Every six years, Jamaica, as a developing country and member of the World Trade Organization (WTO), undergoes a trade policy review.
Jamaica is currently preparing for its fifth such trade policy review covering the period 2018-2023. The previous four were done in 1998, 2005, 2010 and 2017. The full texts of the review reports are available to the public on the WTO website and hard copies can be purchased.
These are comprehensive reviews which consist of a detailed report prepared by WTO technical staff, which includes a site visit, and one prepared by the Government of Jamaica. The formal meeting for this fifth review will be held in the summer of 2024 in Geneva, Switzerland.
The trade policy review, the cornerstone of transparency, is conducted through the WTO Trade Policy Review Mechanism which contributes to improving adherence by all members to the rules, disciplines, and commitments undertaken under the WTO Multilateral Trade Agreements. It takes account of national economic and development needs, policies and objectives of the members, and the external global economic environment.
This review is enabling transparency by making all members aware of the trade policy measures being applied by other members. It should, however, not be used to trigger dispute-settlement actions.
Preparations for the trade policy review are coordinated by the Ministry of Foreign Affairs and Foreign Trade. Jamaica’s last trade policy review in 2017 indicated what progress the country had made in improving its trade policy framework over the past six years. It was conducted before the formal adoption of Jamaica’s revised Foreign Trade Policy in 2018.
This fifth review for Jamaica will look at the implementation of the foreign trade policy, as well as all new trade-related measures which have been implemented since. It will also take account of the impact of the COVID-19 pandemic, global conflicts and other global crises on growth in the Jamaican economy and progress, or the lack of it, in Jamaica’s trade in goods and services.
Recall the emphasis placed on trade in the implementation of the UN Sustainable Development Goals which are linked to the national development plan – Vision 2030.
The trade policy review can be a very taxing process for developing and least developed members, given its comprehensive nature and the intensity of the formal meetings, with questions posed by members and answers to be provided in a specific time frame. Thus, members have been considering measures for improving the review process.
In July, they concluded the 7th appraisal of the Trade Policy Review Mechanism, making recommendations for improvements which will be presented to the 13th WTO Ministerial Conference to be held in Abu Dhabi in February 2024. This could be a first outcome in WTO reform.
It is reported that members agreed on a set of pragmatic, common-sense and forward-looking measures that will significantly strengthen the review mechanism as a transparency tool, while making the reviews more efficient and less burdensome to WTO members. One such measure will be better use of information technology.
The Trade Policy Review is perhaps one of the less known aspects of the WTO’s work. I actually do not think that there is enough public awareness of these WTO trade policy reviews which are done for all the members. These are useful documents which provide a wealth of information. They are a great reference tool to be used for research and to aid decision-making in the public sector, private sector, academia and civil society, including the media.
The reviews done by Jamaica since 1998 give a clear indication of Jamaica’s trade and economic progress over the past 28 years – what has been achieved and what still needs to be done. They indicate whether Jamaica is effectively implementing the WTO agreements, and the challenges being encountered. They also give an indication of the importance of foreign trade to the Jamaican economy.
Sometimes, it is not clear that the contribution of exports of goods and services to the Jamaican economy is fully recognised within the government system and by the private sector.
The Ministry of Foreign Affairs and Foreign Trade will have a heavy workload for the WTO in coming months as it prepares for the 13th WTO Ministerial Conference and Jamaica’s fifth trade policy review.
Elizabeth Morgan is a specialist in international trade policy and international politics. Email feedback to columns@gleanerjm.com.
