A team from the World Trade Organisation (WTO) yesterday conducted Seychelles’ first trade policy review.
This took place at the Sheikh Khalifa Diagnostic Centre in the presence of the secretary of state (SS) for Finance, Patrick Payet; the Governor of the Central Bank of Seychelles, Caroline Abel; the principal secretary in the department of Economic Planning, Elizabeth Agathine, among other partners.
Trade policy review mechanism objective includes facilitation and smooth functioning of the multilateral trading system by enhancing the transparency of members’ trade policies.
The purpose of the trade policy review mechanism is to contribute to improve LPOs by other WTO members in discipline and commitment made under the multilateral trade agreement and where applicable the bilateral trade agreement.
SS Payet recapped that Seychelles formally joined the WTO in 2015, becoming its 161st member. This launched a new chapter for Seychelles in a multilateral system based on transparency, good governance and the rule of law.
In the seven years of Seychelles’ membership, the country has participated actively in the ongoing work programmes mainly through the permanent representative office in Geneva.
He added that with international support and political commitment Seychelles has been able to set itself on a path for developing a trade regime that is on par with international best practices.
Over the course of three days a set of presentations and Q&A will provide an update on the current status of Seychelles’ trade related legislative, policy and institutional frameworks in various sectors of the economy.
The update will be the cornerstone of completing the process of the trade policy review scheduled for December 2022.
The director of Trade Policies Review Division (WTO), Willy Alfaro, said the main objective of the exercise is to increase transparency in the trade policy practice in the Seychelles.
He highlighted that transparency is very important for members of the WTO and for the business community. The transparency according to Mr Alfaro is to describe all aspects of the trade policy. The macroeconomic aspect of a country is an integral part of the report and the conditions of the external market.
In his presentation, Ricardo Barba Viniegra, a representative from WTO, said this is an opportunity for Seychelles to also review the trade practices and at the same time seek technical assistance form WTO.
He stressed that the exercise is not to serve as the basis of the enforcement or specific obligation under the WTO agreement.
Two reports will come out of this exercise, one by the WTO secretariat and the other will be written by the government of Seychelles.
Mr Alfaro said this is a unique opportunity for Seychelles to present to all members of WTO how it had developed since its integration into the world trade body seven years ago. Seychelles will also have the opportunity to present the shortcomings in regards to the geographical location and other limitations.
He added that the WTO members will appreciate this and offer the Seychelles how to use the multilateral trading system of WTO to enhance its participation and gain more benefits.
The 164 members of WTO will concentrate two days to focus on the trade policy of the Seychelles.
The outcome will be like a complete audit of how trade policies are conducted in Seychelles and will be presented to the members of WTO who will then ask questions, make suggestions and recommendations for changes.
He stressed that the recommendations can be useful inputs for the government and for consideration of any policy change the government may put in place.
Veronique Brutus, the Trade Attaché at the Permanent Mission of the Republic of Seychelles to UN, WTO and other international organisations based in Geneva, said that the review will help Seychelles identify the gaps that exist and address these issues.
She added that this will facilitate trade and the way Seychelles addresses commerce when working with businesses and how to implement certain policies.
Source: Seychelles Nation