World Trade Organization: Maldives Trade Policy Review

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WORLD TRADE ORGANIZATION
Trade Policy Review Body

RESTRICTED WT/TPR/G/221 21 Septembre 2009
(09-0000)

Original: English

TRADE POLICY REVIEW Report by MALDIVES

Pursuant to the Agreement Establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), the policy statement by the Maldives is attached.

Note:

This report is subject to restricted circulation and press embargo until the end of the first session of the meeting of the Trade Policy Review Body on the Maldives.

Maldives

WT/TPR/G/221 Page 3

CONTENTS Page I. II. INTRODUCTION OVERVIEW OF THE ECONOMY (1) (2) (3) (4) III. PRODUCTION, PRICES AND EMPLOYMENT PUBLIC FINANCE/FISCAL POLICY FINANCIAL SECTOR AND MONETARY DEVELOPMENT BALANCE OF PAYMENTS AND EXTERNAL SECTOR 5 7 7 7 11 13 14 14 15 16 16 17 17 18 18 19 20 22 22 23 23 24 27 27 27 28 28 29 29 29 30 30

TRADE POLICY AND PERFORMANCE (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) TRADE POLICY OBJECTIVES AND FRAMEWORK LAW ON EXPORT AND IMPORT AND LAW ON PROHIBITED IMPORTS CUSTOMS VALUATION SANITARY AND PHYTOSANITARY (SPS) MEASURES ENVIRONMENTAL MEASURES SERVICES TRADE RELATED INTELLECTUAL PROPERTY RIGHTS BILATERAL TRADE ARRANGEMENTS REGIONAL TRADE AGREEMENTS EXTERNAL TRADE PERFORMANCE

IV.

INDUSTRIAL DEVELOPMENT AND DIVERSIFICATION (1) (2) (3) INDUSTRIAL DEVELOPMENT MEASURES FOR INDUSTRIAL DEVELOPMENT INDUSTRY DIVERSIFICATION

V.

FOREIGN DIRECT INVESTMENT AND PRIVATISATION (1) (2) (3) PRIVATIZATION AND PUBLIC PRIVATE PARTNERSHIP INCREASING FLOWS OF FOREIGN DIRECT INVESTMENT PROVIDING INVESTMENTS OPPORTUNITIES TO SMES

VI.

GRADUATION (1) (2) (3) (4) (5) (6) GRADUATION OF THE MALDIVES FROM LDC STATUS TRADE IMPACT OF LDC GRADUATION IMPLICATIONS FOR TRADE RELATED TECHNICAL AND FINANCIAL ASSISTANCE ACTIONS TOWARDS ACHIEVING A SMOOTH TRANSITION CONTINUED ACCESS FOR TRADE RELATED TECHNICAL AND FINANCIAL ASSISTANCE FUTURE OUTLOOK

Maldives

WT/TPR/G/221 Page 5

I.

INTRODUCTION

1. Maldives has experienced uninterrupted economic growth along with political stability and social harmony for the last three decades. Since gaining independence from Britain after 78 years as a protectorate, the country has continued on a path of development and building self-confidence in many aspects of economic and social development. 2. Over the last six years since its first trade policy review in 2003, Maldives has continued to achieve excellent levels of economic development relative to its neighbours, despite the devastating tsunami of 26th December 2004. It has pursued these developments within the context of a liberalized economy with much improved and transparent trade policies. 3. In June 2004 the former government announced a political reform programme, instituting a new process of reform and modernisation of democratic institutions, with the introduction of the "Roadmap for Reform". This reform agenda envisaged fully-functional democratic governance and fuller participation of the people in national development. The most distinct elements of the reform programme included the amendment of the Constitution, allowing the formation of political parties for the first time in the country’s history, accession to international human rights treaties and the tabling of a modern penal code in line with international legal norms, as well as the establishment of independent institutions vital for ensuring good governance and accountability. 4. With the introduction of these changes the country has emerged strong and with more than 12 registered political parties, which provided the citizens with a robust democratic arena to express their aspirations and at the same time made it possible to build political consensus on issues of national significance. The international community welcomed the institution-building efforts of the government, and provided sustained support to these efforts. 5. The presidential election in October 2008 ushered in...
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