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SUMMARY OBSERVATIONS

(1)               Economic Environment

1.                   Between 2001 and 2006, the Gabonese economy experienced variable real economic growth, with an average rate of 2 per cent, in line particularly with oil production, which accounts for about half of the gross domestic product (GDP).  In view of the inexorable depletion of the country's oil reserves, diversification of the economic base remains the key objective of the authorities.  However, the emergence of non-oil-related activities remains tentative, apart from the exploitation of Gabon's forest or mining resources.  Agriculture and manufacturing are still embryonic (3.5 and 5.7 per cent of GDP in 2006, respectively).  Gabon is likely to continue feeling the effects of "Dutch disease" for some time to come.

2.                   Monopolies (public or private, de facto or de jure) still predominate.  The privatization programme has generally enabled monopolies to be transferred from the public sector to the private sector, which, in such an operating environment, clearly does not feel the need to improve the competitiveness of its goods and services.  These monopolies, in conjunction with factors such as the tariff structure and basic infrastructure problems, help to keep both prices and production costs at fairly high levels, thereby reducing the competitiveness of Gabonese goods and services.

3.                   Oil has made Gabon a relatively high-income country, with per capita GDP estimated at US$6,778 in 2006 (86 per cent up on 2001).  However, Gabon's human development index remains relatively low; the country was classed only 124th (out of 177 countries) in the UNDP ranking, and one third of households were living below the poverty line.  Such poverty highlights a serious problem in the distribution of national income, linked, inter alia, to the management of oil wealth and governance, in spite of the recent progress made in these areas.  In view

of the poverty level, in December 2005 Gabon adopted a Growth and Poverty Reduction Strategy Paper (GPRSP), with its sights set on the Millennium Development Goals.

4.                   The generally restrictive monetary policy of the Bank of Central African States (BEAC) has kept inflation under control.  However, inflation stood at 4 per cent in 2006 and is expected to reach 5.7 per cent in 2007, driven up mainly by increased fuel prices.  Moreover, Government finance has benefited from soaring world prices for oil products since 2003, with a primary fiscal surplus of about 13.3 per cent of GDP in 2006.  Gabon has taken advantage of this capital inflow to increase public spending as well as to reduce the net present value of its debt (domestic and external).  Thus, the ratio of the stock of debt to GDP was reduced from 76.9 per cent in 2004 to 44.1 per cent in 2006.  However, in the context of the gradual depletion of the oil deposits currently being exploited, the Government's heavy reliance on oil income  remains a concern.

5.                   The ratio of trade to nominal GDP in Gabon was around 93 per cent in 2006, which testifies to the importance of trade to the economy.  Between 2001 and 2005, the value of oil exports doubled as world prices soared, while imports increased by only 55 per cent.  As a result, the trade balance has risen significantly since 2004.  The traditional services account deficit has substantially worsened since 2004, partly due to the increase in oil and trade services, as Gabon depends largely on other countries for their provision.  The external current account has, however, remained in surplus.

6.                   The main export product is oil, accounting for 85 per cent of total exports, followed far behind by wood (7 per cent).  Imports, on the other hand, show much greater product diversity.  Gabon is one of Africa's largest per capita importers of food products, medicines and wage goods, owing to its relatively high per capita income.  The United States of America is the primary destination

for Gabonese exports, while the European Union (in particular France) is the main supplier of imports.  Trade with other CEMAC countries remains limited.

(2)               Trade and Investment Regimes

7.                   The Ministry of Trade is responsible for defining, implementing and evaluating Gabon's trade policy.  It is assisted in WTO‑related issues by an inter-ministerial committee and consults employers' associations on an ad hoc basis.  Taxation and customs matters come under the purview of the Ministry of the Economy and Finance.  Access to sectoral investment regimes (hydrocarbons, mining, forestry, tourism) is handled by the relevant ministries.

8.                   Gabon is a founding Member of the WTO and grants at least most-favoured-nation (MFN) treatment to all its trading partners. It participates in WTO ministerial meetings but is neither a party nor an observer to any of the plurilateral agreements concluded under the auspices of the WTO.  Gabon's participation in the multilateral trading system remains limited, however.  In spite of participation by Gabonese officials in many WTO activities, the country's technical assistance needs, already identified at the time of its first Trade Policy Review (TPR) in 2001, remain substantial.  The areas in which technical assistance has been requested include notifications; implementation of WTO Agreements on sanitary and phytosanitary (SPS) measures and technical barriers to trade (TBT); harmonization of its national laws and regulations with WTO principles and rules; capacity-building with a view to participation in regular WTO activities and trade negotiations; dismantling of supply-side constraints; and integration of trade policies into development strategies, in particular the Growth and Poverty Reduction Strategy Paper (GPRSP), from which trade is largely absent.

9.                   Gabon and its neighbours have a long common history of regional integration.  Gabon is a member of the Central African Economic and Monetary Community (CEMAC), the common currency of which is pegged to the euro.  Having adopted a common external tariff (CET) in 1993, CEMAC members are currently establishing a customs union.  Gabon grants, in principle, duty-free entry to imports of products originating in other CEMAC member countries, subject to compliance with the rules of origin.  CEMAC and associated countries are negotiating an Economic Partnership Agreement (EPA) with the European Union which is scheduled for implementation in January 2008.  Implementation of the CET adopted by the Economic Community of Central African States (ECCAS/CEEAC), an economic area incorporating the CEMAC, is not yet under way.

10.               Gabon's investment regime was established in 1998 and the Private Investment Promotion Agency (APIP), set up in consequence, became operational in 2004.  The APIP can supply single-window services to economic operators.  The regime is complemented by sectoral frameworks, as well as the scheme adopted in 2006 for the promotion of small and medium-sized enterprises in which Gabonese nationals are the majority shareholders.  Incentives are offered to start-ups in the industrial, mining, agricultural and forestry sectors.  Incentives and protection measures may be included in establishment agreements, which are negotiated on an individual basis by the enterprises and the clauses of which are, in principle, confidential.

(3)               Trade Policy Instruments

11.               In general, Gabon applies the CEMAC acts with respect to customs matters.  With a few exceptions, its tariff is based on the CEMAC common external tariff (CET). All tariff rates are ad valorem with a simple average of 18.2 per cent.  Agricultural products (WTO definition) are subject to heavier taxation (a simple average of 21.9 per cent) than non-agricultural products (excluding petroleum products) (17.6 per cent).  Overall, the tariff shows mixed escalation, which is not conducive to the establishment of certain industries or to promoting the competitiveness of some domestic manufactures in international markets.  Moreover, the strong positive tariff escalation in certain industries conceals a relatively high level of effective protection, which does not encourage the international competitiveness of the local goods concerned.  The tariff structure does not therefore favour economic diversification.

12.               During the Uruguay Round, Gabon bound all of its tariff lines (at a ceiling of 60 per cent for agricultural products and 15 per cent for most non-agricultural products) with the exception of a few tariff lines bound at 60 per cent.  However, on around 39 per cent of tariff lines, the applied rates are higher than the bound rates.  "Other duties and taxes" are bound at a ceiling of 150 per cent.  The applied rates of these other duties and taxes are considerably lower: 1 per cent for the Community integration tax (TCI), applied to imports from outside the CEMAC; 0.4 per cent for the Community integration contribution (CCI) of the ECCAS, applied to imports from outside the ECCAS; and 0.05 per cent for the OHADA levy.  Average border protection (all duties and taxes) is therefore 19.65 per cent.  Gabon did not have recourse to contingency measures during the period under review.

13.               Internal taxes, such as value-added tax (VAT) (18 per cent) and excise duty, are collected on imports and, to a certain extent, on local products.  Some local products are taxed at a lower rate of 10 per cent or are exempt from VAT, unlike competing imports, which poses a problem of consistency with regard to the principle of national treatment.  Furthermore, unlike local goods, the taxable base for VAT on imports includes excise duty, where applicable, and the taxable base for excise duty on local products is reduced by at least 30 per cent.

14.               Since its first TPR, Gabon has made progress in implementing the WTO Agreement on Customs Valuation and appears

to have used its methodology since 12 July 2004; nevertheless, it maintains a reservation regarding the order of the procedures to be used if the transaction value is rejected and is seeking technical assistance in order to familiarize the customs administration with such procedures.  Customs procedures have been computerized in all the main offices and there is a fee for using the computer system, calculated on the basis of the time taken to enter the data needed to process the documentation.  A "green channel" is available to importers deemed reliable, for imports of perishable products (at the airport) and exports of wood.

15.               Imports of a number of goods which could compete with local products are subject to various restrictions.  The prohibition on sugar imports (of non-CEMAC origin) is still in place in order to protect the sole domestic producer (SUCAF-Gabon, a private-law company) and this measure was extended to CEMAC community level as of 2006.  The only domestic cement producer in Gabon (a private-law company) holds the import monopoly for this product.  The State-owned enterprise SOGARA has the monopoly on the production and importation of petroleum products.  The private-law company SMAG has the monopoly on the production and importation of flour and SIAT-Gabon (a private-law company) holds a monopoly on the production of edible oils, as well as the importation and marketing of edible oils of non-CEMAC origin.  These products may also be subject to price control.  Moreover, Gabon maintains controls on imports of certain products to protect both consumer, animal and plant health and the environment.

16.               Exports of logs and manganese are subject to export tax (17 and 3.5 per cent, respectively).  Gabon is on the positive list of countries from which the EU accepts imports of fishery products.  Forestry companies have been able to market wood freely since 2006, following the termination of the State monopoly on the sale of the main species (okoumé and ozigo).  Export-related fiscal

benefits will be granted under the Mandji Island free zone regime, which, however, remains at the project stage.

17.               In principle, the new Government Procurement Code recommends transparency and favours the use of tendering.  The Gabonese competition and standardization regimes are in the early stages of development.  The industrial property regime was harmonized with the provisions of the WTO TRIPS Agreement as a result of the entry into force in 2002 of the revised Bangui Agreement.  The copyright regime does, however, need updating.  Gabon is attempting to combat counterfeiting, which affects fashion and luxury products, film and music CDs and DVDs and wage goods in particular.

(4)               Sectoral Policies

18.               The Gabonese economy is still based essentially on the exploitation of the country's natural resources, in particular mining (mainly oil) and forestry.  Since reaching an historical peak in 1997, annual oil production has continuously declined, despite heavy investment by prospecting and exploration companies.  However, the boom in world prices since 2003 has more than offset the fall in volume by substantially increasing oil income.  Gabon also mines manganese and further diversification will come with the exploitation of the huge iron ore deposits of Belinga, planned for 2011.  The average customs tariff rate for mining products is 11.3 per cent, to which should be added other duties and taxes and internal taxes.  According to the new Forestry Code of 2001, all forestry concessions must, in principle, be subject to sustainable management but, in practice, there is no guarantee of full compliance in this respect.  The State intends to increase the log processing rate from around 43 per cent in 2006 to 75 per cent by 2012, and export quotas for logs are scheduled as of mid-2007.

19.               Agriculture enjoys natural advantages, such as an abundance of fertile land and a favourable climate, but Gabon has no agricultural tradition.  Imports account for about 60 per cent of the food products consumed in Gabon, hence its aim to increase agricultural production by 45 per cent by 2015 in order to reduce dependence in this respect.  However, the rural exodus, with around three-quarters of the population currently living in the cities, and difficulties in accessing rural areas hinder the exploitation of Gabon's agricultural potential.  The agricultural sector is nevertheless perceived as having the potential to contribute effectively to the fight against poverty in Gabon.  To this end, the State has undertaken to provide funding for the revitalization of the coffee-cocoa sector by means of subsidized prices.  The area reserved for peri-urban agriculture has been expanded and enjoys a range of support measures, such as training, supply of inputs, material and equipment, and information on target markets.  The average tariff rate, as high as 23.7 per cent in the agricultural sector (ISIC (Rev.2) definition), is hard to reconcile with the declared policy of reducing poverty.

20.               The main manufacturing branches include the agri-food industries (sugar, mineral water, edible oil, dairy products, cigarettes, beverages), oil refining, cement and log processing.  With a few exceptions (the woodworking, cigarette, dairy product and sugar industries), these enterprises serve the local market because of the limited competitiveness (for many reasons) of the products and low capacity.  Most agri-food enterprises have been privatized and their privileges maintained or strengthened.  They are also protected by trade measures such as relatively high tariff rates (averaging 17.9 per cent) and flexible application of internal taxes.  Activities covered by a monopoly are, as a general rule, subject to price control.  Petroleum product prices are administered and rose 25 per cent in March 2007, the first increase since 2002; the cost of the related subsidy accounted for 3 per cent of GDP in 2005.

21.               The distribution of electricity in the concession areas (Libreville and Gabon's other urban centres) is under the monopoly of the Gabon Energy and Water Company (SEEG), in principle until 2017.  The generation and transport of electricity have been liberalized, but so far do not seem to have attracted any investors, and the SEEG electricity supply appears increasingly inadequate. A possible explanation for this is the obligation on any new producer within the areas covered by the SEEG concession to sell its production to the SEEG, which also holds a monopoly on water production, transport and distribution.  Water and electricity rates are controlled and, since July 2007, the bills of the underprivileged have been paid by the State.

22.               Gabon has an under-exploited potential for the provision of services.  It is hoped to develop ecotourism in order to profit from the extraordinary wealth of fauna and flora to be found in its forests.  In 2002, the State established a network of national parks and protected areas covering 11.5 per cent of national territory; Gabon is, after Costa Rica, the country that has protected the largest percentage of its territory.  Hotel infrastructure development is subsidized (conditional upon the employment of Gabonese nationals), but the sites are poorly served by the transport services and there are few good roads.  Driven by mobile telephony, telecommunications services have shown considerable progress, with a teledensity of over 50 per cent in 2006.  Gabon Télécom, the incumbent operator, was partially privatized in February 2007 but retains its monopoly on basic fixed telecommunications services, in principle until 2012.  The State still has a monopoly on basic postal services, but express delivery courier services may be freely supplied.  The State has withdrawn from the supply of certain rail and waterway transport services and port and airport services, in most cases transferring the monopolies to private investors.

23.               The modest amount of financing made available for production activities by the excessively liquid banking system has encouraged the development of microcredit, which generally finances small and medium-sized enterprises (SMEs), normally ineligible under the traditional financial system; the State is also considering granting subsidized loans to SMEs.  The insurance market in Gabon is organized around non-life insurance (four providers) and life insurance (two providers), and its turnover is stagnating.  Insurance of merchandise imports and motor vehicle insurance are mandatory.  Banking, insurance, hotel and restaurant services are covered by Gabon's specific commitments under the WTO's General Agreement on Trade in Services (GATS).

(5)               Trade Policy and Trading Partners

24.               Gabon's participation in the WTO and regional arrangements seems to reflect its intention, as a small economy dependent on other countries for the bulk of its consumption and its few exports (oil in particular and, to a lesser extent, wood), to operate in larger markets with a view to economic diversification.  However, the business environment, dominated by monopolies operating in what is a small domestic market, is not conducive to the fulfilment of this objective.  The recent economic revival, owing mainly to the sharp rise in oil prices, should not obscure the difficulties experienced by Gabon and the major challenge it faces in the reduction of poverty, the level of which, together with basic infrastructure, is a poor reflection of the country's level of development.  Ambitious reforms, of a structural nature in particular, are much needed, especially in view of the inexorable depletion of the country's oil reserves.

25.               In order to revitalize the Gabonese economy and provide a sound basis for its diversification, reforms must target governance (including economic governance) and promote competition and the international competitiveness of local goods and services.  To this end, a competition regime, based on international rules and principles, needs to be effectively implemented.  Compliance with existing rules, including those relating to investment incentives, coupled with the abolition of advantages and protection granted selectively and at times in disregard of Gabon's international commitments, should help to improve the business environment.  Oil resources could still be used, before the reserves are depleted, to improve infrastructure and reduce production and transaction costs, with a view to the better exploitation by Gabon of its comparative advantages.

26.               Trade reforms, in particular those aimed at ensuring Gabon's compliance with, and improvement of, its multilateral
commitments (including under the General Agreement on Trade in Services), should enhance the credibility and predictability of the trade regime.  By improving the business environment, the various reforms should help to attract the capital needed by Gabon to diversify its economy.  The international community could help to improve market access for goods and services of potential interest to Gabon.