·
Uruguay
remains a high-income,
stable economy with GDP per capita rising to USD 22,628 in 2024,
though growth averaged only 1.2%
annually between 2018 and 2024.
·
While
agriculture contributes only 6.6%
of GDP, it accounts for 66.6%
of exports, making the economy highly dependent on agricultural
products such as beef, dairy, soybeans, and rice.
·
Uruguay
is increasingly diversifying into digitally
delivered services, particularly professional consulting and
computer services, helping reduce dependence on agriculture and strengthen
participation in global value chains.
·
The
economy remains highly dollarized,
with 74% of deposits held in U.S. dollars in 2025, affecting competitiveness,
monetary policy effectiveness, and financial stability.
·
Trade
openness increased, with trade in goods and services rising from 47.8% of GDP in 2018 to 52.6% in 2024.
·
Uruguay
remains a major recipient of foreign investment, especially in financial
services, commerce, manufacturing, and agroforestry sectors.
·
Major
export destinations are Brazil, China, the United States, the European Union,
and Argentina, accounting for 56% of exports in 2024.
·
Uruguay
expanded logistics infrastructure, including a new railway to the Port of
Montevideo and upgraded cargo management systems.
·
Continued
digitalization of customs and trade procedures has reduced processing times and
compliance costs.
·
Despite
reforms, trade costs remain relatively high due to consular fees, port charges,
and limited domestic competition.
·
Uruguay's
trade policy remains closely linked to MERCOSUR, while also pursuing bilateral,
regional, and multilateral integration.
·
Through
MERCOSUR, agreements were signed with the European Free Trade Association,
Singapore, and the European Union.
·
Uruguay
supports WTO reform, restoration of dispute settlement, agricultural trade
liberalization, and accepted the WTO Agreement on Fisheries Subsidies in 2024.
·
Average
applied MFN tariff declined from 9.4%
(2017) to 8.2%
(2025).
·
Uruguay
does not use tariff-rate quotas and rarely employs trade remedies; only one
anti-dumping duty remained in force in 2025.
·
Import
prohibitions were significantly reduced, with restricted tariff lines falling
from 328 to 89 during the review period.
·
Severe
drought (2020–2023) caused agricultural losses estimated at USD 1.88 billion,
reducing exports and affecting electricity generation.
·
State
monopolies continue in sectors such as electricity transmission, hydrocarbon
refining, and work accident insurance, limiting competition.
·
Promote
export diversification through biotechnology, pharmaceuticals, medical devices,
and digital services.
·
Reduce
economic dollarization, improve competition, modernize infrastructure, and
lower logistics costs.
·
Leverage
renewable energy and green industries to strengthen climate resilience and
sustainable growth.
The
Sixth review of the trade policies and practices of Uruguay takes place on 10
and 12 June 2026. The basis for the review is a report by the WTO Secretariat
and a report by the Government of Uruguay.
The
following documents are available:
Secretariat report
A
detailed report written independently by the WTO Secretariat.
Government report
A
policy statement by the government of the member under review.
Concluding remarks
Chairperson's
concluding remarks (available the day of the second meeting)
From
the meeting
The
Secretariat and Government reports are discussed by the WTO’s full membership
in the Trade Policy Review Body (TPRB).
Background
Trade
Policy Reviews are a WTO transparency exercise in which members' trade and
related policies and practices are examined at regular intervals. They allow
WTO members to ask questions, exchange views, and comment on each other's
policies in collective discussions held in the WTO's Trade Policy Review Body.
All
WTO members are subject to review. The frequency of each review depends on the
member's share of world trade, with the largest traders being reviewed more
frequently.