A team from the World Trade Organisation Secretariat was in Honiara last week to hold consultations in preparation for the next Solomon Islands Trade Policy Review earmarked for 2024.
The team met with the Ministry of Foreign Affairs and External Trade and other relevant government ministries during their four days consultation last week.
As a WTO Member, Solomon Islands is required to conduct a World Trade Organization Trade Policy Review (WTO TPR) every six years, with the last review conducted for Solomon Islands back in 2016.
Trade Policy Reviews are an exercise, mandated in the WTO agreements, in which member countries’ trade and related policies are examined and evaluated at regular intervals. Significant developments that may have an impact on the global trading system are also monitored.
All WTO members are subject to review, with the frequency of review varying according to their share of world trade.
The global pandemic had delayed the secretariat from meeting schedules of the required frequency for conducting WTO Members Trade Policy Reviews and for Solomon Islands had been delayed to 2024.
The initial consultation of the Solomon Islands Trade Policy Review with relevant stakeholders last week, included a thorough analysis of the Solomon Islands trade policies, trade related measures and their impact on the country’s economy and international trade relations.
The review was aimed at providing a detailed assessment of the country’s trade performance, identify areas of strength, and offer recommendations for improvements to enhance its participation in the global trading system.
The WTO Secretariat said it is committed to promoting transparency and accountability in international trade, and the Trade Policy Review process plays a crucial role in achieving these objectives.
The Solomon Islands’ participation in this process demonstrates the country’s dedication to an open, rules-based, and fair-trading system.
The Ministry of Foreign Affairs and External Trade would like to thank Government Ministries and organisations who took part in the initial process in this important work of the WTO. The presentation of the draft WTO Secretariat report is scheduled for the second quarter of next year.
—MFAET PRESS RELEASE