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Concluding remarks by the Chairperson of the Trade Policy Review Body, H.E. Mr. Juan Carlos González at the Trade Policy Review of Paraguay, 20 and 22 September 2017
This fourth Trade Policy Review has provided us with the opportunity to deepen our understanding of Paraguay’s trade and investment policies and in particular of the several reforms and changes introduced since the last Review in 2011. I would like to thank the Paraguayan delegation led by Ambassador Luis Fernando Ávalos Vice-Minister of Foreign Affairs and Integration for their constructive engagement throughout this exercise. I would also like to thank our discussant Ambassador Héctor Casanueva of Chile for his interesting and thought-provoking remarks as well as the 27 delegations which have taken the floor the first day for their active participation in this review.
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
Since the last review of Paraguay in 2011 the country’s economy has performed robustly. Real gross domestic product (GDP) grew at an average annual rate of 4.7% between 2011 and 2016 underpinned by a stable macroeconomic environment which not only favoured growth and held down inflation expectations but also made it easier for Paraguay to access international financing at a moderate cost. The most vigorous economic sectors during 2011-2016 were financial services construction general government and the agricultural sector which is the main source of exports. The unemployment rate remained moderate during the review period generally fluctuating between 5% and 6%.
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