The members of World Trade Organization (WTO) have agreed on reforms to further improve the review of members’ trade policies and practices and the monitoring of the global trading environment.
The decision to implement changes, such as adjusting the frequency of Trade PolicyReviews, was taken at a meeting of the Trade Policy Review Body on 21 December following completion of the sixth appraisal of the Trade Policy Review Mechanism (TPRM).
After six months of intensive work and discussions to review the functioning of the TPRM, the Trade Policy Review Body accomplished its work plan for the appraisal exerciseand reached a consensus at the December meeting to make changes to the mechanism.
One important decision emerging from the appraisal process is to adjust the cycle of TPRs to ensure their continued effectiveness amid the rising number of WTO members. The current review cycle which have members undergoing a TPR every 2, 4 or 6 years depending on the size of their economy will be changed to frequencies of 3, 5, or 7 respectively. The new arrangement will be phased in starting from 2019.