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LIBERIA – DIAGNOSTIC TRADE INTEGRATION STUDY UPDATE Leveraging Trade for Economic Diversification and Inclusive Growth

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LIBERIA – DIAGNOSTIC TRADE INTEGRATION STUDY UPDATE Leveraging Trade for Economic Diversification and Inclusive Growth Report No: ACS4910 (78504-LR) LIBERIA – DIAGNOSTIC TRADE INTEGRATION STUDY UPDATE Leveraging Trade for Economic Diversification and Inclusive Growth December 2013 Poverty Reduction and Economic Management 3 Africa Region Document of the World Bank REPUBLIC OF LIBERIA Government Fiscal Year July 1-June 30 Currency Equivalents Currency Unit = Liberia Dollar (LD) US 1.00 = LD 80.00 Weights and Measures Metric System Abbreviation and Acronyms ABLL Access Bank Liberia Limited Government Government of Liberia ACDI Agricultural Cooperative VOCI Development International/ Volunteers in Overseas Cooperative Assistance ACWL Advisory Centre on WTO Law GPOBA Global Partners hip on Output- Based Aid ADR Alternative Dispute Resolution GSP Generalized System of Preferences AFBLL Afriland First Bank Liberia Limited GTB Guaranty Trust Bank AfDB African Development Bank HFO Heavy Fuel Oil AfT Agenda for Trans formation HHI Herfindahl-Hirschman Index AGOA Africa Growth Opportunities Act HIPC Heavily Indebted Poor Countries ASYCUDA Automated Systems for Customs HNWI High Net Worth Individuals Data ATIBT Association Technique Internationale Des Bois Tropicaux BCE Bureau of Customs and Exercise HS Harmonized Sys tem BDV Brussels Definition of Value HSE Health & Safety Environment BIVAC Bureau of Inspection Valuation IBLL International Bank Liberia Limited Assessment Control CAETs Computer-Assisted Examination ICSID International Center for the Techniques Settlement of Investment Disputes CAR Capital Adequacy Ratio IDA International Development Association CARI Central Agricultural Research IF Integrated Framework Institute CBL Central Bank of Liberia IFC International Finance Corporations CES Constant Elasticity of Substitution IMCC Inter-Ministerial Concessions Committee IITA International Institute of Tropical Agriculture CET Common External Tariff IPD Import Permit Documents LBA Liberia Bankers Association CWIQ Core Welfare Indicators DSU Dispute Settlement Understanding LBBF Liberia Better Business Forum DTIS Diagnostic Trade Integration Study LBDI Liberian Bank for Development ii and Investment EBA Everything But Arms LBRC Liberia Business Reform Committee EBLL Ecobank Liberia Limited LCPDP Least Cos t Power Development Plan ECOWAS Economic Community of Wes t LCUNA Liberia Credit Union National African States Association EIF Enhanced Integrated Framework LEAF Loan Extension and Availability Facility EITI Extractive Indus tries Transparency LEC Liberia Electricity Corporation Initiative ELWA Eternal Love Winning Africa LEDFC Liberia Enterprise Development Finance Company EPA Economic Partners hip Agreement LEITI Liberia Extractive Indus tries Transparency Initiative EPD Export Permit Document LESEP Electricity System Enhancement Project ETLS ECOWAS Trade Liberalization LIFZA Liberia Indus trial Free Zone Scheme Authority EU European Union LNBA Liberia National Bar Association FAO Food and Agricultural Organization LPI Logistics Performance Index FDI Foreign Direct Investment LPRC Liberia Petroleum and Refining Corporation FIBank First International Bank MDA Mineral Development Agreement FSAP Financial Sector Assessment MFIs Microfinance Institutions Program FSDS Financial Sector Development MFN Most Favored Nation Strategy GATT General Agreement on Tariffs and MHI Manitoba Hydro International Trade GBLL Global Bank Liberia Limited MIGA Multilateral Investment Guarantee Agency GIZ German Society for International MLME Minis try of Lands , Mines and Cooperation Energy RIA Roberts International Airport ROO Rules of Origin MoA Minis try of Agriculture RTC Regional Transmission Company MoCI Minis try of Commerce and Indus try SCM Subsidies and Countervailing iii Measures MPW Minis try of Public Works SDT Special and Differential Treatment MRU Mano River Union SEZs Special Economic Zones NASSCORP National Social Security & Welfare SIDA Swedish International Corporation Development Agency NBFI Non-Bank Financial Institution SME Small Medium Enterprise NIC National Investment Commission SOEs State-Owned Enterprises NIU National Implementation Unit SSA Sub-Saharan Africa NPA National Port Authority TEU Twenty-foot Equivalent Units NPL Non Performing Loan TFP Total Factor Productivity NSC National Steering Committee TPRs Trade Policy Reviews NTBs Non-Tariff Barriers TRIMs Trade-Related Investment Measures PPP Private Public Partners hip TRIP Trade Related Intellectual Property TTFA Trade and Trans port Facilitation Assessment Toolkit PRS I Poverty Reduction Strategy – One UBALL United Bank for Africa Liberia Limited PRS II Poverty Reduction Strategy – Two UNMIL United Nations Mission in Liberia PSI Pre-shipment Inspection VAT Value Added Tax PTA Preferential Trade Agreements VSLA Village Savings and Loan Association PUPs Private Us e Permits WAPP Wes t Africa Power Pool RED Road Economic Decision Model WFP World Food Programme RIA Roberts International Airport WTO World Trade Organization ROO Rules of Origin Vice President : Makhtar Diop Country Director : Yusupha B. Crookes Sector Director : Marcelo Giugale Country Manager : Inguna Dobraia Sector Manager : Mark Roland Thomas Task Team Leader : Daniel Kwabena Boakye iv LIBERIA Leveraging Trade for Economic Diversification and Inclusive Growth Table of Contents ACKNOWLEDGEMENTS ............................................................................................................................... VIII PREFACE ............................................................................................................................................................... IX EXECUTIVE SUMMARY ........................................................................................................................................... 1 1. INTRODUCTION ............................................................................................................................................. 1 A. CHALLENGES OF SUSTAINING INCLUSIVE GROWTH ....................................................................................................... 2 B. IMPLEMENTATION OF THE 2008 DTIS ACTION MATRIX ................................................................................................ 3 C. CONCLUSIONS ....................................................................................................................................................... 9 2 CHALLENGES OF EXPORT DIVERSIFICATION ................................................................................................. 10 A. TRADE PERFORMANCE .......................................................................................................................................... 10 B. TRADE OPENNESS, COMPOSITION, AND DESTINATION ................................................................................................ 12 C. PERSPECTIVES AND CHALLENGES OF EXPORT DIVERSIFICATION ..................................................................................... 15 D. TRADE POLICY REFORM INITIATIVES ........................................................................................................................ 18 E. CONCLUSIONS ..................................................................................................................................................... 21 3 TRADE INTEGRATION: IMPLICATIONS FOR WTO ACCESSION ................................................. 22 A. LIBERIA’S CURRENT TRADE POLICY REGIME .............................................................................................................. 22 B. ALIGNMENT WITH THE ECOWAS ................................................................................................................... 24 C. ACCESSION TO THE WTO ................................................................................................................................ 30 D. NEGOTIATING COMMITMENTS ON TRADE IN SERVICES ................................................................................... 39 E. CONCLUSIONS AND RECOMMENDATIONS ........................................................................................................ 43 4 IMPROVING TRADE COMPETITIVENESS ....................................................................................................... 45 A. CONCEPTUAL FRAMEWORK FOR TRADE COMPETITIVENESS .......................................................................................... 45 B. INVESTMENT CLIMATE .......................................................................................................................................... 48 C. BUSINESS REGULATORY ENVIRONMENT ................................................................................................................... 67 D. BEST PRACTICE IN INVESTMENT POLICY ..................................................................................................................... 69 5 TRADE FACILITATION AND LOGISTICS .......................................................................................................... 72 A. CUSTOMS AND BORDER MANAGEMENT ................................................................................................................... 76 B. INFRASTRUCTURE CONDITION AND PERFORMANCE .................................................................................................... 84 C. THIRD-PARTY USE OF MINING TRANSPORT INFRASTRUCTURE FOR TRADE FACILITATION .................................................. 100 D. CONCLUSIONS AND RECOMMENDATIONS ..............................................................................................................
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