Paraguay’s WTO Trade Policy Review: UK Statement, November 2024
Introduction
The United Kingdom welcomes the opportunity to present its statement at the Trade Policy Review of Paraguay. We commend Paraguay for its commitment to the multilateral trading system and its efforts to promote trade and investment.
Economic Developments
Paraguay’s economy has experienced strong growth in recent years, driven by its agricultural sector and exports of commodities such as soybeans, beef, and wheat. The country has also benefited from increased foreign direct investment, particularly in the energy and infrastructure sectors.
We encourage Paraguay to continue to diversify its economy and reduce its dependence on a few key commodities. We also recommend that the government focus on improving the business environment, promoting entrepreneurship, and investing in education and skills development.
Trade Policy
Paraguay has a relatively open trade regime, with low tariffs and few non-tariff barriers. The country is a member of the Southern Common Market (Mercosur) and has free trade agreements with several countries in the region.
We welcome Paraguay’s commitment to trade liberalization and its efforts to promote regional integration. We encourage the government to continue to work towards reducing trade barriers and improving market access for goods and services.
Intellectual Property
Paraguay has made progress in strengthening its intellectual property (IP) regime in recent years. The country has acceded to the World Intellectual Property Organization (WIPO) Copyright Treaty and the WIPO Performances and Phonograms Treaty.
We encourage Paraguay to continue to improve its IP protection framework, including by strengthening enforcement and addressing issues related to counterfeiting and piracy.
Services
The services sector plays an important role in Paraguay’s economy, accounting for over 50% of GDP. The country has made progress in liberalizing the services sector, particularly in telecommunications and financial services.
We encourage Paraguay to continue to promote competition and investment in the services sector. We also recommend that the government focus on improving the regulatory framework for services and reducing barriers to entry.
Investment
Paraguay has taken steps to improve its investment climate, including by simplifying investment procedures and reducing bureaucratic hurdles. The country has also established a number of investment promotion agencies.
We encourage Paraguay to continue to improve the transparency and predictability of its investment regime. We also recommend that the government focus on attracting foreign direct investment in key sectors, such as infrastructure, energy, and manufacturing.
Conclusion
The United Kingdom believes that Paraguay has the potential to become a major player in the global economy. We encourage the government to continue to pursue its trade liberalization agenda, improve its investment climate, and strengthen its intellectual property regime.
We are confident that Paraguay can achieve its economic goals and improve the lives of its people through trade and investment.
Paraguay’s WTO Trade Policy Review: UK Statement, November 2024
The AI has provided us with the news.
I’ve asked Google Gemini the following question, and here’s its response.
UK News and communications a new article on 2024-11-28 16:28 titled “Paraguay’s WTO Trade Policy Review: UK Statement, November 2024”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
81