Trade monitoring
Report by the WTO Secretariat
India’s economic growth continued to be strong for most of the period under review, averaging 7.4% until 2018/19. A number of reforms were implemented, including the introduction of the Goods and Services Tax (GST) to harmonize the indirect tax system; the Insolvency and Bankruptcy Code to address the problem of debt in the corporate sector; banking reforms to improve supervision of banks and non-banking financial companies; and, most recently, legislation to improve marketing and reduce regulation of agricultural products. Trade policy remained broadly unchanged during the period under review.
Report by the WTO Secretariat
Since its previous Trade Policy Review in 2014 and until 2017, Tonga’s economy grew at a strong pace, supported by construction and remittances-fuelled private consumption, as well as by an accommodative monetary policy stance. Real GDP grew on average by 2.35% (FY 2013/14-FY 2018/19) annually, compared with 1.27% (FY 2006/07-FY 2011/12) at the last period. A succession of natural disasters, namely the extensive damage caused by Tropical Cyclones Gita (2018), Tino (2020), and Harold (2020), and the large COVID-19- pandemic-induced contraction in global economic activity brought about a significant economic downturn. Apart from some temporary spikes in 2017-18, inflation remained low, reflecting favourable developments in international food and fuel prices. An Economic and Social Stimulus Package worth TOP 60 million was put in place to fund the National Action Plan for combatting the COVID-19 pandemic.
Report by the WTO Secretariat
The production and exportation of agricultural products are of particular importance for the Argentine economy. Argentina is one of the world’s leading exporters of soya beans and soyabean by-products, maize and sunflowers. It is also a major producer and exporter of other cereals, beef (bovine meat) and dairy products. Value chains have been created for soya beans, maize, meat, sunflowers, dairy products and other products, which significantly contribute to GDP and employment and are major sources of foreign currency. Since Argentina’s previous review in early 2013, the production sectors linked to exports, particularly agriculture, have been the strongest performers. In general, the external sector has continued to play an important role in the Argentine economy. Despite the contraction in exports and the economy in general during the review period, exports have not only contributed to maintaining the balance of payments and preventing a further decline in GDP, but have also been a significant source of public sector financing.
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.