RESTRICTED  
  
WT/BOP/W/50  
 
9 November  2022 
(22-8376)  
Committee on Balance -of-Payments Restrictions    
 
REPORT ON THE MEETING OF  
8 NOVEMBER 2022  
1.  The BOP Committee met on 8 November 2022. The agenda of the meeting was 
contained  in WTO/AIR/BOP/14 and included: adoption of the 2022 Annual Report of the Committee 
on Balance -of-Payments Restrictions, and other business.  
2.  During the 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 noted that such 
measures or any significant changes in import measures must be notified prior to or not later than 
30 days after their announcement. He remarked that the aftermath of the COVID -19 pandemic and 
other recent challenges were having a disruptive effect on economies around the world. As a result, 
balance -of-payments problems could have emerged in some countries, w hich could lead to the 
revival of trade and foreign currency restrictions taken to address these balance -of-payments 
difficulties. However, the Committee had received no notifications in this respect so far.  
3.  The Chair called the attention of Members with r espect to paragraph  3 of the MC12 Outcome 
Declaration, where Members acknowledged the need to address the challenges that the WTO is 
facing, and ensure its proper functioning, and committed to work towards reform. He proposed 
holding consultations with Mem bers regarding the functioning of the Committee, including the issue 
of notifications, which could lead to an informal meeting to discuss the issue in more detail.  
4.  The European  Union, the United  States, India, Japan, the Republic  of Korea, and Australia t ook 
the floor to support the Chair's proposal to hold consultations on the matter. No other issues were 
raised.   
5.  The representative of the European  Union  expressed that she joined the Chair in lamenting the 
lack of notifications to the Committee. She would  like to remind Members of the obligation of 
notifying balance -of-payments measures . The European  Union did not contest the right to make use 
of such measures provided they are in compliance with WTO rules. She drew the Committee's 
attention to the fact th at balance -of-payments measures had been discussed in other WTO bodies 
but had not been notified to the Committee on Balance of Payments Restrictions. She invited 
Members to notify such measures to the Committee.  
6.  The representative of India noted that the pandemic had affected global trade and that trade in 
services had been the most affected . He expressed concern with respect to the deterioration of the 
balance -of-payments of some Members. In his view, the Committee should look more closely to 
these issues . He joined the call for holding informal meetings. He suggested that the Secretariat 
provide a historical perspective regarding balance -of-payments measures and was of the view that 
the IMF should be invited to participate in an informal meeting.  
7.  The repr esentative of the United  States  expressed his support for holding consultations and an 
informal meeting.  
8.  The representative of the Japan  said that her country was ready to engage on substantive 
discussions on this issue.  WT/BOP/W/50  
 
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  9.  The representative of Australia  stressed the importance of transparency regarding 
balance -of-payments  measure s. He encouraged Members to notify any balance -of-payments 
measure adopted . Notifications should include information on when the measure was intend ed to be 
removed.  
10.  The representative of the Republic  of Korea  highlighted t hat the issue was becoming very 
important, and that his country supported holding consultations . 
11.  The Chairman  took note  of the comments made.  
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