Paraguay’s WTO Trade Policy Review: UK Statement, November 2024
Introduction
The United Kingdom welcomes the opportunity to participate in Paraguay’s fifth Trade Policy Review (TPR). We commend Paraguay for its continued commitment to the multilateral trading system and its efforts to promote open and inclusive trade.
Economic Overview
Paraguay’s economy has experienced steady growth in recent years, driven by strong agricultural exports, particularly soybeans and beef. However, the COVID-19 pandemic has had a significant impact, leading to a sharp decline in economic activity in 2020. The economy is expected to recover in 2021, but the pace of recovery remains uncertain.
Trade Policy
Paraguay’s trade policy is generally open and liberal. The country has reduced tariffs and other trade barriers in recent years and has signed free trade agreements with several countries, including Brazil, Argentina, Uruguay, and the European Union.
Paraguay is also a member of the World Trade Organization (WTO). The country has implemented the WTO’s trade agreements and has been an active participant in the organization’s work.
Key Challenges
Despite its strong trade performance, Paraguay faces a number of challenges. These include:
- High levels of poverty and inequality
- Limited diversification of the economy
- Lack of infrastructure
- Corruption
UK-Paraguay Trade
The United Kingdom is Paraguay’s sixth largest trading partner. In 2020, UK exports to Paraguay were valued at £88 million, while UK imports from Paraguay were valued at £120 million.
The UK exports a range of products to Paraguay, including machinery, pharmaceuticals, and chemicals. The UK imports a range of products from Paraguay, including soybeans, beef, and leather.
Conclusion
The United Kingdom remains committed to working with Paraguay to further strengthen our trade and economic ties. We believe that Paraguay has the potential to become a major player in the global economy and we are keen to support its development.
Paraguay’s WTO Trade Policy Review: UK Statement, November 2024
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