Trade monitoring
Report by the WTO Secretariat
Saudi Arabia’s economy continues to be heavily dependent on oil. The review period witnessed a wide range of cross-cutting and sector-specific policy initiatives aimed at modernizing and diversifying the economy. Continuing such initiatives to improve the competitiveness of the non-oil sector remains important.
Report by the WTO Secretariat
This fourth Trade Policy Review of Nicaragua covers the period 2012-20. In recent years, the potential growth of the Nicaraguan economy increased by half a percentage point according to International Monetary Fund (IMF) estimates, thanks to significant infrastructure improvements, especially to transport, telecommunications and the electricity supply. This additional potential growth contributed to average annual real GDP growth of 4.7% between 2013 and 2017. Nevertheless, the Nicaraguan economy has been severely affected by the political and social crisis that began in April 2018 in connection with reforms to the social security system. The crisis has led to job losses and a fall in consumer and business confidence, which, combined with international financial sanctions, caused real GDP to fall by 3.9% in 2018 and 4.0% in 2019. For 2020 and 2021, the IMF estimates that the growth rates for real GDP will be -5.5% and -0.5% respectively, essentially as a result of the effects of the COVID-19 pandemic.
Report by the WTO Secretariat
The Kyrgyz Republic is a land-locked country in Central Asia. Internal transport is hampered by rugged topography and the need for better infrastructure. Current GDP per capita is about USD 1,400. A significant gap in earnings compared with certain neighbouring countries encourages many Kyrgyz citizens, about one third of the workforce, to make their living abroad. Although agriculture still accounted for 18% of GDP in 2019, down from 32% in 2014, the Kyrgyz Republic is increasingly becoming a services economy. Moreover, the Kyrgyz Republic has a sizable informal economy, particularly in activities related to trade, hospitality, transportation, and agriculture, estimated to equal between 24% and 40% of the official GDP.
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
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.
Aid for Trade and the Sustainable Development Goals
This section provides insight into the role of Aid for Trade in fostering sustainable development and helping developing countries address emerging challenges, such as navigating transitions towards low-carbon economies and accelerating digital transformation. It reviews how sustainability considerations have been embedded into Aid for Trade projects and programmes, and highlights the contribution of Aid for Trade towards various Sustainable Development Goals (SDGs), including SDGs related to gender equality and climate action.
Acknowledgements
Aid for Trade at a Glance 2022 is a joint publication of the Organisation for Economic Co-operation and Development (OECD) and the World Trade Organization (WTO). It was prepared under the overall guidance of (i) at the OECD, Olivier Cattaneo, Head of Policy Analysis and Strategy Unit of the Development Co-operation Directorate, supervised by Haje Schütte, Senior Counsellor and Head of the Financing for Sustainable Development Division and Mayumi Endoh, Deputy-Director for Development Co-operation, and (ii) at the WTO, Michael Roberts, Head of the Aid for Trade Unit of the Development Division, supervised by Deputy Director-General Xiangchen Zhang and Shishir Priyadarshi, Director of the Development Division.
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
Trade negotiations and discussions
Changes to the rules of trade require the agreement of WTO members, who must reach a decision through negotiations.
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.
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.
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.
Dispute settlement
WTO members bring disputes to the WTO if they think their rights under trade agreements are being infringed. Settling disputes is the responsibility of the Dispute Settlement Body.
12th Ministerial Conference – a snapshot
The 12th Ministerial Conference took place from 12 to 17 June 2021 at the WTO’s headquarters in Geneva. It was originally scheduled to take place in December 2022 but was postponed due to the pandemic.
Implementation and monitoring
Various WTO councils and committees seek to ensure that WTO agreements are being properly implemented. All WTO members undergo periodic scrutiny of their trade policies and practices.
Supporting development and building trade capacity
The WTO aims to help developing countries build their trade capacity and allows them a longer time to implement trade agreements. Hundreds of training courses are organized each year for officials from developing countries.
Membership
The WTO currently has 164 members. The accession process for new members promotes their integration into the global economy.
Foreword
This report is published in the context of the joint OECD-WTO Aid for Trade Monitoring and Evaluation exercise, which underpins the WTO’s 8th Global Review of Aid for Trade on “Empowering Connected, Sustainable Trade” (July 2022). This is the eighth volume of the Aid for Trade at a Glance series.
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.
Introducción
Los nuevos Perfiles comerciales contienen información detallada sobre las corrientes del comercio de mercancías, incluidos los principales productos con que comercia cada economía, una sección más amplia sobre el comercio de servicios comerciales y estadísticas sobre propiedad intelectual. Esta información, que está a disposición de los Miembros de la OMC, los observadores ante la Organización y otras economías determinadas, proviene de múltiples fuentes, como las estadísticas aduaneras, las cuentas nacionales, las estadísticas sobre la balanza de pagos, el comercio de servicios de filiales extranjeras y la propiedad industrial. Los datos se han obtenido de la Secretaría de la OMC y de fuentes externas. Se presentan en un formato normalizado y fácil de visualizar, para su rápida consulta.
Introduction
Les nouveaux Profils commerciaux contiennent des renseignements détaillés sur le commerce des marchandises, y compris les principaux produits échangés par chaque économie, une section élargie sur le commerce des services commerciaux et des statistiques sur la propriété intellectuelle. Ces renseignements, mis à la disposition des Membres de l’OMC, des pays ayant le statut d’observateur et de certaines autres économies, proviennent de multiples domaines tels que les statistiques douanières, les comptes nationaux, les statistiques de la balance des paiements, les statistiques du commerce des filiales étrangères (FATS) et les statistiques de la propriété industrielle. Les données proviennent du Secrétariat de l’OMC et de sources extérieures, et elles sont présentées de manière uniformisée et fonctionnelle pour pouvoir être consultées rapidement.
Trade negotiations and discussions
Changes to the rules of trade require the agreement of WTO members, who must reach a decision through negotiations.
12th Ministerial Conference – a snapshot
The 12th Ministerial Conference took place from 12 to 17 June 2022 at the WTO’s headquarters in Geneva. It was originally scheduled to take place in December 2021 but was postponed due to the pandemic.
Membership
The WTO currently has 164 members. The accession process for new members promotes their integration into the global economy.
Supporting development and building trade capacity
The WTO aims to help developing countries build their trade capacity and allows them a longer time to implement trade agreements. Hundreds of training courses are organized each year for officials from developing countries.
Dispute settlement
WTO members bring disputes to the WTO if they think their rights under trade agreements are being infringed. Settling disputes is the responsibility of the Dispute Settlement Body.
Implementation and monitoring
Various WTO councils and committees seek to ensure that WTO agreements are being properly implemented. All WTO members undergo periodic scrutiny of their trade policies and practices.
Proyección exterior
La OMC mantiene un diálogo regular con la comunidad empresarial, las organizaciones no gubernamentales, los parlamentarios, otras organizaciones internacionales, los medios de comunicación y el público en general, con el fin de aumentar la cooperación y dar a conocer mejor las cuestiones comerciales.
Communication
L’OMC entretient un dialogue régulier avec les milieux d’affaires, les organisations non gouvernementales, les parlementaires, les autres organisations internationales, les médias et le grand public pour renforcer la coopération et faire mieux connaître les questions commerciales.
Introducción
El objetivo general de la OMC es ayudar a sus Miembros a utilizar el comercio como medio para elevar los niveles de vida, crear empleo y mejorar la vida de las personas. La OMC administra el sistema mundial de normas comerciales y ayuda a los países en desarrollo a crear capacidad comercial. Asimismo, constituye un foro al que acuden sus Miembros para negociar acuerdos sobre comercio y resolver los problemas comerciales que tienen unos con otros.
Aplicación y vigilancia
Los distintos consejos y comités de la OMC velan por que los Acuerdos de la OMC se apliquen de manera adecuada. Todos los Miembros de la OMC se someten periódicamente a un examen de sus políticas y prácticas comerciales.
Négociations et discussions commerciales
Les règles commerciales ne peuvent pas être modifiées sans l’accord des Membres de l’OMC, qui doivent parvenir à un consensus par la voie de négociations.