDP, 41% of public revenues, and 26% of merchandise exports, excluding re-exports. Thus, economic diversification remains a priority of government policy.
Report by the WTO Secretariat
Since Pakistan’s previous Trade Policy Review in 2015, efforts for improving economic fundamentals and strengthening macroeconomic resilience have been undertaken. Pakistan was able to weather the COVID-19 pandemic comparatively well, supported by a proactive and comprehensive set of economic policies and other support measures. During the review period, Pakistan’s annual GDP growth on a market price basis peaked at 5.8% (2017/18), and declined to -0.9% (2019/20), due to the COVID-19 outbreak. It has since bounced back to an estimated 4.7% in 2020/21 as a result of the timely adopted support measures. Pakistan’s GDP annual average growth rate for the period 2014/15-20/21 stood at 3.8%, a slight rise compared to previous performances (averaging 3.2% in 2007/08-13/14). Following an episode of external and fiscal imbalances, on 3 July 2019 Pakistan entered a 39-month IMF Extended Fund Facility (EFF) involving adjustment measures, including fiscal consolidation; in light of the COVID-19 incidence, the EFF was temporarily put on hold in March 2020. Developments in Pakistan’s competitiveness position in the world reflect those of labour productivity growth and, in particular, total factor productivity growth, but also weaknesses in several areas where reforms have been under way. Inflation peaked at 10.7% in 2019/20 before slightly dropping to 8.9% in 2020/21, almost twice its 2014/15 level; the unemployment rate increased from 5.8% in 2017/18 to 6.9% (2018/19) and then seemingly rose further, reflecting concerns over a low GDP growth rate and the impact of the pandemic.
Report by the WTO Secretariat
Over the last decade, Georgia’s economic growth has been largely positive and there has been a demonstrated commitment to open markets and further integration into world and regional markets as illustrated by the country’s engagement in the WTO and more recently through its commitments under the Deep and Comprehensive Free Trade Area (DCFTA) with the European Union. As a result of these developments and the increase in gross national income per capita, Georgia reached the status of upper-middle income country in 2016.
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT contracting parties in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT contracting parties in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.
Report by the WTO Secretariat
Panama has a small, relatively open economy that is highly dependent on services, especially those related to foreign trade. The Panama Canal and the development of free zones make the country one of the world’s most important distribution and re-export centres, which is why in 2019, the sum total of Panama’s exports and imports of goods and services was equivalent to 82% of GDP. Services accounted for 70% of GDP during the review period; in 2020, the most important services were wholesale and retail trade; transport, storage and communications; financial intermediation; and real estate, business and rental activities. All of these services are related in some way to international trade. The structure of Panama’s merchandise trade is of particular importance: a distinction must be drawn between trade from the Panamanian customs territory per se and trade through the Colón Free Zone, where three quarters of the value of the country’s total merchandise trade is processed. During the review period, there was a significant change in the type of merchandise exported by Panama: until 2018, agricultural and food products dominated, whereas in 2019, exports of mining products, specifically copper, which were previously non-existent, commenced following the opening of a copper mine that year, accounting for 56% of all goods exported in 2020.
Report by Pakistan
Pakistan’s fifth Trade Policy Review comes at a time when the economy is recovering from a global pandemic. In 2020, while the world output shrunk by nearly 3.5%, Pakistan’s effective COVID-19 response measures helped mitigate its impact on the economy. Pakistan’s economy contracted by less than half a percent during FY2019/20 and rebounded rapidly to near 4% growth in FY2021. By population size, Pakistan is the 5th largest country (about 220 million) in the world and has so far successfully avoided morbidity/mortality rates experienced by some comparable countries due to the pandemic.