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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 1400. 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.