Trade monitoring
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Report by the WTO Secretariat
Agriculture is at the core of economic developments in the East African Community (EAC). Its good performance, underpinned by favourable weather conditions and rising global demand for its exports in recent years, helped EAC countries to register positive economic developments from 2006 to 2007 and to recover relatively well from the global economic and financial crisis. However, low resilience, together with traditional farming practices and a narrow export base, have led to a significant economic slowdown in the region, in the wake of the global economic and financial crisis in 2008. Low tourist arrivals have also played a part, as the industry is crucial for Kenya (the only non-LDC in the region) and Tanzania, the two largest economies in the EAC.
Trade Policy Reviews
In 2016, the Trade Policy Review Body (TPRB) reviewed the trade policies and practices of 23 WTO members. By the end of 2016, the TPRB had conducted 452 reviews since its establishment in 1989, covering 153 of the 164 WTO members. During the year, members agreed further reforms to the trade policy review mechanism, including adjusting the frequency of undertaking trade policy reviews.
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.
Trade monitoring reports
Trade monitoring reports showed a slight decrease in the number of new trade-restrictive measures introduced by WTO members. The WTO revised downwards its trade forecasts for 2016, predicting the slowest pace of trade and output growth since the financial crisis of 2009. The monitoring reports underscore the need for WTO members to work together to ensure that the benefits of trade are spread more widely and are better understood.
Una Organización universal
Liberia se adhirió a la OMC el 14 de julio de 2016. El Afganistán pasó a ser Miembro de la OMC el 29 de julio de 2016.
Report by the WTO Secretariat
The UAE’s trade regime is open, with low tariffs and few non-tariff barriers to trade. The UAE’s openness was instrumental in achieving the solid growth registered prior to the global crisis and has facilitated the diversification of economic activity. The investment regime remains considerably more restrictive than the trade regime, as foreign participation in any domestic company or activity is limited to 49% of the capital; however, 100% foreign ownership is allowed in any of the UAE’s free zones.