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stTrade Policy Review of Armenia
April 6th, 2009
Day 1 Statement by the Republic of Korea
Thank you, Mr. Chairman.
Mr. Chairman, I would like to join others in expressing a cordial welcome to our Armenian friends for their first trade policy review.
My appreciation especially goes to Deputy Minister Tumasyan for his detailed and informative presentation on the economic achievements since independence, and in particular, additional clarity on the reform measures undertaken by Armenia since joining the WTO. My appreciation also goes to Mr. Vaaranmaa for his comments, as well as the Secretariat for its report.
Mr. Chairman, following all my previous speakers, I would like to note and join in on extending my congratulations to Armenia for its achievements over the past 20 years.
My delegation is encouraged that under difficult circumstances Armenia has successfully implemented a number of reform and restructuring measures which, collectively, will ensure its continued growth in the future.
We note at the same time, however, that there are several issues Armenia would need to address to ensure sustainable growth of its economy.
One is its large deficit in both trade in goods and trade in services. While thus far the remittance from abroad has been instrumental in offsetting the deficit, as the Secretariat report notes, coupled with Armenia’s narrow export base it would make Armenia vulnerable to external shocks. Armenia’s experience in 2009 would be a case in point. In this context, we would like to inquire about Armenia’s view on this issue, and what measures are in the pipelines to remedy the problem.
Another issue to note would be customs administration. While a number of reform measures have been implemented in this area and is detailed in the Secretariat Report, apparently there still are some issues which need further work. In light of Armenia’s geographical location, we are of the view that Armenia would need a well functioning, efficient, and transparent customs services to better attract foreign investment.
In this context, it might be worthwhile to hear Armenia’s plans for further reform in this area.
Check against Delivery
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As for bilateral relations, Korea and Armenia’s relations are in its infancy, but growing at a solid pace.
Bilateral trade has been growing briskly at double digit rates over the past ten years, and Korean companies have started to invest in Armenia. Most recently, Korea’s Mineral Resources Corporation has signed an MOU with the Ministry of Minerals and Energy to cooperate in the area of copper and ferro-alloy development. We hope that this relationship will bear much fruit, and serve to further cement the ties between our two countries.
Mr. Chairman, lastly, on behalf of my delegation please allow me to congratulate you in assuming the Chairmanship of the TPRB. The TPRB has an important role in ensuring the well functioning of the multilateral trading system “by achieving greater transparency in, and understanding of” trade policies and practices of Members. In this context, over the past year the TPRB has played an important role in monitoring the developments in the area of international trade. We look forward to working with you to ensure that this important function of the WTO is well implemented this year.
In closing, I would like to once again extend the best wishes of this delegation to the delegation of Armenia, and hope that this review will serve to be a valuable opportunity to take stock of the successes of its trade policy, and review what needs to be done in the future.
Thank you, Mr. Chairman.
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