Kuwait, the State of
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Trade Policy Review: The State of Kuwait 2012
“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 State of Kuwait.
Report by the WTO Secretariat
The State of Kuwait is implementing a new development strategy centred on a liberal trade regime with the objective of reducing the economy’s high dependence on crude oil and natural gas which accounts for nearly half of GDP 95% of export revenues and more than 80% of government income. To this end steps are being taken to improve the country’s business environment increase productivity growth of the non-energy sectors and increase the participation of the private sector (local and foreign) in the economy from its current low level of about 25%.
Report by the State of Kuwait
Kuwait gained independence on June 19 1961. Merely six months after the country became the first developing country to establish a Fund to provide economic assistance to fellow developing countries.
Concluding Remarks by the Chairperson of the Trade Policy Review Body, H.E. Mrs. Elin Johansen (Norway) at the Trade Policy Review of The State of Kuwait 7 and 9 February 2012
This first Trade Policy Review of the State of Kuwait has given us a much better understanding of recent developments in its trade and trade-related policies and practices together with the challenges it faces. We are grateful for the active participation of the Kuwaiti delegation headed by H.E. Ambassador Dharar Razzooqi Permanent Representative in Geneva. I would also like to thank the discussant Ambassador Shahid Bashir of Pakistan and Members of the TPRB for contributing to our fruitful exchange of views.
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.