RESTRICTED WT/TPR/S/369 7 March 2018

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RESTRICTED WT/TPR/S/369 7 March 2018 RESTRICTED WT/TPR/S/369 7 March 2018 (18-1404) Page: 1/173 Trade Policy Review Body TRADE POLICY REVIEW REPORT BY THE SECRETARIAT MONTENEGRO This report, prepared for the first Trade Policy Review of Montenegro, has been drawn up by the WTO Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), sought clarification from Montenegro on its trade policies and practices. Any technical questions arising from this report may be addressed to Sergios Stamnas (Tel: 022/739 5382) and Katie Waters (Tel: 022/739 5067). Document WT/TPR/G/369 contains the policy statement submitted by Montenegro. 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 Montenegro. This report was drafted in English. WT/TPR/S/369 • Montenegro - 2 - CONTENTS SUMMARY ........................................................................................................................ 7 1 ECONOMIC ENVIRONMENT ........................................................................................ 12 1.1 Main Features of the Economy .....................................................................................13 1.2 Recent Economic Developments ...................................................................................13 1.2.1 Growth, income, and employment .............................................................................13 1.2.2 Prices .....................................................................................................................17 1.2.3 Main Macroeconomic Policy Developments ..................................................................18 1.2.3.1 Monetary and exchange rate policy .........................................................................18 1.2.3.2 Fiscal policy ..........................................................................................................19 1.2.4 Structural reforms ...................................................................................................20 1.2.4.1 Tax reform ...........................................................................................................20 1.2.4.2 Privatization .........................................................................................................22 1.2.4.3 Competition policy ................................................................................................22 1.2.4.4 Labour market policies ...........................................................................................22 1.2.5 Balance of payments ................................................................................................24 1.3 Developments in Trade and Investment ........................................................................25 1.3.1 Trends and patterns in trade .....................................................................................25 1.3.2 Trends and patterns in foreign direct investment .........................................................28 2 TRADE AND INVESTMENT REGIMES........................................................................... 29 2.1 General Framework ....................................................................................................29 2.2 Trade Policy Formulation and Objectives ........................................................................32 2.3 Trade Agreements and Arrangements ...........................................................................34 2.3.1 WTO ......................................................................................................................34 2.3.2 Regional and preferential agreements ........................................................................37 2.3.2.1 Regional trade agreements (RTAs) ..........................................................................37 2.3.2.1.1 Central European Free Trade Agreement (CEFTA)...................................................37 2.3.2.1.2 EU–Montenegro Association Agreement and EU accession negotiations .....................38 2.3.2.1.3 European Free Trade Association (EFTA)–Montenegro .............................................39 2.3.2.1.4 Turkey–Montenegro ............................................................................................40 2.3.2.1.5 Ukraine–Montenegro ..........................................................................................40 2.3.2.1.6 Russian Federation–Montenegro ...........................................................................40 2.3.2.2 PTAs....................................................................................................................41 2.4 Investment Regime ....................................................................................................41 2.4.1 General investment regime .......................................................................................41 2.4.2 Business environment ..............................................................................................44 3 TRADE POLICIES AND PRACTICES BY MEASURE ........................................................ 48 3.1 Measures Directly Affecting Imports ..............................................................................48 3.1.1 Customs procedures, valuation, and requirements .......................................................48 3.1.1.1 Procedures and requirements .................................................................................48 WT/TPR/S/369 • Montenegro - 3 - 3.1.1.2 Customs valuation ................................................................................................51 3.1.2 Rules of origin .........................................................................................................51 3.1.3 Tariffs ....................................................................................................................52 3.1.3.1 General features ...................................................................................................52 3.1.3.2 Applied MFN tariffs ................................................................................................53 3.1.3.3 MFN tariff dispersion and escalation ........................................................................55 3.1.3.4 MFN tariff bindings ................................................................................................55 3.1.3.5 Tariff quotas .........................................................................................................57 3.1.3.6 Tariff preferences ..................................................................................................57 3.1.3.7 Duty concessions/exemptions .................................................................................58 3.1.4 Other charges affecting imports .................................................................................58 3.1.5 Import prohibitions, restrictions, and licensing ............................................................58 3.1.5.1 Prohibitions ..........................................................................................................58 3.1.5.2 Import approval and restrictions .............................................................................58 3.1.6 Anti-dumping, countervailing, and safeguard measures ................................................61 3.2 Measures Directly Affecting Exports ..............................................................................62 3.2.1 Customs procedures and requirements .......................................................................62 3.2.2 Taxes, charges, and levies ........................................................................................62 3.2.3 Export prohibitions, restrictions, and licensing .............................................................62 3.2.4 Export support and promotion ...................................................................................63 3.2.4.1 Subsidies .............................................................................................................63 3.2.4.2 Duty and tax concessions .......................................................................................63 3.2.4.3 Free-trade export zones .........................................................................................63 3.2.5 Export finance, insurance, and guarantees ..................................................................64 3.3 Measures Affecting Production and Trade .......................................................................64 3.3.1 Incentives ...............................................................................................................64 3.3.1.1 Taxation ..............................................................................................................64 3.3.1.1.1 Features ...........................................................................................................64 3.3.1.1.2 Indirect taxation ................................................................................................65 3.3.1.1.3 Direct taxation ...................................................................................................68 3.3.1.2 Production assistance ............................................................................................69 3.3.2 Standards and other technical
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