OVERVIEW OF DEVELOPMENTS IN THE
INTERNATIONAL TRADING ENVIRONMENT

MINUTES OF THE MEETING

9 December 2021

Chairperson: H.E. Dr Athaliah Lesiba Molokomme (Botswana)

INTRODUCTORY REMARKS BY THE CHAIRPERSON

1.       Good afternoon and welcome to this meeting of the TPRB, which was convened by Airgram WTO/AIR/TPR/120 on 22 November 2021.

2.       The purpose of this meeting is for Members and Observers of the Trade Policy Review Body to undertake their annual overview of developments in the international trading environment which are having an impact on the multilateral trading system, as provided in Paragraph G of Annex 3 of the Marrakesh Agreement.

3.       As mentioned in the Airgram, today's discussion is assisted by the Director‑General's Annual Report which provides a comprehensive overview of the overall state of global trade, of significant developments in the implementation of trade policies by WTO Members and Observers, and an up‑date on several trade policy issues affecting the trading system for the period between mid‑October 2020 and mid-October 2021.

4.       This Report has also been produced in the context of the COVID‑19 pandemic, and the recent emergence of a new variant, causing the postponement of the MC12 were stark reminders that we live in precarious and uncertain times. Against this backdrop, the ramifications of the pandemic - on trade as well as more broadly on the global economy, are covered extensively in the Report.

5.       The Report was circulated in document WT/TPR/OV/24 on 22 November 2021.

6.       Let me briefly recall the purpose of the Trade Policy Review Mechanism, which according to Annex 3 of the Marrakesh Agreement, is to achieve greater transparency in, and understanding of, Members' trade and trade-related policies and measures. The TPRM is not intended to serve as a basis for the enforcement of obligations under WTO Agreements, for dispute-settlement purposes or to impose new policy commitments on Members.

7.       These same fundamental principles apply to the periodic reports by the Director‑General - such as the Annual Report presented today. The trade monitoring exercise is, above all, a transparency exercise. It is intended to be purely factual and has no legal effect on the rights and obligations of WTO Members.

8.       As you know, the preparation of these reports relies on Members' timely and specific inputs to the trade monitoring exercise as well as on their notifications under the various WTO Agreements. For the current Report, 60% of the Membership provided input, representing around 94% of world trade.