Solomon Islands presented its 4th Trade Policy Review report to Members of the World Trade Organization (WTO) in Geneva, Switzerland last week.
The Solomon Islands Trade Policy Review Report was presented by His Excellency Mr. Moses Kouni Mose, Solomon Islands Ambassador to the European Union.
Ambassador Mose in his statement at the delivery of the report, reaffirmed Solomon Islands commitment to the open and fair international trading system guided by international law and the World Trade Organization.
Ambassador Mose in his presentation of the Report highlighted the challenges and constraints faced by Solomon Islands to develop the economy.
These challenges include the aftermath of the Covid-19 pandemic and the ongoing impact of climate change.
However, he noted that in spite of these challenges the country’s economic performance has made steady recovery since 2022 with a projected GDP growth rate of 4 % in 2024.
The trade policy review is a six-year cycle, for Solomon Islands, the previous Trade Policy Review was conducted in 2016, 2009 and 1998. The COVID-19 pandemic had caused a backlog of Trade Policy Reviews for member countries, which had resulted in the delay of the fourth Trade Policy Review for Solomon Islands.
The preparation for the Trade Policy Review began in September 2023 with numerous rounds of consultations with relevant national stakeholders from government line ministries, regulatory bodies and authorities, State Owned Enterprises (SOEs), Central Bank of Solomon Islands (CBSI) and the private sector. The draft Report was presented to the National Trade Development Council on 16 August 2024, and subsequently to Cabinet for approval.
The Trade Policy Review Mechanism an obligation for Solomon Islands as a WTO Member, provides a platform to examine the trade policy environment, contribute to improved adherence to rules, commitments made and pave way for smoother functioning of the multilateral trading system.
—MFAET