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Chair, let me offer a warm welcome and thanks for their work to the delegation from Paraguay, led by Vice Minister for Economic Relations and Integration, Patricia Frutos Ru铆z; Permanent Representative Ambassador Ra煤l Cano Ricciardi and all the Paraguayan Mission team; you, to the WTO Secretariat for their report, to you Chair, and to our Discussant, Ambassador Erwin Bollinger of Switzerland for his insightful comments.

Bilateral Trade

1. I am pleased to speak on the behalf of the UK for the Trade Policy Review Paraguay, sometimes described as the 鈥淐oraz贸n de Sudam茅rica鈥� (鈥淗eart of South America鈥�).聽 The UK is pleased to have long-standing links with Paraguay, formalised as early as 1853 with the signing of the Treaty on Friendship, Commerce and Navigation.

2. More recently, these links have gone from strength to strength since the re-opening of our Embassy in Asuncion in 2013. Since then, our bilateral trade has increased by around 40%. We trade solely on WTO terms. The UK鈥檚 exports include sectors like automotive, beverages and organic chemicals and also newer technologies, for example in 2023 what we believe was the first surgical robot in Paraguay, manufactured by Cambridge Medical Robotics (CMR).

3. On the wider economic context, the UK also congratulates Paraguay on achieving an upgraded sovereign credit rating in July. This recognises Paraguay鈥檚 robust economic growth and successful reforms.

Trade Policy Review (TPR) Analysis

1. The UK is also pleased to see Paraguay鈥檚 growth and reforms reflected in the Trade Policy Review reports, and commends Paraguay鈥檚 strong recovery from challenges such as the global pandemic, fluctuating commodity prices, and drought in 2022. The reports also highlight real strengths with Paraguay鈥檚 economy, including increased public investment, strong export growth (37% in 2023) and a reduction in monetary poverty.

2. The UK welcomes this, and how trade is increasingly important to the Paraguay economy as a net exporter of goods, and with its external trade worth some 83% of GDP in 2023 鈥� especially driven by strong agriculture, and world leading hydroelectric power exports.

Power Exports (and the current drought)

1. The UK also acknowledges impressive progress but also current challenges in Paraguay鈥檚 clean energy production. Paraguay is one of the few countries in the world whose entire electricity grid is green.

2. Power exports are its number one export, especially thanks to the Itaipu Dam, shared with Brazil, which is the second largest hydroelectric power plant in the world. 聽However we acknowledge with concern how Paraguay is suffering the effects of most severe drought, and how reduced water flows affect not just聽 the Itaip煤 Dam鈥檚 power generation, but also the navigability of the Paran谩 and Paraguay on which many exports depend, including agricultural produce, which feeds nearly a hundred million people, over ten times Paraguay鈥檚 population.

3. With these challenges in mind, we also commend Paraguay鈥檚 proactive contribution to consideration of environmental and sustainability issues here at the WTO.

WTO and Multilateral Institutions

1. Chair, we welcome Paraguay鈥檚 continued commitment to open global trade, as well as its strong participation across a wide range of WTO initiatives. We hugely value Paraguay鈥檚 drive and ambition when it comes to improving the functioning of the WTO. The UK and Paraguay collaborate closely, through committees and several joint proposals, to realise a shared vision of an inclusive WTO better able to take decisions and navigate both challenges of today, and opportunities of tomorrow.

2. We also welcome Paraguay鈥檚 expertise and active role on specific WTO topics such as agriculture. We welcome their drive to move agriculture negotiations forward as an active member of the Cairns Group and Mercosur, particular on market access and domestic support reductions. We are pleased the Paraguayan delegation actively tries to find ways to bridge other Members鈥� positions. We look forward to to continue working constructively with them towards an agriculture outcome at MC14.

3. Paraguay鈥檚 participation in the different Joint Initiatives is welcome. The UK is pleased that Paraguay has now joined the countries supporting the Agreement on E-Commerce. Their earlier work to drive the Agreement forward, including chairing small groups during negotiations, was also much appreciated by the UK.

4. We also recognise Paraguay鈥檚 situation as a Land-Locked Developing Country (LLDC), and welcome Paraguay鈥檚 contribution to last week鈥檚 WTO focussed session on LLDCs, including on the particular challenges for LLDCs building digital infrastructure . We hope that the Agreement on Electronic Commerce, including the updated provisions on telecommunications, as well as the development provisions, will go some way to addressing these challenges, as would other WTO tools under discussion, including on Investment Facilitation for Development.

Business Environment (and Gender)

1. There are plenty of other positive policies we鈥檝e seen from Paraguay that enhance the environment for business, particularly around Paraguay鈥檚 efforts to advance trade and gender equality.聽This includes initiatives such as the Women鈥檚 Economic Empowerment Programme, and the 鈥楧igitalization for developing SMEs run by women鈥� project which exemplify their focus on enhancing women鈥檚 participation in the business sector and increasing women entrepreneurs鈥� financial support and digital literacy.

2. On trade and gender, I should add that as well as his support for the other points in this statement, as a co-chair of the Informal Working Group on Trade and Gender, were he here, the UK Ambassador and Permanent Representative Simon Manley (who sends his apologies as travelling back today from official duties in the UK) would particularly have thanked Paraguay for this work and wider commitment to women鈥檚 empowerment, and also encouraged their contribution and sharing experiences with that Working Group.

3. Finally, also on behalf of Ambassador Manley, I would like to acknowledge that Paraguay鈥檚 wider role here in Geneva has included being a stalwart partner in the Human Rights Council throughout their three-year term, which ends soon.

Conclusion

In conclusion, Chair, I would once again congratulate and thank the Paraguayan delegation and Mission, for all their work on this Review.