Trade monitoring
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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.
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. Dr. Athaliah Lesiba Molokomme of Botswana, acting on behalf of the current Chairperson of the Trade Policy Review Body, H.E. Mr. Ángel Villalobos Rodríguez of Mexico, at the Trade Policy Review of Switzerland and Liechtenstein, 18 and 20 May 2022.
The sixth joint Trade Policy Review of Switzerland and Liechtenstein (the eight review of Switzerland and the sixth review of Liechtenstein) has enabled Members to understand the main developments that have occurred in the trade, economic and investment policies of Switzerland and Liechtenstein since the review conducted in 2017. The strong interest in Switzerland’s and Liechtenstein’s trade policies is evident from the written questions posed and the large number of delegations that made statements, 48 delegations took the floor during the first day. This reflects the importance of individual Members’ trade and investment relationships with Switzerland and Liechtenstein as well as a generally shared recognition and appreciation of the significant role of these Members in supporting the multilateral trading system.
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 Panama, 24 and 26 January 2022.
This third Trade Policy Review of Panama has been an excellent opportunity to review Panama’s trade and investment policies and the changes made during the review period, which was particularly difficult for everyone owing to the challenges posed by the health crisis that has disrupted trade and the world economy. It has given us the chance to improve our understanding of these policies and to raise questions and exchange views openly. I wish to thank the Vice Minister for International Trade Negotiations, Ms Linda Castillo, who participated from Panama, and Ambassador Alfredo Suescum and the rest of the Panamanian delegation here in Geneva and in the capital, for their active participation in this review. I would also like to thank our discussant, Mr Laurie Lo, Permanent Representative of Hong Kong, China, for his valuable contribution to our discussions. Panama received more than 230 questions and more than 29 delegations took the floor, reflecting the importance that Members attach to Panama’s trade policies. Members much appreciated Panama’s written responses to the questions asked, and we look forward to receiving the pending replies no later than one month after this meeting.
Report by the United Arab Emirates
Concluding Remarks by the Chairperson of the Trade Policy Review Body, H.E. Mr. Ángel Villalobos Rodríguez of Mexico, at the Trade Policy Review of Pakistan, 30 March and 1 April 2022.
The fifth Trade Policy Review of Pakistan has offered us a good opportunity to deepen our understanding of recent developments in, and challenges to, its trade, economic, and investment policies. Since its fourth TPR in 2015, Pakistan’s initiatives to maintain its participation in the multilateral trading system and take advantage of the opportunities it offers were greatly appreciated. Indeed, the 319 advance written questions submitted by 21 Members and the 33 delegations that took the floor during the first and second day underline the importance attached by Members to Pakistan’s trade and investment policies and practices.
Report by Georgia
Trade liberalization continues to be one of the key objectives on Georgia’s economic policy agenda. In the reporting period Georgia undertook a number of reform initiatives targeted at streamlining, liberalization and simplification of trade regulations and their implementation.
Report by Switzerland and Liechtenstein
Switzerland submits this general policy statement as part of the sixth joint Trade Policy Review of Switzerland and Liechtenstein.
Report by Panama
The Republic of Panama actively promotes a sustainable trade policy that is designed to drive development and has the capacity to foster economic growth and reduce poverty and inequality. This, coupled with the advances made in industrial policy, will lead us as a country towards a development model based on innovation and competitiveness.
Concluding remarks by the Chairperson of the Trade Policy Review Body, H.E. Mr. Ángel Villalobos Rodríguez of Mexico at the trade policy review of the United Arab Emirates, 22 and 24 March 2022.
The fourth Trade Policy Review of the United Arab Emirates has provided us with a good opportunity to understand the trade and related policies of the UAE and the changes since its last review in 2016. The Review has benefitted from the constructive and informative participation of the delegation of the UAE, headed by H.E. Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises; by H.E. Juma Mohammed Al Kait, Assistant Undersecretary for International Trade, and the insightful comments of the discussant, H.E. Ambassador José Valencia, Permanent Representative of Ecuador to the WTO, and the comments made and issues raised by the 41 delegations that took the floor during the meeting. I would also like to take this opportunity to thank the delegations that prepared advance written questions.
Informe de Panamá
La República de Panamá promueve activamente una política comercial sostenible, encaminada a impulsar el desarrollo, con la capacidad para favorecer el crecimiento económico y reducir la pobreza y la desigualdad, lo cual en conexión con los avances en la política industrial nos permitirán encaminarnos como país hacia un modelo de desarrollo fundamentado en la innovación y la competitividad.
Analytical assessment of the trade and economic effects
Executive summary
The war in Ukraine is causing immense human suffering. At the same time, it has delivered another severe challenge to the global economy already strained by the impact of the COVID-19 pandemic. However, the multilateral trading system has withstood this disruption relatively well so far.
Way forward and policy implications
The war in Ukraine is causing immense human suffering. At the same time, it has delivered another major challenge to the global economy already strained by the impact of the COVID-19 pandemic. This series of crises has given rise to a move for reshoring, nearshoring and for “friend-shoring” – either making strategically important goods at home or procuring them from allies.
Introduction
The war in Ukraine started one year ago. The human and economic costs are enormous and growing. Through trade, particularly in food and some raw materials, its effects have spread globally, manifested by supply chain disruptions and increased food insecurity. Early assessments of the impact of the war, including a WTO Secretariat note (WTO, 2022), laid out different scenarios for spill-overs to other regions and identified countries and sectors at heightened risk. After one year of war, the WTO Secretariat has reassessed the situation and examined how the multilateral trading system has reacted to the crisis.
Résumé analytique
Les objectifs commerciaux occupent une place de premier plan dans les stratégies de développement des pays en développement. Malgré la pandémie de COVID-19, le commerce reste une priorité pour le développement. C’est le message fort qui ressort de l’exercice de suivi et d’évaluation 2022 de l’Aide pour le commerce, mené conjointement avec l’Organisation de coopération et de développement économiques (OCDE).
Resumen
Los objetivos comerciales ocupan un lugar destacado en las estrategias de desarrollo de los países en desarrollo. A pesar de la pandemia de COVID-19, el comercio sigue siendo una prioridad para el desarrollo. Este es el claro mensaje que se desprende del ejercicio de vigilancia y evaluación de la Ayuda para el Comercio de 2022, llevado a cabo conjuntamente con la Organización de Cooperación y Desarrollo Económicos (OCDE).
Outreach
The WTO maintains regular dialogue with the business community, non-governmental organizations, parliamentarians, other international organizations, the media and the general public to enhance cooperation and raise awareness of trade issues.
Secretariat and budget
The WTO Secretariat has over 600 regular staff and coordinates the activities of the WTO. Most of the WTO’s annual budget consists of contributions by its members.
Introduction
The overall objective of the WTO is to help its members use trade as a means to raise living standards, create jobs and improve people’s lives. The WTO operates the global system of trade rules and helps developing countries build their trade capacity. It also provides a forum for its members to negotiate trade agreements and to resolve the trade problems they face with each other.