RESTRICTED  
  
WT/TPR/G/433  
31 October 2022  
(22-8138) Page: 1/22 
Trade Policy Review Body   Original: English  
 
TRADE POLICY REVIEW  
REPORT BY  
SEYCHELLES  
Pursuant to the Agreement Establishing the Trade Policy Review Mechanism (Annex  3 of the 
Marrakesh Agreement Establishing the World Trade Organization), the policy statement by 
Seychelles  is attached.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 Seychelles . WT/TPR/G/433 • Seychelles  
 
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  Contents  
1   INTRODUCTION  ................................ ................................ ................................ ..........  4 
2   ECONOMIC ENVIRONMENT  ................................ ................................ ..........................  4 
2.1   Macroeconomic Overview  ................................ ................................ .............................  4 
2.2   Challenges to Growth in the Context of COVID -19 ................................ ...........................  5 
3   OVERVIEW OF KEY ECONOMIC SECTORS  ................................ ................................ ..... 6 
3.1   Trade in Services  ................................ ................................ ................................ .........  6 
3.2   Tourism Sector  ................................ ................................ ................................ ............  6 
3.3   Fisheries Sector  ................................ ................................ ................................ ...........  7 
3.4   Financial Services Sector  ................................ ................................ ..............................  8 
3.5   Agriculture Sector  ................................ ................................ ................................ ........  8 
3.6   Energy Sec tor ................................ ................................ ................................ .............  9 
4   INVESTMENT CLIMATE  ................................ ................................ ..............................  10 
5   ECONOMIC POLICIES  ................................ ................................ ................................  11 
6   TRADE DATA  ................................ ................................ ................................ ..............  11 
7   INVESTMENT DATA  ................................ ................................ ................................ ... 12 
8   TRADE POLICY FRAMEWORK  ................................ ................................ .....................  12 
8.1   Tariff Policy  ................................ ................................ ................................ ................ 12 
8.2   Sanitary and Phytosanitary Measures  ................................ ................................ ............ 13 
8.3   Trade Facilitation  ................................ ................................ ................................ ........ 13 
8.4   Subsidies and Incentives  ................................ ................................ ............................. 14 
8.4.1    Value Added Tax  ................................ ................................ ................................ ......14 
8.4.2    Business Tax  ................................ ................................ ................................ ........... 14 
8.4.3    Small and Medium Sized Enterprises  ................................ ................................ .......... 15 
8.5   Government Procurement  ................................ ................................ ............................ 15 
8.6   Competition Policy and Related Issues  ................................ ................................ .......... 15 
8.7   Trade in Services – Postal and Courier Services  ................................ .............................. 16 
8.8   Trade Related Law Reviews  ................................ ................................ .......................... 17 
8.8.1    Intellectual Property  ................................ ................................ ................................ .17 
8.8.2    Excise Tax Regime  ................................ ................................ ................................ ...17 
8.8.3    Customs Management Regulations  ................................ ................................ ............. 17 
8.9   The Public Enterprises Bill  ................................ ................................ ............................ 17 
9   MULTILATERAL, REGIONAL AND BILATERAL TRADE AGREEMENTS AND OTHER  
TRADE RELATED AGREEMENTS  ................................ ................................ .......................  18 
9.1   WTO ................................ ................................ ................................ ......................... 18 
9.1.1    Post-WTO Accession Activities Undertaken  ................................ ................................ ..18 
9.1.2    Ratification of other WTO Protocols and Agreem ents ................................ .................... 18 
9.1.3    National Technical Barriers to Trade (TBT) Committee  ................................ .................. 18 
9.1.4    Streamlining of Export Permit Requirements  ................................ ............................... 18 
9.1.5    Establishment of National Notification Authority (NNA) and National Enquiry Point (NEP)  ..19 
9.1.6    WTO Government Procurement Agreement  ................................ ................................ .19 WT/TPR/G/433 • Seychelles  
 
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  9.1.7    Settin g up of the National Trade Facilitation Committee  ................................ ................ 19 
9.1.8    Development of a Trade Remedies Legal Framework  ................................ .................... 19 
9.2   AFRICAN CONTINENTAL FREE TRADE AREA (AfCFTA)  ................................ ...................... 19 
9.2.1    AfCFTA Agreement  ................................ ................................ ................................ ...19 
9.3   COMESA  ................................ ................................ ................................ .................... 20 
9.3.1    COMESA FTA and Trade in Service  ................................ ................................ ............. 20 
9.4   SADC FTA  ................................ ................................ ................................ .................. 20 
9.4.1    Protocol on Trade  ................................ ................................ ................................ ....20 
9.4.2    The SADC Protocol on Trade in Services  ................................ ................................ .....20 
9.5   EU-ESA Interim Economic Partnership Agreement  ................................ .......................... 20 
9.6   UK ESA Economic Pa rtnership Agreement  ................................ ................................ ......21 
9.7   World Customs Organization HS Convention  ................................ ................................ ..21 
9.8   ARIPO  ................................ ................................ ................................ ....................... 21 
9.9   WIPO  ................................ ................................ ................................ ........................ 21 
10   CONCLUSION ................................ ................................ ................................ ...........  21 
ANNEXES  ................................ ................................ ................................ ........................  22 
 
 
  WT/TPR/G/433 • Seychelles  
 
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  1  INTRODUCTION  
1.1.  Seychelles formally acceded to the World Trade Organization (WTO) on 26 April 2015, and is 
currently undergoing its first Trade Policy Review scheduled for December 2022. Seychelles is an 
archipelago of 115 islands located approximately 1,800  km east of the East African Coast and has a 
population of slightly over 100,000 inhabitants according to the recent statistics from the population 
census conducted in April 2022. As a Small Island Developing State (SIDS), Seychelles is heavily 
dependent on  fisheries and tourism as the two main pillars of its economy.  
1.2.  With a lack of natural resources and the inherent disadvantages of an island state characteri zed 
by remoteness, Seychelles is a net importing country, and is thus highly exposed to external sh ocks. 
International trade and free movement of goods and services without unnecessary barriers to trade 
is vital for trade relations between Seychelles and its trade partners, as well as for the economic 
stability and prosperity of Seychelles.  
1.3.  During the period of 2015 and 2019, trade policies focused on the following key areas, 
(i) promoting and enhancing the multilateral trading system; (ii)  improving regional and bilateral 
trade collaboration; and (iii)  reflecting the government 's role as the facilitato r, and the private sector 
as drivers of sustained growth and creators of wealth.   
1.4.  In 2020, at the height of the pandemic, Seychelles ' economy was significantly affected, with 
gross domestic product ( GDP) contracting by 7.7%. Additionally, the current accou nt balance 
worsened from 16% in 2019 to 23% 2020. As such, the closing years of the review period for 
Seychelles following accession in 2015 coincided with a period whereby Seychelles and the rest of 
the world have been engaged in implementing recovery pol icies. The experiences of 2020 signalled  
a need to diversify the economy and to reduce reliance on tourism. However, meaningful 
diversification takes time and therefore recovery measures were needed in the short term. During 
the 2020 to 2021 period, govern ment policy was dominated by measures to support the economy, 
ensure food security and mitigate the financial impact of the pandemic on businesses and individuals.  
1.5.  For the seven -year review period, Seychelles engaged in multiple policy directives to improv e 
the trade regime, including acceding to the S outhern African Development Community (SADC)  
Protocol on Trade (2015); the ratification of the Agreement establishing the African Continental Free 
Trade Area (AfCFTA) (2021); transposing the interim Economic P artnership Agreement (iEPA) into 
an agreement with the United Kingdom (UK -ESA EPA); and acceding to the International Convention 
on the Harmonized Commodity Description and Coding System (HS Convention) (2022).  
2  ECONOMIC ENVIRONMENT  
2.1  Macroeconomic Overview  
2.1.  Between the years 2015 and 2019, economic growth was robust, ranging between 3.1% - 5.6% 
in real terms. Simultaneously, between 2015 to 2019, the rate of inflation averaged at 2.3%1 
year-on-year (YoY) and the debt -to-GDP ratio had d ecreased steadily from approximately 66% to 
54%, while the fiscal surplus had improved, averaging at approximately 3% of GDP.  
2.2.  In 2020, Seychelles was significantly affected by the COVID -19 crisis which interrupted the 
positive economic performance and tra jectory. Output contracted by approximately 7.7% and the 
exchange rate depreciated; for example, the USD/SCR depreciated from SCR  14.0 in 2019 to 
SCR 17.6 in 2020 (period average)2, and the debt -to-GDP ratio rose sharply from about 60% to over 
100%. As a result, Seychelles recorded its highest primary deficit in over 37 years of about 15.8%.  
2.3.  In 2021, the economic recovery was remarkable, fuelled  by a faster -than-expected rebound of 
the tourism sector. The recovery was accompanied by strong fiscal over -performance and which is 
expected to continue in 2022 with double -digit growth in tourism arrivals and output.  
2.4.  Chart 2.1 below provides a snapshot of real GDP growth and level over the review period.  
 
1 Viewed at:  https://www.nbs.gov.sc/downloads/consumer -price-index -series/download . 
2 Viewed at: https://www.cbs.sc/Downloads/StaExcel/Exchange%20Rates -Monthly.xlsx . WT/TPR/G/433 • Seychelles  
 
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  Chart 2.1 Seychelles' Real GDP Growth and Level (2015 -2022)  
 
Source:  Macroeconomic Forecasting Analysis Division . 
2.2  Challenges  to Growth in the Context of COVID -19 
2.5.  Being a SIDS, the economic and social shocks from COVID -19 were quite severe on Seychelles ' 
economy. In 2020, the economic growth declined significantly, from 3.1% in 2019 to -7.7% in 2020, 
due to the significant disruptions in economic activities.  
2.6.  Tourism earning, being the main pillar of the economy and the main source of  foreign exchange 
earnings, declined by 62% between 2019 and 2020. Measures that were applied to contain the 
transmission of the COVID -19 virus have been particularly damaging to the economy within the 
context of debt sustainability and the need for fiscal  space to drive a much -needed recovery. For 
Seychelles, this consisted of the closure of borders with many countries, most of which were seen to 
be the main sources of tourism. As a direct result, many flights were cancelled and subsequently, 
Seychelles ex perienced a shutdown of the tourism sector.  
2.7.  Additionally, in 2020, the primary deficit was 15.8% of GDP due to lower revenues and higher 
COVID -19-related spending. Whilst domestic policies were oriented towards mitigating the spread of 
the virus, it is al so worth noting that caseloads per hundred thousand - and small sample biases – 
were far above the norms later adopted by the EU and in effect, this barred the local economy from 
accessing traditional markets.  Moreover, associated costs added disincentives  for travelling to 
Seychelles.  
2.8.  The combined effect of Central Bank Seychelles ' (CBS) support and earnings from fisheries 
related activities helped to mitigate the decline in foreign currency earnings. CBS supported the 
market in the form of foreign exchang e auctions to commercial banks in particular, as well as direct 
sales to the Seychelles Petroleum Company (SEYPEC) and the Seychelles Trading Company Limited 
(STC) for the purchase of fuel and essential goods. Additionally, the contributions of the fisheri es 
sector partially offset the reduced earnings from the tourism industry.  
2.9.  Furthermore, the CBS issued two credit line facilities as part of a private sector relief 
program me, to help affected enterprises with operating expenses.  
2.10.   To aid the private sector  during the peak of pandemic, the principal assistance provided was 
the Financial Assistance for Job Retention (FA4JR) initiative which guaranteed the salaries of 
employees and self -employed people impacted by the pandemic up to a maximum of SCR  30,000  per 
month. The FA4JR program me was launched in April 2020 and was phased out by March 2022.  
-10-5051015
0510152025303540
2015 2016 2017 2018 2019 2020 2021 2022Real GDP Level Real GDP Growth (RHS)Figure 1: Seychelles’ Real GDP Growth and Level (2015 -2022)
SR'bn
Forecast%
Source: Macroeconomic Forecasting Analysis Division.Average Growth Rate (2015 -2022): 4.1%
20.221.87.910.8
-7.7WT/TPR/G/433 • Seychelles  
 
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  2.11.   In April 2020, the government of Seychelles introduced a temporary moratorium on the 
issuance of import permits for the importation of motor vehicles, to aid mitigate  the adverse impacts 
of COVID -19 on the economy, and with the view of contributing towards the stability of the foreign 
exchange market. Noting that the moratorium was meant to be temporary, and that the country was 
receiving limited foreign currency inflo w, to sustain the importation on a commercial s cale, the 
government of Seychelles took the decision to terminate the measure and to introduce an additional 
25% Excise Tax, effected on 1  January  2021, on the importation of motor vehicles for the 
transportat ion of persons. With the resumption of economic activity and the resulting foreign 
currency inflow through tourism related activities in the fourth quarter of 2021, the additional 25% 
Excise Tax on motor vehicles for the transportation of persons was remov ed on 1  January  2022.  
2.12.   Moreover, Seychelles found it necessary to assist the agricultural sector during the COVID -19 
pandemic, given the price hikes in the cost of imported livestock inputs following significant 
depreciation of the Seychelles ' rupee against  all major currencies. As such, the government pays for 
the price hikes (price difference between the pre COVID -19 and the COVID -19 era) with the aim of 
maintaining the cost of livestock feed, day old chicks and hatching eggs. With further deterioration 
in the cost of livestock inputs, the government of Seychelles in August  2020 introduced further 
measures in the form of transportation subsidies to livestock producers on the Inner Islands, namely 
Praslin, La Digue, and Denis Island, who depended on livestoc k feed and day old chicks supply from 
Mahe.   
3  OVERVIEW OF KEY ECONOMIC SECTORS  
3.1  Trade  in Services  
3.1.  The services sector contributes to 2/3 of Seychelles ' GDP, with the tourism sector playing the 
most prominent role in influencing Trade in Services in Seychell es. In 2020, 21.2% of the population 
were employed in the tourism sector and contributed to SCR 594  million  of total earnings. Aside from 
tourism, transport and business services are also substantial contributors to Seychelles ' GDP. 
3.2  Tourism  Sector  
3.2.  The tourism sector, for which the economy is heavily reliant on its imports, is a critical economic 
pillar that con tributes significantly to Seychelles ' development, particularly in terms of job creation, 
foreign exchange earnings, real GDP and tax revenue.  
3.3.  Between 2015 and 2019, the tourism sectors contribution to GDP increased at an average rate 
of more than 16% yea rly. In 2020, however, tourism earnings as a percentage of GDP decreased, 
particularly due to the decrease in visitors ' arrival relating to the COVID -19 measures. In 2021, in 
view of the rebound in tourism activity, real GDP growth was estimated at 7.9% in  2021 compared 
to the contraction of 7.7% in 2020.  
Table  3.1 Tourism statistics  
 
3.4.  The unforeseen upcoming of the COVID -19 pandemic heavily affected the tourism sector, and 
within the period of March 2019 to Mid -2020, the sector had been virtually shut down as a result of 
travel restrictions. However, the commencement of the national immunization campaign in January 
2020 great ly aided with the reopening of the borders, with Seychelles being amongst the first few 
countries to do so in 2020. By the end of 2021, visitor arrivals had totalled  to 182,849 and increased 
from the 2020 annual total of 114,858. In 2022, Seychelles is exp eriencing a positive statistic of 
156,287 arrivals which was recorded in the first and second quarter of the year, subsequent to the 
revival of its tourism sector.  
3.5.  There are currently works and ongoing assessments of diversifying the Seychelles Tourism 
Product to other potential niche markets such as eco -, agri-, marine, cultural, sports and adventure Indicators  2015  2016  2017  2018  2019  2020  2021  
Visitor arrivals  276,233  303,177  349,861  361,844  384,204  114,858  182,849  
Tourism earnings 
(USD million)  392.2  414 483 559 590 221 310 WT/TPR/G/433 • Seychelles  
 
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  tourism which will lead to the development of the respective polices. The Tourism Department is 
thus also conducting a cultural audit to identify individuals  and cultural tourism products that will 
add on to the destination 's experience.  
3.6.  As of 2022, the National Tourism Service Excellence Programme 'Lospitalite Lafyerte Sesel ' has 
been launched to support the promotion of the service excellence culture to improve on the standards 
in the tourism sector and to boost the overall competi tiveness of the local tourism industry. 
Furthermore, the Tourism Human Resource Development (THR D) strategy is also underway and will 
entail the building of a demand and supply database, targeting 1,537 tourism operators. This 
strategy will enable the Tourism Department in examining the key drivers of talent supply and 
demand, the effectiveness of th e training system and the formulation of a Sector Human Resource 
Development Strategy.  
3.3  Fisheries Sector  
3.7.  Seychelles has a well -developed fisheries sector that plays a vital role in the social and 
economic development of the country. The fisheries sector is one of the most important pillars of the 
country 's economy, contributing to 6% of the GDP and employing between 10 to 15% of the 
population. Exports of fishery products account for over 90% of the total annual export revenues for 
Seychelles with more than SCR 4 billion worth of fisheries products being exported annually.3 
Although the fisheries sector has grown substantially over the past three decades, concerns have 
grown regarding the sustainability of the fish stocks in Seychelles and depletion of fishe ries resources 
now poses a threat to the livelihoods of fishermen, food security and the economic role of the sector.  
3.8.  Production statistics as at September 2021 indicated a reduction of 16% in total fish catch 
compared to 2020. Nevertheless, according to p reliminary GDP estimates, fisheries activity expanded 
by 4.0%, on account of generally stronger economic performance in the fourth quarter of 2021 which 
led to higher demand for seafood products. Consistent with plans to diversify the economy and 
enhance f ood security, there were renewed efforts to improve the contribution of the fisheries sector. 
Following numerous years of research and planning, the aquaculture sector was launched in October 
2021, in line with the Seychelles Blue Economy strategy.  
3.9.  Furthermore, the Aquaculture Regulations 2020 became operational on 1 August  2021, and 
complemented the existing Fisheries Act 2014. The aquaculture sector is anticipated to enhance the 
quality of fish and fish products and amplify export opportunities.  
3.10.   The fisheries sector comprises the artisanal fisheries targeting demersal and semi -pelagic 
species; the semi -industrial fisheries targeting pelagic species; the aquaculture subsector; and the 
industrial fisheries targeting species of tuna. Fish plays a vital  role in the nutrition of the people. The 
per capita consumption of fish in Seychelles is one of the highest in the world, variably reported to 
be between 48 and 65  kg per annum, with the artisanal fisheries contributing significantly to the 
protein requir ements of the country.4  
3.11.   The future development of the Seychelles ' fisheries sector is tightly linked to diversification, 
economic resilience and sustainability. As a result of the limited scope for growth in catch or 
production, the government of Seychel les has emphasi zed the continued expansion of fisheries 
through enhanced value addition, encouragement of a circular economy, and the development of 
aquaculture. The potential for valued growth is linked to increased services, maximizing of landed 
catch, i ncreased capture of the tuna being transhipped  in Port Victoria, improved quality and 
marketing of demersal fish and tuna from small -scale fishing vessels, and high -value niche products 
from the aquaculture sector.5  
3.12.   In light of the above, it is crucial t hat Seychelles continues to have the freedom and capability 
to choose and implement the best combination of economic and social policies in order to achieve 
equitable and sustainable development that is most appropriate to its national context with regard 
to the fishing industry.  
 
3 SFA 2019.  
4 Lallemand P. (2014). Economic study on major trends in the tuna industry and its impact on the 
Seychelles economy over the 5 -year period, 2009 -2013. SF/215/50. Sma rt Fish Programme, IOC.  
5 Seychelles Fisheries Sector Policy 2019.  WT/TPR/G/433 • Seychelles  
 
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  3.4  Financial Services Sector  
3.13.   The Seychelles Financial Services Authority (FSA) is the autonomous regulatory body 
responsible for the non -bank financial services in the Seychelles. Established under the Financial 
Services Authority Ac t, 2013, the Authority is responsible to license, regulate, enforce regulatory 
and compliance requirements, monitor and supervise the conduct of business in the non -bank 
financial services sector in Seychelles.  
3.14.   These regulated activities are Fiduciary Serv ices, Capital Market & Collective Investment 
Schemes, Gambling activities and Insurance services. In addition, the Authority is also responsible 
for regulating International Trade Zones, Hire Purchase and Credit Sales activities and the 
registration of Int ernational Business Companies, Foundations, Limited Partnerships and Trusts in 
the Seychelles.    
3.15.   Following the enactment of the Anti -Money Laundering and Countering the Financing of 
Terrorism Act (AML/CFT ), 2020, the FSA is responsible for the supervision and enforcement of 
compliance by all the reporting entities under its regulatory ambit and licensed under the respective 
Acts.  
3.16.   The Seychelles ' financial services sector is the third pillar of the economy alongside the tourism 
and fisheries sector. During the economic hardship of the global pandemic, the financial services 
sector continued to actively contribute to the economy. From the period of January and March 2020, 
the FSA injected USD  25 million in foreign exchange as dividends to the government. Furt hermore, 
in 2021 the FSA continued with its remarkable performance, becoming one of the highest dividend 
contributors to the government which boasted a total contribution of SCR  150 million by the end of 
2021.  
3.17.   On the other hand, the non -bank financial ser vices sector also provides a significant amount 
of jobs within Seychelles; for example, the largest employer in the Seychelles International Trade 
Zone is currently the Indian Ocean Tuna Ltd (IOT) which employs around 2,589 personnel. The FSA 
continues to strive for continuous development in the sector with the aspiration of further job 
creation.  
3.18.   The FSA launched its Strategic Plan in early 2021, encapsulating its vision and mission 
statement, and its 5 -year Strategic Plan (2021  - 2025), taking into account  recent internal and 
external challenges in FSA 's effective delivery of its regulatory responsibilities and mandate. The 
strategic plan is spearheaded by four strategic pillars which include the following:  
• A robust, sound, user -friendly regulatory framework and effective supervision;  
• Promote innovation through products, technologies, infrastructure and legal frameworks;  
• Development of professional services and competent talents; and  
• Continued stakeholder and industry support through col laboration and consultation.  
3.5  Agriculture Sector  
3.19.   The agricultural sector is characterized by subsistence production. The majority  of agricultural 
production is categori zed being low in inputs, with approximately 12.2  kilograms of pesticide and 
48 kg of fert ilizer applied per hectare .6 The main cash crops produced in Seychelles are coconuts, 
cinnamon, vanilla and major vegetable crop production (including lettuce, Chinese cabbage, chili, 
pumpkin, cucumber), root crop (such as sweet potatoes, cassava), and ho rticultural crop (namely 
papaya and bananas). Total crop production went from 828  tonnes in 2019 (SCR  41.4 million) to 
1,447  tonnes in 2020 (SCR  72.4 million), and 1,941  tonnes  in 2021 (SCR  97.05  million).  
 
6 FAO (2019), Climate -Smart Agriculture in Seychelles , p. 4. Viewed at: 
https://www.fao.org/3/ca5407en/CA5407EN.pdf . WT/TPR/G/433 • Seychelles  
 
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  3.20.   Seychelles is a net food importer, with about 80% of food coming from external markets .7 It 
imports virtually all requirements of the main staples, namely wheat product and rice. Vegetable oil, 
meat product, milk, dairy products and other fruits and vegetables that cannot be produced locally.  
3.21.   Additional ly, the continued uncertainty surrounding the effects of the pandemic coupled with 
shipping and transportation challenges experienced since 2020 heightened the importance of 
enhancing food and nutrition security in Seychelles. This necessitated the governm ent to intervene 
through additional subsidies to ensure the survival of the sector and guaranteeing food and nutrition 
security.  
Table  3.2 Additional Subsidies Provided  
Subsidies  2019 (SCR mil.)  2020 (SCR million) 2021 (SCR mil lion) 
Day old chick cost support  - 4.223  9.381  
Input subsidy (Feed 
Transportation to inner island)  - 0.104  0.510  
Input subsidy (Feed price 
subsidy)  - 16.331  64.996  
 
3.22.   Seychelles faced some challenges in fulfilling its notification obligations in regards to domestic 
support for the year 2019 to 2021. Nonetheless, much effort is being made to address this 
shortcoming and we expect to complete these requirements by December 2022.  
3.23.   The COVID -19 pandemic also had an imperativ e effect on self -sufficiency ratios. Crop ratios 
increased from 34% in 2019 to 48% in 2020, and 71% in 2021 for 15 priority crops. Similarly, self -
sufficiency ratios for poultry increased from 17% in 2019 to 23% in 2020, and 26% in 2021, whilst 
self-suffic iency ratios for pork rose from 35% in 2019 to 41% in 2020, and  45% in 2021.8 
3.24.   Output from the agricultural sector in Seychelles is estimated to have contracted by 0.5% in 
2020, primarily because of a decline in demand due to the pandemic.9 In 2021,  the sector grew by 
1.0% in view of the increased production of key agricultural products, notably in livestock 
slaughtered.  
3.25.   In 2021, the slaughter of broiler chickens, pigs, and cattle expanded by 31%, 12%, and 26%, 
respectively. By contrast, the production of eggs is estimated to have declined by 3.1% in YoY terms. 
Regarding crop production, mixed movements were observed in the first three quarters of 2021 
compared to the same period in 2020; cinnamon production increased by 644% while output of t ea 
declined by 40%.10  
3.6  Energy  Sector  
3.26.   The Republic of Seychelles is at cross -roads  on matters of energy. The country has achieved 
a high level of economic development and is aspiring to accelerate this development during the 
coming decades. In order to cont inue ascending this economic development curve and reach new 
targets, the country would need a secure energy base that effectively caters for current and future 
demands, and also a long-term balance between energy demand and supply. It would also need to 
become efficient on the use of scarce energy resources and be able to satisfy its own energy needs  
3.27.   Seychelles is heavily dependent on imported fossil fuels; currently, over 95% of the electricity 
generation is from oil -based power plants. This has exposed i ts economy to global fuel supply chain 
risks and raised concerns over its energy security. The dominance of fossil fuels in meeting the 
country 's energy demand is a common feature of SIDS. The country has conveyed its long -term 
commitment to move to 100% r enewable energy (RE) by 2050, with a near -term target of 15% RE 
 
7 FAO (2019), Climate -Smart Agriculture in Seychelles , p. 6. Viewed at: 
https://www.fao.org/3/ca5407en/CA5407EN.pdf . 
8 Data provided by the authorities . 
9 Central Bank of Seychelles (CBS), Annual Report 2020 , p. 13. Viewed at: 
https://www.cbs.sc/Downloads/publications/Annual%20Report%202020.pdf . 
10 Preliminary statistics up to September 2021 shown relative to the same period in 2020. Central Bank 
of Seychelles, Annual Report 2021 , p. 12. Viewed at: 
https://www.cbs.sc/Downloads/publications /Annual%20Report%202021.pdf . WT/TPR/G/433 • Seychelles  
 
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  by 2030. The revised Nationally Determined Contribution (NDC) for the period 2021 -2030 represents 
Seychelles ' continued commitment to transform its development trajectories in line with the 
objectives of the Paris Agreement. With its new and enhanced contributions, the Seychelles seeks to 
reduce economy -wide the absolute Greenhouse Gas (GHG) emissions by 293.8 ktCO2e in 2030 
(26.4%), compared to the business as usual (BAU) scenario. Moreover, t ransitioning its energy 
system away from fossil -fuel dependency toward s larger penetration of renewable energy and other 
green technologies such as interventions targeting the transport and waste sectors is key to 
achieving these targets.  
3.28.   Seychelles ' prima ry energy consumption was 151,471  tonne-of-oil-equivalent (TOE) in 2020 
of which 99.2% is petroleum fuel and 0.8% renewable energy. For the period 2000 -2020, the 
primary energy consumption was growing at an average rate of 4.6% per year. Seychelles final 
energy consumption mix was 40.4% electricity, 23.9% gasoline, 23.9% gasoil, 5.41% LPG, 4.5% 
fuel oil, 1.7% Jet A1, and 0.08% of solar heat and biomass. The sectorial energy consumption for 
that year was 39.7% for the Transports, 27.9% for the Service, 16.8%  Residential, 13.6% Industry, 
and 1.9% for the Artisanal Fishing sectors.  
3.29.   In 2020, the Public Utility Cooperation (PUC) generated 430.129  GWh of electricity. This 
included 2.9% of renewable energy from wind and grid -connected solar PV systems. For the peri od 
2000-2020, total electricity generation was growing at an average rate of 4.5% per year.  
3.30.   Seychelles ' installed generation capacity is currently around 119.5  Megawatt (MW) of which 
104.3  MW are available service capacity. However, the safe generating ca pacity is 76.4  MW, largely 
attributable to several old generators nearing the end of their lifespan. Total energy generation is 
95% from fuel oil and 5% from renewable energy sources including the 6  MW Port Victoria wind 
farm, 6  MW utility -scale PV plant o n Ile Romainville and around 5.75  MW of distributed rooftop solar 
photovoltaic (PV) systems which is gaining popularity in Seychelles.  
3.31.   With the revised NDC submitted, the Seychelles is currently revising its institutional, policy 
and legislative frameworks  in the energy sector. These include:  
3.32.   Institutional restructuring of the Seychelles Energy Commission into a multi -sector regulator 
to regulate electricity, water and sanitation services;  
• Strengthening of the Department of Energy and Climate Change of the Ministry of 
Agriculture, Climate Change and Energy;  
• Development of an Integrated Resource Plan for the Seychelles ' Power Sector which will 
guide the revision of the Energy Policy 2010 -2030;  
• Revision of the Energy Act 2012 and PUC Act to establish a more modern and effective 
legislation that will guide the development of the power sector.  
4  INVESTMENT CLIMATE  
4.1.  During the review period, there has been various restructuring within changes within the 
government which impacted the entity that has an oversigh t role on the investment climate .11 The 
current portfolio is the Ministry of Investment Entrepreneurship and Industry (MIEI) which 
administers and enforces investment regulations, as well as facilitates its promotion.  
4.2.  The foundation of Seychelles ' investme nt framework is made up of the Seychelles Investment 
Policy of 2018, the Reserve Economic Activity Policy (REAP, 2020), the Investment Act (Act 31 of 
2010, as amended) and the Investment (Economic Activities) Regulations (Statutory Instrument (SI) 
76 of 20 22). The investment framework was reviewed and developed as steps taken by the country 
to enhance its investment regimes following the WTO accession.  
 
11 In 2015, Ministry of Investment Entrepreneurship and Business Innovation. In 2016, Department of 
Investment under the Vice President 's office (VP). In January 2018, Ministry of Investment, Entrepreneurship 
and Industry. In Ap ril 2018, Ministry of Finance Economic Planning and Trade and Investment. In 2020, 
Ministry of Investment Entrepreneurship and Industry, where it currently exists.  
 WT/TPR/G/433 • Seychelles  
 
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  4.3.  Seychelles also actively engages in different modes pertaining to improving the Ease of Doing 
Business in the country. Some actions which are currently being undertaken includes the 
development of an investment portal which is to serve as a virtual platform for investor information 
and efficient application; updating the Companies Act to allow for digital fili ng of returns and 
applications; and the development of a provisional licen ce framework which allows a temporary 
regulatory framework for innovative businesses to operate.  
4.4.  Additionally, an Investment Policy review was conducted by UNCTAD in 2020 with a list  of 
recommendation of actions to be undertaken to improve the investment climate in Seychelles. The 
Ministry responsible for Investment has taken this up as part of its action plan for the coming years 
to help improve the investment climate in Seychelles.  
5  ECONOMIC POLICIES  
5.1.  In view of the significant debt risks associated partly with the COVID -19 support, some key 
actions undertaken by the government included an extended fund facility program me with the 
International Monetary Fund (IMF), and the seeking of external funding to address fiscal needs in 
view of the shallow domestic market, in order to mitigate interest rate risks on government debt. 
Government also acknowledged that a key lesson from the pandemic was a need to improve 
economic diversification. T his was announced in the 2021 national budget speech under the banner 
of 'An Inclusive and Sustainable Economic Strategy to Deliver Transformational Change '.  
5.2.  Seychelles ' economic policies place emphasis on priority areas of the government; namely,  
a. The Tourism Sector, with emphasis on a more resilient sector which is better integrated in 
the economy and the need to improve value addition, given the saturation of the sector.  
b. The Agricultural Sector placing emphasis on improved food security, economically 
sustainable production, and the creation of avenues to encourage more consumption of 
local products.  
c. The Fisheries and Blue Economy Sector, with the promotion of value addition and the 
modernization of infrastructure. This is mindful of the sustainability ris ks the country faces.  
d. The Digital Economy Sector, with the target to improve the integration of technology in 
the country and in the financial sector.   
e. The Financial Sector, with the aim of aligning with international norms and standards, 
emphasis on FinTech and developing human resource skills within the sector.  
5.3.  Whilst the Transformative Economic Agenda remains a priority for the government of 
Seychelles, the country is cognizant of the recent geopolitical impacts and remains mindful of the 
need to ad dress long run structural challenges that the country faces, including the impacts of climate 
change.  
6  TRADE DATA  
6.1.  For the year 2015 to 2016, total imports from the world increased by 47%. In 2017, however, 
Seychelles observed a decrease of 6%. Nonetheless, from the year 2018 to 2020, import value 
increased by 51%. In 2021, Seychelles experienced a decrease of 15% in worldwide imports. On 
average, however, the period of 2015 to 2021 experienced a total increase of 68% in imports 
worldwide.  
6.2.  Seychelles ' export witnessed an increase of 39% from the year 2015 to 2018. Exports 
decreased by 17% and 6% respectively for the years 2019 and 2021. However, an increase of 21% 
was perceived in 2020. On average, for the period 2015 to 2021, Seychelles observed a total incre ase 
of 40% in its exports.  WT/TPR/G/433 • Seychelles  
 
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  Chart 6.1 Seychelles' Export and Import Data (2015 -2021)  
 
Source:  National Bureau of Statistics  
7  INVESTMENT DATA  
7.1.  Despite the international economic and financial crisis and a moratorium on the construction of 
new large hotels in effect since 2015, Seychelles has almost double d its stock of FDI since 2010 
(Table A1.1). Data from the Central Bank of Seychelles (CBS) and the Seychelles Investment Board 
(SIB) also indicate that FDI  inflows have become more diversified in recent years. The reduction in 
tourism -related FDI in 2014 –19 compared to 2009 –13 (down from USD 698.9 million to USD 389.1 
million) was as a result of the moratorium on large Hotel Establishments. It is to be noted  in second 
half of 2018, the administration  started reallocating rooms from pre -approved hotel projects to new 
hotel projects whilst at the same time remaining within the moratorium limit. This allowed the 
country to accept new hotel projects and is reflec ted in an increase in FDI in hotel projects from 
2019 onwards. It is also to be noted that the decrease in Tourism -Related FDI was in good part 
compensated by an increase in investment in the International Business Companies (IBC) sector 
(offshore corporat ions), but also in other sectors, such as health, fishing and telecommunications. It 
is also important to point out that sale of real estates in Seychelles is a significant contributor of FDI . 
8  TRADE POLICY FRAMEWORK  
8.1  Tariff  Policy  
8.1.  Seychelles uses the Harmon ized Commodity Description and Coding System to classify goods 
imported and exported from Seychelles and to apply tariffs. Since the 1  April 2018, Seychelles has 
migrated to the 2017 version and currently, work is being undertaken to migrate to the 2022 ve rsion.  
8.2.  With the recent ratification of the HS Convention, Seychelles is doing its utmost to remain up 
to date with the changes being effected by the convention. This is enforced through the Custom 
Management (Tariff and Classification of Goods) Regulation s and the new regulation is expected to 
come into force in October of 2022.  
8.2   Standards and Technical Requirements  
8.3.  The Seychelles Bureau of Standards (SBS) is the National Standards Body (NSB) in the 
Seychelles. The bureau was established under the SBS Act  1987 which was subsequently revised 
010203040
2015 2016 2017 2018 2019 2020 2021Trade Data
Import
ExportSCR million
YEARS
Source: National Bureau of Statistics WT/TPR/G/433 • Seychelles  
 
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  and replaced by the SBS Act 2014, to cater for additional functions that the bureau had to undertake 
based on the country 's commitment in the implementation of the provisions of the WTO Technical 
Barriers to Trade (WTO/ TBT Agreement ). The Act of 2014 was further amended in 2016 and 2021.  
8.4.  As the main national quality infrastructure services provider, the bureau is responsible to 
provide standardization services (development & dissemination of standards/information), 
conformity assessment services (inspection, certification and testing) and metrology services ((legal, 
industrial and scientific) to various stakeholders (government, businesses, industries and the general 
consumers) in order to enhance the country 's socio -economic development.  
8.5.  As a corresponding member of the International Organization for Standardization (ISO), the 
bureau is following the "Code of Good Practice for development, adoption and application of 
Standards " when developing national standards. The pol icy of the bureau is to adopt international 
standards and regional standards as the basis of our national standards. At continental level, the 
bureau is a member of the African Organization for Standardization (ARSO) and participate in some 
of ARSO Technic al Harmoni zation Committees involved in the development of ARSO harmonized 
standards.  
8.6.  In view that Seychelles is a member of the S ADC and a signatory to the "SADC Protocol on 
Trade ", the bureau was designated as the country 's representative responsible to  participate in the 
SADC Technical Barriers to Trade Cooperation Structures (SADC TBT Structures), which was 
established under the "TBT Annex " to the  "SADC Protocol on Trade ". In line with the Common Market 
for Eastern and Southern Africa Treaty ( COMESA Treaty) , the bureau has been designated as the 
responsible institutions for the implementation of Chapter 15 - Standardization and Quality 
Assurance  of the Treaty.  
8.7.  Based on Seychelles ' technical regulatory framework, various competent authorities/ag encies 
have been established by law to develop technical regulations/technical requirements (TR) for goods 
(both agricultural and industrial) covered under the scope of the WTO TBT  Agreement .  
8.8.  In order to ensure the application of good regulatory practices  when preparing technical 
regulations, the Department of Trade within the Ministry of Finance, National Planning and Trade has 
already developed a "Policy on National Framework on Technical Regulation and Conformity 
Assessment Procedures " of which was appr oved by the Cabinet of Ministers on the 3  April 2014. This 
framework catered for the establishment of a Technical Barriers to Trade National Committee 
(TBTNC) to deliberate on matters related to Technical Barriers to Trade at national, regional and 
Interna tional level. Based on a new Cabinet Memorandum that was presented by the Department of 
Trade in May 2022 to further revamp the "Committee ", new regulatory agencies were included to 
participate in the work TBTNC. Since Seychelles ' accession to the WTO, the  Seychelles Bureau of 
Standards has been encouraging national regulatory agencies to make use of technical requirements 
specified international standards and/or reference the international standards when developing 
technical regulations. The Environment Pr otection (Restriction on importation, distribution and sale 
of Plastic Utensils and Polystyrene Boxes) Regulations, 2017 and the Environment Protection 
(Restriction on manufacturing, importation and distribution of Plastic Bags) Regulation, 2017 are two 
examples of national technical regulations of which have reference international recognized 
standards.  
8.3  Sanitary and Phytosanitary Measures  
8.9.  A National Sanitary and Phytosanitary (SPS) Committee was established in 2017. The 
Committee is chaired by the Department of Agriculture and consists of all relevant stakeholders 
involved in implementation and resolution of all matters pertaining to SPS.  
8.4  Trade Facilitation   
8.10.   A National Trade Facilitation Committee (NCTF) was set up in September of 2015, providing 
the private and government stakeholders with a platform to encourage discussion on Non-Tariff 
Barriers and to resolve Trade Facilitation related issues, whilst promoting and facilitating trade.  WT/TPR/G/433 • Seychelles  
 
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  8.11.   Since February 2017, with the entry into force of the WTO Trade  Facilitation Agreement (TFA), 
Seychelles has been doing the utmost to implement the provisions of the TFA as per the commitment 
made upon acceding the agreement.  
8.12.   Seychelles has fully implemented the Category A and B commitments as per the requirement 
of the WTO TFA, with most of the Category C commitments reaching the stage of finali zation by the 
end of the year 2023, such as Post Clearance Audit, Authori zed Operators and Single Window.  
8.13.   Some of the projects experienced delays due to the pandemic which af fected the movement 
of experts needed to be deployed for the implementation of the projects. As such, it is expected that 
Seychelles will request an extension to complete some of the projects by mid -2024.  
8.5  Subsidies and Incentives  
8.14.   Seychelles intends to ali gn the tax incentives, such that they are time -bound and focused 
towards key drivers of the economy.  
8.15.   During the review period, Seychelles has put in place several incentives to encourage domestic 
and foreign investment in particular industries, and to sup port economic development in various 
sectors, such as agriculture, fisheries, the blue economy, culture, heritage and the arts, amongst 
others. During the COVID -19 pandemic, special schemes were additionally introduced to support and 
facilitate business su rvival during economic hardship.  
8.5.1   Value added tax 
8.16.   Registered farmers and fishermen benefit from Value Added Tax (VAT) refunds on locally 
purchased goods (excluding all motor vehicles except specialized motor vehicles) and operating 
supporting activities such as abattoirs, animal feed factories, hatcheries  and agricultural and fisheries 
processors.  
8.17.   The Seychelles Agricultural Agency (SAA) or the Seychelles Fishing Authority (SFA) must 
endorse the receipts in order for the registered farmers or fishermen to be eligible for the return, 
which must be for at l east SCR  1,000.  
8.5.2   Business tax 
8.18.   In December 2021, the government of Seychelles implemented a comprehensive set of 
business tax reforms which were set to simplify Seychelles ' corporate income tax regime and improve 
tax compliance.  
8.19.   Prior to this, businesses in the tourism, agriculture and fisheries sector were benefiting with 
preferential business tax rates, special deductions and depreciations as per the below.  
• Special rate:  0% on the first SCR  250,000 of taxable income; and 15% (instead of 25%) 
on the remainde r.12  
• Special deductions on taxable income: training certified by the Department of Tourism (the 
total amount of deductions allowable for training certified by the Department is 150% of 
the actual expenditure incurred)13; marketing and promotion expenditur e; emoluments 
paid to graduates; and emoluments paid to a musician by a licensed accommodation.  
• Accelerated depreciation: Rates of depreciation allowable on capital investments for 
farming, fishing and tourism businesses, other than building are at 150% ov er 5 years .14 
 
12 This provision has been repealed by S.I. 108 of 2021.  
13 This provision has been repealed  by S.I 4 of 2016.  
14 This provision has been repealed by S .I. 108 2021 – Business Tax (Amendment of Schedules) 
Regulations 2021.  WT/TPR/G/433 • Seychelles  
 
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  8.20.   Individual farmers and fishermen, on the other hand, are no longer required to pay business 
taxes on revenue earned from farming or fishing -related activities or from any farming activity that 
results in the production of agricultural product s, since 2014 .15  
8.5.3   Small and medium sized enterprises  
8.21.   For these following various sectors, agriculture, fisheries, blue economy, culture, heritage and 
the arts, there is a loan scheme for Small and Medium Sized Enterprises (SMEs) available in financial 
institutions which is subsidized by government in order to maintain a low interest rate. These 
schemes are managed by several entities such as the Development Bank of Seychelles, Enterprise 
Seychelles Agency, Seychelles National Youth Council, Seychelles ' Conservation and Climate 
Adaptation Trust and others.  
8.6  Government Procurement  
8.22.   The Public Procurement Act, enacted in 2008, and the Public Procurement Regulations 2014 
govern the Seychelles public procurement. Both the Act and Regulations provide the basic principles 
and procedures to be applied in and regulate the public procurement  of goods, works, consultancy 
services, and other services within the Public Sector.  
8.23.   The Act and Regulations applies to Ministries, Departments, Agencies, and any other budget -
dependent government entities.  
8.24.   The vision  is to modernize  and rationalize  public procurement  through  to the following:  
a. Legislative  reform:  POU is working  on reforms  to the procurement  regime  with the aim of 
introducing  a more strategic  approach  to public  procurement  and standardization  of how 
public  entities  conducts  public  procureme nt. This includes  the ongoing  review  of 
Seychelles ' Public  Procurement  Act, 2008 which  is envisaged  to be completed  by mid-
fourth  quarter  of 2023.  
b. Introduction  of e-procurement:  The government  of Seychelles  is on the verge  of launching  
an e-procurement  portal to modernize  how public  procurement  is conducted.  To facilitate  
the introduction  of this modern  framework,  the POU and National  Tender  Board  of 
Seychelles  are piloting  the use of the electronic  government  procurement  web portal.  This 
facility  will allow for the agencies  participating  in the pilot exercise  to place notifications  to 
suppliers  of their procurement  opportunities  via this portal.  
8.7  Competition Policy and Related Issues  
8.25.   Fair and effective competition is a key part of the development agenda of S eychelles and the 
objectives of Seychelles ' National Competition Policy include the following, inter alia : 
i. to ensure that enterprises of all sizes can participate equitably in the market;  
ii. to provide redress and prevent restrictive business practices which limit competition 
and affect consumers and to ensure transparency in the implementation of such 
policies and rules;  
iii. to ensure equitable and affordable access to essential facilities;  
iv. to secure the consistent application of the principles of competition in all sectors of the 
economy of Seychelles.  
8.26.   To further that agenda and in line with Seychelles ' economic reforms under the guidance of 
the IMF, Seychelles enacted the Fair Trading Commission Act 2009 (FTCA 2009), the Fair Competition 
Act 2009 and the Consume r Protection Act 2010. These were subsequently consolidated into the Fair 
 
15 From 1  December  2014 to 31 December  2023 – Business Tax (Exemption of Tax to Individual Fishers 
and Individual Farmers) Order 2021.  WT/TPR/G/433 • Seychelles  
 
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  Trading Act 2022 (FTA 2022), which came into force on 1  August  2022, to cater to Seychelles ' current 
and future competition landscapes.  
8.27.   The Fair Trading Commission 's (FTC) powers in clude, inter alia , to investigate whether 
enterprises are engaged in restrictive business practices, keep under review commercial activities, 
advise the government on relevant competition matters and to take such action it considers 
necessary to prevent ab use of a dominant position, eliminate anti -competitive practices and prevent 
or control anti -competitive mergers, whilst ensuring protection for consumers within the market.  
8.28.   With the aim of enhancing Seychelles ' competition and consumer protection framewor k, the 
FTA 2022 replaced the Board of Commissioners and the Appeals Tribunal with the Fair Trading 
Tribunal. This independent and impartial tribunal is dedicated to hearing consumer protection and 
competition cases, merger applications and other applicatio ns brought before it by the Commission.  
8.29.   In line with the FTA 2022, the following regulations and policy are being created:  
a. Fair Trading (Corporate Immunity) Policy, 2022: A policy which explains the purpose of 
the FTA 2022 provisions related to corporate immunity, which is to enhance the FTC 's 
ability to investigate cartels by affording full or partial immunity to members of cartels who 
provide material information to FTC. The Fair Trading (Corporate Immunity) Policy also 
stipulates the criteria which appl icants must satisfy in order to be granted full or partial 
immunity.  
b. Fair Trading (Prescribed Forms) Regulations, 2022: Regulations which set out the format 
of the forms required under the FTA 2022.  
c. Fair Trading (Threshold for Merger Application) Regulatio ns, 2022: Regulations which 
stipulate the asset value and annual turnover threshold for notifiable mergers, and the 
method of calculation for the threshold.  
d. Fair Trading (Consumer Protection) (Product Label ling) Regulations, 2022: Regulations 
which stipula te the standards for the label ling of products.  
e. The Commission will be working towards other regulations required under the FTA 2022.  
8.8  Trade in Services – Postal and Courier Services  
8.30.   Over the past couple of years, Seychelles has experienced significant gro wth in inbound 
e-commerce which has signal the need for this market to be regulated effectively while at the same 
time reinforcing the role of the 'Postal Regulatory Agency '. 
8.31.   The Postal Sector Act 2010 establishes the role and functions of the Public Postal Operator 
and that of the Postal Regulatory Agency as well as defining the scope of operation of this market 
but with outlining limitations to operators such as courier compa nies. Also lacking has been the 
specific regulations for licensing operators; therefore, such postal and courier related business 
activities have been non -licensable to date.  
8.32.   Seychelles has therefore been working on the draft licensing regulations for Post al and Courier 
services and it is expected that this will come into force by end of the year 2022. The overall objective 
is to ensure that the market has a modern, market acceptable and supportive standard for the 
dynamics of the growing e -commerce market.  
8.33.   Similarly, an amendment is to be made to the Customs Management Regulations, 2014 to 
modernize and digitalize the mode of information interchange with customs with the aim of creating 
a swift and seamless process for clearance of goods arriving at the air port with the objective of 
attaining a faster turnaround so as to meet market need.  WT/TPR/G/433 • Seychelles  
 
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  8.9  Trade Related Law Reviews  
8.9.1   Intellectual property  
8.34.   Seychelles' intellectual property (IP) regime is mainly governed by the Industrial Property 
Act 2014 and the Copyright Act 2014, and their subsequent regulations. The Industrial Property Act 
(IPA) covers the protection and use of geographical indications, industrial designs, integrated 
circuits, layout -designs, patents, and trademarks. Whilst the Copyright Act 20 14, provides protection 
for literary and artistic works.  
8.35.   Since 2019, Seychelles is in the process of reviewing its IP legislations and legal framework, 
with the intention of improving efficiency and facilitating IP rights registration. The new law is 
expec ted to be adopted in the beginning of 2023. Sensiti zation is also a government priority with 
the aim of increasing the accrued benefits of IP, as well as easing the implementation of the IP 
framework.  
8.36.   There is no legislation dealing with the protection of plant varieties to date. However, the 
country initiated this possibility with the drafting of a Plant Variety Bill.  
8.37.   Seychelles has acceded to a number of international treaties, whereby in April 2016, 
Seychelles adopted the Protocol Amending the TRIPS  Agreement, the Paris Convention as well as 
the Patent Cooperation Treaty in 2002. The country envisages to accede to additional IP related 
treaties which are of national interest.  
8.9.2   Excise tax regime  
8.38.   The Excise Tax Act governing the application of excise tax i n Seychelles, came into force in 
January 2010. Seychelles finds the necessity to review the Seychelles Excise Tax Regime with the 
aim of bringing more discipline and clarity in the application of the excise tax. As such, technical 
assistance was sought und er SADC Trade Related Facility (TRF) programs to review the Excise Tax 
Act 2009 and its subsequent regulations. The new Excise Tax Bill and its subsidiary regulations are 
expected to come into force before the end of the year 2022.  
8.9.3   Customs management regulations  
8.39.   The Customs Management Act came into force in 2011 by repealing and replacing the Trades 
Tax Act, 1993. Nevertheless, provision was made to save several clauses of the Trades Tax 
Regulations, 1997, until such time that they are also repealed. In ou r efforts to create more clarity 
in the application of the customs procedure Seychelles will repeal the saved clauses of the Trade Tax 
Regulations, and draft a new Customs Management General Regulations (CMR) to capture those 
provisions.  
8.40.   In light of the ab ove, the comprehensive review of the CMR started in 2021 and is expected 
to be completed in 2023.  
8.10  The Public Enterprises Bill  
8.41.   In October 2021 the Cabinet of Ministers approved in principle, a new Bill - The Public 
Enterprises Bill - to strengthen the Publ ic Enterprise Monitoring Commission (PEMC) governance and 
monitoring, notably regarding the enforcement of reporting obligations. Presently, the Bill is being 
reviewed and is expected to be adopted by the National Assembly in 2022.   WT/TPR/G/433 • Seychelles  
 
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  9  MULTILATERAL, REGIONAL AND BILATERAL TRADE AGREEMENTS AND OTHER TRADE 
RELATED AGREEMENTS  
9.1  WTO  
9.1.1   Post-WTO accession activities undertaken  
9.1.  Following accession to the WTO, Seychelles has been consistently active in leading certain 
initiatives as part of the WTO negotiating groups, su ch as the African Caribbean and Pacific group 
and the African group.  
9.2.  The country is particularly active in the negotiations pertaining to fisheries subsidies, 
e-commerce, the GATS meeting on rules, in particular, Domestic Regulation and Most Favoured 
Nations (MFN) Exemption, and specific commitments, in particular, on Economic Needs Test (ENT) 
and scheduling issues. It is to be noted that the representation of Seychelles in these meetings is 
facilitated by our permanent presence in Geneva through its Trade  Attaché in Geneva Mission.  
9.1.2   Ratification of other WTO protocols and Agreements  
9.3.  Seychelles has ratified the Protocol amending the Agreement on Trade -Related Aspects of 
Intellectual Property Rights implementing Paragraph 6 of the Doha Declaration on the 8  June 2016.  
9.1.3   National Technical Barriers to Trade (TBT) Committee  
9.4.  The WTO TBT  Agreement  and the TBT Good Regulatory Practice (GRP) contain explicit provision 
for preparations, adoption and application of technical regulations and conformity assessment 
procedur es. The scope of the provisions covered are as follows:  
• Principles  
• Mechanisms  
• Preparation  
• Adoption  
• Application  
9.5.  Technical Regulations in Seychelles are regulated under a number of regulatory bodies. These 
include the Ministry of Fisheries and Agriculture, Ministry responsible for Environment, Energy and 
Climate Change, Ministry of Health, Ministry responsible for transport, Ministry responsible for 
communications, the Fair Trading Commission, amongst others. Given the vast coverage of this 
subject it was found necessary to introduce a national policy and committee to ensure compatibility 
with the WTO TBT  Agreement  and the GRP.  
9.6.   The 'Policy on National Framework on Technical Regulation and Conformity Assessment 
procedures ' was established in April 2014, also establishing the National Committee on Technical 
Barriers to Trade  to deliberate on all TBT related issues and also come up with national positions 
when required. The policy covers the obligation of regulatory bodies on  the whole process of 
preparation, introduction and application of technical regulations and conformity assessment 
procedures in Seychelles. The composition of the Committee is being reviewed to ensure more 
efficiency in the deliberations.  
9.1.4   Streamlining of export permit requirements  
9.7.  Subsequent to its accession to the WTO, Seychelles took measures to remove a previous 
requirement that all goods destined for export should be issued and be accompanied by an export 
permit. Under the revised regime, only goods de emed sensitive for the purposes of health and safety, 
amongst others, has been maintained on the export permit list.  WT/TPR/G/433 • Seychelles  
 
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  9.1.5   Establishment of National Notification Authority (NNA) and National Enquiry Point 
(NEP)  
9.8.  In keeping with its notification obligation under various WTO Trade Agreements, Seychelles has 
established the relevant National Notification Authority (NNA) and National Enquiry Point (NEP), 
which current details are as follows:  
Trade Department  
Ministry of Finance, National Planning and Trade  
2nd Floor, Maison Esplanade  
Rue de la Possession  
Victoria  
Mahe, Seychelles  
Tel: +2484382135  
Email: enquirywto@finance.gov.sc  
Website: www.tradeportal.sc  
9.9.  As the NEP and the NNA, the Trade Department also serves as the Secretariat of all national 
trade related committees such as SPS, TBT, IP, Trade Facilitation and Domestic Regulation.  
9.1.6   WTO Government Procurement Agreement  
9.10.   Upon the accession of Seychelles to the WTO in 2015 , Seychelles made a commitment to 
initiate the negotiations to accede to the WTO Government Procurement Agreement (GPA). The 
country has an observer status to that the GPA Committee since 2015.  
9.11.   As part of the country 's notification obligation, the WTO GPA Committee was made aware in 
February 2020, that the government of Seychelles has commenced a review of its Public Procurement 
Act 2008, and initiated consultations with national stakeholders through an ongoing process. It is 
envisaged that this review woul d aid in preparing the Seychelles for its eventual accession to the 
GPA. Nevertheless, this is a complex and highly technical process.  
9.1.7   Setting up of the National Trade Facilitation Committee  
9.12.   Prior to the coming into force of the WTO TFA, Seychelles took th e initiative to set up its 
National Trade Facilitation Committee in accordance with the provision of the Agreement, which is 
designed to create a consultative forum for the regulatory agencies and private stakeholders to 
address issues vis-a-vis trade faci litation. The Committee has also been designated to address any 
arising perceived non -tariff barriers.  
9.13.   To date, the Committee has been successful in resolving a number of issues pertaining to 
trade facilitation. Nevertheless, some challenges remain due to resource and infrastructure 
limitations.  
9.1.8   Development of a Trade Remedies Legal Framework  
9.14.   With the aim of protecting and promoting a diverse economy for Seychelles, a set of Trade 
Remedies legislations are in the process of being developed, which includes p rovisions on 
anti-dumping , safeguards and countervailing measures. Further assistance is required for the 
country to effectively draft and implement provisions relating to Trade Remedies.  
9.2  AFRICAN CONTINENTAL  FREE TRADE AREA (AfCFTA)16 
9.2.1   AfCFTA Agreement  
9.15.   The main objective of the AfCFTA negotiations is to achieve a comprehensive and mutually 
beneficial trade agreement amongst Member States of the African Union (AU). The scope for the FTA 
covers:  
 
16 https://au -afcfta.org/ . WT/TPR/G/433 • Seychelles  
 
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  • Trade in Goods,  
• Rules and Procedures on the Settlement of Disput es 
• Trade in Services,  
• Investment,  
• Intellectual Property Rights; and  
• Competition Policy  
• Women and Youth in Trade  
9.3  COMESA17 
9.3.1   COMESA FTA and Trade in Service  
9.16.   Seychelles has been a member state of COMESA, which was established by the COMESA 
Treaty signed on 5  November  1993 in Kampala, Uganda, and was ratified a year later in Lilongwe, 
Malawi on 8  December  1994. Within the framework of the Treaty, Seychelles has been implementing 
the COMESA FTA since 2009. Seychelles has participated in the Trade in Services ne gotiations among 
COMESA Member States which has resulted in specific commitments to liberalize priority services 
sectors. Those commitments were adopted by the COMESA Council of Ministers in 2017.  
9.4  SADC  FTA18 
9.4.1   Protocol on Trade 
9.17.   Seychelles acceded to the SAD C Protocol on Trade in June 2015, subsequently liberalizing 
customs duty on 97.5% tariff lines to SADC FTA members after a period of 12 years. The 2.5% 
remains on an exclusion list and comprises mainly of revenue -sensitive products such as motor 
vehicles a nd alcoholic beverages, and other industry -sensitive products such as certain fish, mineral 
waters, tea and tobacco products.  
9.18.   Following Seychelles ' accession to the SADC Protocol on Trade, ongoing work has been cent red 
towards the review of the SADC Rules of Origin, Customs Cooperation and Trade Facilitation.  
9.4.2   The SADC Protocol on Trade in Services  
9.19.   Seychelles signed the Protocol on Trade in Services in 2015 and has also completed 
negotiations for the first round, with ma rket access offers in the priority sectors (Communication, 
Construction, Energy –related, Financial, Tourism services and Transport services). Seychelles ' 
notification was issued to the WTO Members on 14  September  2022 in document reference 
S/C/N/1108.  
9.5  EU-ESA Interim Economic  Partnership Agreement  
9.20.   Since the start of implementation of the iEPA between the EU and the ESA states there have 
been several Decisions taken under the framework. To name a few;  
• Decision  No. 1/2017 of the ESA -EU Customs Cooperation Com mittee; provide for an 
automatic derogation from the rules of origin laid down in Protocol 1 to take into account 
of the special situation of the ESA States with regard to preserved tuna and tuna loins.  
• Decision  No. 1/2020 of the EPA Committee; provide fo r the amendment of certain 
provisions of Protocol 1 concerning the definition of the concept of 'originating products ' 
 
17 https://www.comesa.int /. 
18 https://www.sadc.int /. WT/TPR/G/433 • Seychelles  
 
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  and methods of administrative cooperation with a view to their further simplification. Also, 
Parties agreed to introduce a new Article  entitled 'Accounting segregation ', in order to allow 
economic operators to save costs by using that method of managing stocks. Additionally, 
the Article  on proof of origin was amended, in order to allow for more flexibility for 
economic operators to comply w ith the proofs of origin requirements.  
9.21.   Seychelles has progressively reduced its taxes on non -excluded products in line with its 
schedules of commitment and such has been completed as of January 2022.  
9.6  UK ESA Economic Partnership  Agreement  
9.22.   Seychelles signed the Agreement in January 2019 and thereafter it was ratified by the 
Seychelles National Assembly in March 2019. The agreement was notified to the WTO on 
31 December  2020 through document reference WT/REG427/N/1  and came into force in 
January  2021. 
9.7  World Cu stoms Organization  HS Convention  
9.23.   Seychelles signed the Harmonized System Convention on 31 March  2020 and deposited its 
instrument of accession to the International Convention on 21 August  2020, being the 160th 
contracting party to have successfully acceded  the HS Convention. As part of its obligation, 
Seychelles is expected to migrate to each new version of HS within the designated timeline.  
9.8  ARIPO  
9.24.   With the aim of expanding the benefits of IP, including in the protection granted and in the 
enhancement of cr eativity and innovation, Seychelles became a Member of the African Regional 
Intellectual Property Organization (ARIPO) on 1 October  2021 through the Harare Protocol.  
9.25.   ARIPO is an intergovernmental organization which facilitates cooperation between member 
states, and coordinates meetings to address issues concerning IP within the African region.  
9.9  WIPO  
9.26.   Seychelles became a member of the World Intellectual Property Organization (WIPO) in 2000, 
which was followed by the country 's decision to join the Patent Cooperation Treaty and Paris 
Convention in 2002. To date, Seychelles has benefited from various WIPO technical assistance and 
capacity -building initiatives in the form of technical expertise. These included assistance towards the 
preparation of Seychelles ' Industrial Property Act 2014 and Copyright Act 2014 - including its 
subsequent regulations; assistance in the preparation of the country 's national Intellectual Property 
Development Plan; and in the facilitation of national workshops and IP Treaty -related  assessment 
missions which had the aim of enhancing the capacity of Seychelles ' national stakeholders whilst 
also increasing awareness on IP.  
10  CONCLUSION   
10.1.   Seychelles acknowledges the importance of the multilateral trading system and its 
contribution towards the advancement of free and fair trade, whilst aiding in the development of 
economies through diversification and job creation. Therefore, and notwithstanding the challenges 
that Seychelles faces, especially in the current economic cli mate, the nation continues to invest 
efforts in the compliance of its WTO commitments.  
10.2.   Seychelles will continue to engage in the work towards implementing its obligations under its 
trade agreements with the WTO and other trade partners, including with the European  Union  and 
the African  Union .  
  WT/TPR/G/433 • Seychelles  
 
- 22 - ANNEXES  
Table  A1. 1 FDI attraction performance of Seychelles and selected island economies  
 
 
__________  Country  Average inflows of foreign direct investment  Foreign direct investment stock  
USD million  Per capita ( USD) Per USD 1,000 gross 
domestic product  As percentage of 
gross fixed capital 
formation  Total 
(USD 
million)  Per 
capita 
(USD) Percentage 
of gross 
domestic 
product  
2009–13 2014–18 2009–13 2014–18 2009–13 2014–18 2009–13 2014–18 2018  
Seychelles  204 179 2,223 1,903 200 126 59 38 3,023 31,748 193 
Antigua and 
Barbuda  94 93 981 916 79 63 32 24 969 9,406 60 
Bahamas  1,155 1,562 3,139 4,026 112 139 40 55 21,577 54,038 173 
Barbados  353 268 1,259 941 79 59 58 56 7,273 25,395 150 
Cabo Verde  137 127 270 236 78 72 20 24 1,989 3,594 101 
Maldives  277 427 733 994 98 95 37 36 4,259 9,587 82 
Mauritius  399 373 319 295 36 29 16 17 5,313 4,189 37 
Saint Kitts and 
Nevis  120 103 2,312 1,880 162 116 53 40 1,683 30,130 178 
Sao Tome and 
Principe  27 27 150 137 121 75 98 28 462 2,212 103 
Singapore  46,531 72,044 8,947 12,809 175 225 66 93 1,481,033 255,708 426 
Tonga  34 20 327 186 82 46 31 24 446 4,089 102 
SIDS (UNCTAD)  1,585 2,432 152 219 25 34 12 17 48,135 4,210 63