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1. Paraguay Has a Very Open Trade and Investment Regime. Applied Paraguay WT/TPR/S/245 Page vii SUMMARY slight contraction, however, in 2009 following a severe drought and the impact of the world (1) INTRODUCTION economic crisis. In 2010, the economy experienced a notable recovery, sustained by 1. Paraguay has a very open trade and the increase in global prices of raw materials investment regime. Applied MFN tariffs are and by the implementation of expansionary relatively low (8.5 per cent on average) and fiscal and monetary policies. As a result of there is little recourse to non-tariff measures. economic growth, per capita GDP doubled The aim of Paraguay's medium-term trade during the review period, although reducing strategy is to boost the role of international poverty and inequality are still major trade as an engine for economic growth and to challenges for the Government. diversify its export base, which remains focused on a few agricultural products and on 5. Paraguay stabilized its public finances a small number of markets. Paraguay is also during the period under review following the seeking to enhance the business climate so as implementation of fiscal reforms, which to attract larger flows of foreign investment included improvements to the structure and and thus foster economic growth and administration of taxation. The central employment. Government posted a primary surplus throughout the period, which enabled it to 2. Since the previous Review increase public spending in order to deal with (April 2005), Paraguay has continued to apply the economic crisis in 2009. Further progress measures to facilitate trade, with the result that still has to be made in tax reform, however, customs procedures have been streamlined, and in broadening the tax base, inter alia, by mainly by setting up single windows for introducing personal income tax and imports and exports. In parallel, Paraguay has eliminating certain tax exemptions. made efforts to build its institutional capacity for foreign trade, for example, by establishing 6. There has been a gradual shift in a body responsible for ensuring compliance monetary policy towards the setting of an with commitments to notify technical inflation target, which was 5 per cent for 2010, regulations. In addition, Paraguay has adopted with a variation of +/-2.5 per cent. Paraguay measures to improve enforcement of has a floating exchange rate regime, even intellectual property rights, including reform though the Central Bank does sometimes of the Penal Code; this area nevertheless intervene in order to mitigate sharp remains one of concern for Paraguay's fluctuations in the exchange rate. During the authorities and its trading partners. review period, the real effective exchange rate rose by around 20 per cent; this has helped 3. Paraguay's trade policy is strongly reduce imported inflation, without any influenced by its membership of apparent adverse impact on exports. Bank MERCOSUR, under which it has signed interest rates have fallen and private sector preferential agreements with the majority of credit has shown a notable increase. Latin American countries, as well as with some countries outside the region. 7. Paraguay's foreign trade grew rapidly over the period 2004-2010, reaching 98 per (2) ECONOMIC ENVIRONMENT cent of GDP, which reflects the high degree of openness of the country's economy. 4. Paraguay's economy enjoyed sustained Agricultural products remain the largest growth during most of the period under review export, while imports consist essentially of (2004-2010), chiefly driven by dynamic manufactures. A high percentage of goods performance in agricultural production. GDP imports are re-exported. The traditional deficit increased at an annual average rate of close to in the trade balance is offset by the large 5 per cent between 2004 and 2008, with a amounts earned from royalties and other WT/TPR/S/245 Trade Policy Review Page viii business services related to the sale of promotion of investment and exports, was electricity. Paraguay's leading trading partners established in 2005 and involves closer are MERCOSUR, the European Union and coordination with the private sector. China. In recent years, MERCOSUR's role has decreased, while China has become the 11. Paraguay has been an active main source of imports. participant in the Doha Development Agenda trade negotiations and since 2005 has (3) TRADE AND INVESTMENT REGIME co-sponsored proposals in the areas of trade facilitation, intellectual property rights, 8. Paraguay's trade regime is to a large non-agricultural market access, and extent framed by its participation in agriculture. Paraguay has maintained a solid MERCOSUR. The development objectives of record of notifications to the WTO over the the present Government, in which trade policy review period, with only a few outstanding. It plays a leading role, especially as regards the has not been a party, either as a complainant or promotion and diversification of exports and as a defendant, in any WTO dispute settlement export markets, can be found in the Economic procedure, although it has participated as a and Social Strategic Plan (2008-2013). These third party. objectives are complemented by the proposals contained in the Social Development Policies (4) TRADE POLICIES BY MEASURE (PSD 2020), whose strategic objective is to promote and develop the conditions to permit 12. Since the previous Review in 2005, inclusive, sustained growth. Paraguay has continued to adopt measures to streamline and modernize its trade regime. 9. As a member of MERCOSUR, These efforts have led to the simplification of Paraguay has signed framework agreements to customs procedures and trade facilitation. formally initiate preferential trade negotiations After setting up a Single Window for with various countries outside the region, Exports (VUE), in July 2010 Paraguay also although in some cases these still have to be introduced a Single Window for Imports ratified. Since 2005, a partial scope agreement (VUI), enabling electronic clearance of all between MERCOSUR and India and a free overseas buying and selling operations. trade agreement with Israel have come into Imports are cleared through three channels: force. Agreements between MERCOSUR and green, orange or red. Goods sent to the red Egypt, on the one hand, and the Southern channel undergo documentary checks, Africa Customs Union (SACU), on the other, physical inspection and verification of customs have been signed but have not yet come into value. effect. Paraguay has not ratified the MERCOSUR Protocol of Montevideo on 13. During the period under review, Trade in Services. Paraguay applied reference values to certain products, mainly textiles and made-up articles, 10. Paraguay is open to foreign for a limited period. According to the investment and its legislation guarantees equal authorities, the purpose of this measure is to treatment for foreign and Paraguayan prevent unfair trade practices such as false investors. It also belongs to several declarations of value and tax evasion. international arbitration mechanisms for the Paraguay makes use of prior authorizations settlement of investment-related disputes. and import prohibitions for health, Attracting investment plays a key role in environmental, security, economic Paraguay's development strategy; the development, balance-of-payments or Economic and Social Strategic Plan safeguards reasons, and to protect domestic 2008-2013 mentions the need to improve the industry from imports. Since the previous business environment in order to attract Review, new requirements on registration and investment. "REDIEX", a new agency for the prior licensing for imports of clothing, meat Paraguay WT/TPR/S/245 Page ix products and poultry offal have been Information and Notification System (SNIN), introduced. which covers technical regulations, standards and conformity assessment procedures. Since 14. Paraguay applies MERCOSUR's November 2006, when Paraguay first notified Common External Tariff (CET) with a draft technical regulation, the Paraguayan exceptions concerning 23 per cent of all tariff authorities have notified the WTO of all the lines, resulting in an average tariff lower than proposed technical regulations deemed to MERCOSUR's average CET. During the affect trade, even where these are identical to period under review, tariff protection lessened regional or international standards. By slightly, with the arithmetic average of applied November 2010, Paraguay had submitted MFN rates in 2010 falling to 8.5 per cent 32 notifications of draft technical regulations compared to 8.9 per cent in 2004. This to the WTO. The conformity of imports with reduction was mainly due to the lowering of these technical regulations is verified at the tariffs on capital goods. The average applied border. MFN tariff is 10.0 per cent for agricultural products (WTO definition) and 8.3 per cent for 17. During the period under review, non-agricultural products. All rates are Paraguay greatly increased the number of its ad valorem. Paraguay did not make use of notifications of sanitary and phytosanitary temporary or variable levies on imports during measures, although in most cases the the review period. All tariffs are bound at notifications concerned measures already rates ranging from 10 to 35 per cent, giving adopted and not draft regulations or Paraguay an average bound tariff of 32.4 per legislation. In late 2010, the authorities were cent. There is still a large difference between in the process of establishing an agency to applied tariffs and bound tariffs and bridging
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