RESTRICTED  
  
WT/BOP/R/121  
 
9 December  2022 
(22-9170) Page: 1/2 
Committee on Balance -of-Payments Restrictions    
 
REPORT ON THE INFORMAL CONSULTATIONS OF  
24 AND 29  NOVEMBER 2022  
1.  The Committee on Balance -of-Payments Restrictions  met on 8  November  2022. The agenda of 
the meeting was contained  in WTO/AIR/BOP/14.  
2.  During the 8 November  2022 meeting, the Chair man, Ambassador Saqer Abdullah ALMOQBEL 
(Kingdom  of Saudi  Arabia) reminded WTO Members that any measure directly or indirectly taken to 
restrict imports due to balance -of-payments reasons must be notified to the Committee on Balance -
of-Payments Restrictions and must be the subject of consultations. He also called the attention of 
Members with respect to paragraph 3 of the MC12 Outcome Declaration, where Members 
acknowledged the need to address the challenges that the WTO is facing, and ens ure its proper 
functioning, and committed to work towards reform. In this respect, he proposed holding 
consultations with Members regarding the functioning of the Committee  
3.  As a result of the support expressed by Members, he organized two rounds of informa l bilateral 
consultations, on 24 and 29 November 2022.  
4.  During the consultations, Members expressed support for further discussing the issue, considered 
important from a systemic point of view. Some were of the view that engaging in bilateral 
consultations  was vital, given that balance -of-payments issues were becoming increasingly 
important under current conditions. Members expressed concern with respect to the lack of 
notifications to the Committee.  
5.  The emergence of the COVID -19 pandemic had resulted in an increase in balance -of-payments 
problems across the world and had caused a resurgence of protective trade measures, in some cases 
trade-restrictive measures, which were linked to balance -of-payments problems, but had not been 
notified to the WTO. In the current environment, trading conditions had turned adverse for 
developing countries.  Some Members noted that it was impor tant that import bans and other import 
restrictions taken by Members as a result of balance -of-payments problems are promptly notified to 
the WTO and fully WTO -compliant.  
6.  Members agreed that transparency was important for the stability of the multilateral trading 
system. Balance -of-payments issues were important and critical and notifying measures was part of 
the transparency obligations. Some Members considered that increased transparency should not 
result in a burden or new obligations and that Members sh ould show understanding towards the 
difficulties faced by developing countries.   
7.  Noting that balance -of-payments issues had become very relevant post -COVID -19, some 
Members were of the view that solutions may be found by exploring avenues to discuss balanc e-of-
payments problems in the Committee of Balance -of-Payments Restrictions, as well as ways in which 
these problems could be dealt with. It was important that Members relied on the WTO to deal with 
balance -of-payments problems. Although the multilateral t rading system had its rules, certain 
situations emerging from COVID -19 needed flexibilities. Given the difficult international scenario, 
now was the time for the Committee to act.  
8.  Some Members invited the Chair to touch base with Members who have clearly e xpressed in 
other WTO bodies that they are facing balance -of-payments difficulties, to encourage them to inform 
the WTO Secretariat and contact the IMF.  WT/BOP/R/121  
 
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  9.  With respect to the functioning of the BOP Committee, Members were of the view that the IMF 
and other r elevant international organizations should be invited to participate in its discussions. Also, 
there was a need to improve the Committee's cooperation with the IMF. Some Members considered 
that a  more detailed analysis of the balance -of-payments situation of reviewed country should be 
included in Trade Policy Review reports prepared by the Secretariat . 
10.  Some Members were of the view t hat it may be appropriate to hold an educational activity to 
remind Members of their notification obligations . A WTO Secretari at presentation on balance -of-
payments issues, how trade deficits were at the heart of balance -of-payments problems and how 
countries had dealt with COVID -19 would be useful.  
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