Trade monitoring

Switzerland and Liechtenstein are among the top high-per capita income countries in the world and are very well integrated into international trade. They both benefit from strong democratic institutions educated populations and a specialization in value-added production. Their fiscal situation is sound and their unemployment traditionally low. Services account for about three quarters of the Swiss economy. One particularity of the Liechtenstein economy is the importance of manufacturing representing 40% of GDP in 2019. During the review period and prior to the COVID-19 pandemic real GDP growth in Switzerland was positive ranging from 1.2% in 2019 to 2.9% in 2018. GDP growth in Liechtenstein tends to be more volatile because of the small size of the economy. After three years of real GDP growth Liechtenstein’s GDP contracted by 2.3% in 2019. Because of the COVID-19 pandemic real GDP growth fell by 2.4% in 2020 in Switzerland and further in Liechtenstein. Thanks to strong financial buffers and a prompt response by the Governments the pandemic is not expected to have negative effects on long-term economic prospects.

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.

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.

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.

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.

“Trade Policy Reviews" analyse the trade policies and practices of each member of the WTO. The reviews consist of three parts: an independent report by the WTO Secretariat a report by the government and the concluding remarks by the Chair of the WTO’s Trade Policy Review Body. The opening section - "key trade facts" - provides a visual overview of the WTO member's major exports/imports main export destinations origins for its imports and other key data. This edition looks into the trade practices of Pakistan.

“Trade Policy Reviews" analyse the trade policies and practices of each member of the WTO. The reviews consist of three parts: an independent report by the WTO Secretariat a report by the government and the concluding remarks by the Chair of the WTO’s Trade Policy Review Body. The opening section - "key trade facts" - provides a visual overview of the WTO member's major exports/imports main export destinations origins for its imports and other key data. This edition looks into the trade practices of Georgia.

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.