Trade monitoring
Trade Policy Review: China 2008
“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 China.
Trade Policy Review: Oman 2008
“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 Oman
Trade Policy Review: United States of America 2008
“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 the United States.
Preface
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
The openness and transparency of the U.S. trade regime have been key contributing factors to the efficiency that characterizes the U.S. economy as a whole. Since its last Review in 2006 the United States has taken further steps to liberalize its trade regime although mostly on a preferential basis. In the face of the economic uncertainty prevalent in early 2008 U.S. welfare would be best promoted by exploiting the adjustment capacity of the U.S. economy and continuing to reduce barriers to market access and other distorting measures including those that result from high levels of assistance in agriculture and energy. Moreover ongoing efforts to incorporate additional security considerations into U.S. trade and investment policies should be pursued within the framework of the risk-based approach that seems to have served the United States well. Further reforms undertaken on a MFN basis would also lessen distortions in global markets and strengthen the multilateral trading system as the United States is both the world’s largest single economy and trader.
Foreword by the Director-General
This year’s World Trade Report explores the role of trade in a world characterized over the last several decades by increasing dependence among nations. This inter-dependency – what we all call globalization today – is a multi-layered and complex phenomenon involving intensive political social and economic interaction nationally and internationally. Few would contest the benefits that globalization has brought in terms of greater prosperity for hundreds of millions as well as greater stability among nations. But many individuals in different societies across the world have shared little or not at all in the benefits of globalization. The challenges facing national governments in managing globalization are formidable and success in spreading prosperity more widely requires a strong common purpose.
Acknowledgements
The World Trade Report 2008 was prepared under the general direction of Deputy Director-General Alejandro Jara. Patrick Low Director of the Economic Research and Statistics Division led the team responsible for writing the Report. The principal authors of the Report were Marc Bacchetta Chad Bown K. Michael Finger Marion Jansen Alexander Keck Roberta Piermartini Michele Ruta and Robert Teh. Trade statistics information was provided by the Statistics Group of the Economic Research and Statistics Division coordinated by Hubert Escaith Julia de Verteuil Andreas Maurer and Jürgen Richtering.
Executive summary
International trade is integral to the process of globalization. Over many years governments in most countries have increasingly opened their economies to international trade whether through the multilateral trading system increased regional cooperation or as part of domestic reform programmes. Trade and globalization more generally have brought enormous benefits to many countries and citizens. Trade has allowed nations to benefit from specialization and economies to produce at a more efficient scale. It has raised productivity supported the spread of knowledge and new technologies and enriched the range of choices available to consumers. But deeper integration into the world economy has not always proved popular nor have the benefits of trade and globalization necessarily reached all sections of society. Trade scepticism is on the rise in certain quarters and the purpose of this year’s core topic of the World Trade Report entitled “Trade in a Globalizing World” is to remind ourselves of what we know about the gains from international trade and the challenges arising from higher levels of integration.
The trade situation in 2007
Growth in world output and trade decelerated in 2007. Weaker demand in the developed economies reduced global economic growth to 3.4 per cent from 3.7 per cent roughly the average rate recorded over the last decade. At some 7 per cent growth in the developing regions was nearly three times the rate recorded in the developed regions and the contribution of the developing countries to global output growth in 2007 exceeded 40 per cent. Economic expansion in the least-developed countries fully matched the growth rate recorded by developing countries as a group in 2007 sustaining a pattern that has been maintained since 2000.
Trade in a globalizing world
Economic integration is proceeding across the world at an unprecedented pace. Globalization has brought enormous benefits for many countries and citizens. But some have been on the losing end of the process and opposition to further integration is mounting for a multitude of reasons. Trade is just one aspect of globalization and links with broader economic political and technological forces are manifold and complex. Certain arguments against open trade are fuelled by a variety of factors – including a general fear of change – that have little to do with further trade opening. Governments responding to antitrade pressures stemming from anti-globalization arguments risk making poor policy choices. Trade scepticism is clearly a cause of concern particularly at a time when WTO members are striving to complete the Doha Round. At this crucial juncture it seems appropriate to revisit the case for trade and to ask ourselves whether the traditional arguments in favour of free trade are still valid.
World Trade Report 2008
The theme of this year’s Report is “Trade in a Globalizing World”. The Report provides a reminder of what we know about the gains from international trade and highlights the challenges arising from higher levels of integration. It addresses a range of interlinking questions starting with a consideration of what constitutes globalization what drives it what benefits does it bring what challenges does it pose and what role does trade play in this world of ever-growing inter-dependency. The Report asks why some countries have managed to take advantage of falling trade costs and greater policy-driven trading opportunities while others have remained largely outside international commercial relations. It also considers who the winners and losers are from trade and what complementary action is needed from policy-makers to secure the benefits of trade for society at large. In examining these complex and multi-faceted questions the Report reviews both the theoretical gains from trade and empirical evidence that can help to answer these questions.
Minutes of the TPRB meeting
The second Trade Policy Review of Brunei Darussalam was held on 25 and 27 February 2008. The Chairperson (H.E. Mr. Yonov Frederick Agah) welcomed the Brunei delegation led by Mr. Dato Lim Jock Hoi (Permanent Secretary Ministry of Foreign Affairs and Trade) and which included Her Royal Highness Princess Muta-Wakillah Bolkiah and H.E. Mr. Alaihuddin Taha as well as the discussant H.E. Mrs. Marie-Claire Swärd Capra (Sweden). As usual the discussant would speak in her personal capacity and not as a country representative. In accordance with established procedures the discussant had provided in advance outlines of the main issues she intended to raise (document WT/TPR/D/171).
Report by the WTO Secretariat
Brunei Darussalam is a small relatively open economy in which trade and foreign direct investment play vital roles. With one of Asia’s highest per capita incomesof US$30000 Brunei owes its prosperity mainly to its abundant petroleum (oil and natural gas) resources whose share of GDP grew from 53% in 2002 to 69% in 2006 and whose share of exports rose from 88% to 96% during the same period largely due to the sharp rise in oil and gas prices. Nonetheless between 2002 and 2006 the economy grew at a rather modest annual average real rate of 2.5% which is insufficient to generate enough jobs for Brunei’s growing labour force. As a result official estimates put unemployment at some 4% in 2006 a cause for concern among Bruneians. Overall inflation has remained subdued at around 1% generally moving in line with price trends in Singapore because of the currency peg to the Singapore dollar. Inflation is somewhat repressed however by the price controls and subsidies with respect to essential food items and petrol.
Report by Brunei Darussalam
Since the last trade policy review in 2001 Brunei Darussalam maintains its strong support for an open rules-based and non-discriminatory multilateral trading system as prescribed by the WTO and continues to support the process of the Doha Development Agenda.