World Trade Organization recognized the Macao SAR’s economic achievements over the past six years

The World Trade Organization (WTO) has recently completed the trade policy review of the Macao Special Administrative Region. The WTO recognized the Macao SAR’s economic achievements over the past six years and its optimistic prospects for future development, and reaffirmed the openness of its economy. The Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, led a government delegation to attend the Macao SAR’s Trade Policy Review Session, in Geneva, on 30 April and 2 May, respectively. The delegation comprised representatives from Macao Economic Services, Finance Services Bureau, Statistics and Census Bureau, Gaming Inspection and Coordination Bureau, Macao Monetary Authority, Macao Customs Service, International Law Office, Land, Public Works and Transport Bureau as well as Civil Aviation Authority. Members of the delegation returned to Macao on 4 May. Currently, the WTO has 150 Members. Trade policies of all Members are subject to regular reviews at specific intervals according to individual Member’s share of world trade. The review aims to facilitate the understanding of Members’ trade policies; enhance transparency of the international trading regime; as well as encourage the fulfillment of commitments made by Members with a view to the effective functioning of the multilateral trading system and promoting trade liberalization. The Macao SAR is scheduled to conduct its WTO Trade Policy Review each six years. Beginning last year, the Macao Economic Services initiated the coordination and preparatory work with other relevant government departments in this regard, in compliance with the requirements of the WTO. The whole preparatory process lasted nearly 15 months. During the Review session, Mr. Francis Tam reiterated Macao SAR’s continuing pursuance of the provisions under the Basic Law to maintain Macao’s free-port status, whilst reaffirming its support for the multilateral trading system and the Doha Round negotiations, by implementing the commitments made under the WTO. Other WTO Members noted that Macao practices a market economy with liberal policies on trade and investment. Macao has recorded rapid economic growth from 2001 to 2006 due to its initiatives to foster effective economic policy measures, liberalization of the gaming sector and favorable external environment, as well. The WTO believes that the Trade Policy Review enables other Members to understand Macao’s trade policies and development prospects and also assists the Macao SAR Government in better preparing for future challenges.