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ANNEX 3 RWANDA  
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CONTENTS  
1   ECONOMIC ENVIRON MENT  ................................ ................................ ......................  185  
1.1   Main Features of the Economy  ................................ ................................ ...................  185 
1.2   Recent Economic Developments  ................................ ................................ .................  186 
1.3   Developments in Trade and Investment  ................................ ................................ ...... 188 
1.3.1    Trends and patterns in merchandise and services trade  ................................ ..............  188 
1.3.2    Trends and patterns in FDI  ................................ ................................ .....................  190 
2   TRAD E AND INVESTMENT REG IMES ................................ ................................ .........  192  
2.1   General Framework  ................................ ................................ ................................ .. 192 
2.2   Trade Policy Formulation and Objectives  ................................ ................................ ...... 192 
2.3   Trade Agreements and Arrangements  ................................ ................................ .........  194 
2.3.1   WTO ................................ ................................ ................................ ....................  194 
2.3.2    Regional and preferential agreements  ................................ ................................ ...... 195 
2.3.3    Other agreements and arrangements  ................................ ................................ ....... 195 
2.4   Investment Regime  ................................ ................................ ................................ .. 195 
3   TRADE AND INVE STMENT REGIMES ................................ ................................ .........  197  
3.1   Measures Directly Affecting Imports  ................................ ................................ ............  197 
3.1.1    Customs procedures, valuation, and requirements  ................................ .....................  197 
3.1.2    Rules of origin  ................................ ................................ ................................ ....... 198 
3.1.3    Tariffs  ................................ ................................ ................................ ..................  199 
3.1.4    Other charges affecting imports  ................................ ................................ ...............  200 
3.1.4.1    Border taxes  ................................ ................................ ................................ ...... 200 
3.1.4.2    Internal taxes  ................................ ................................ ................................ ..... 200 
3.1.5    Duty and tax concessions  ................................ ................................ .......................  201 
3.1.6    Import prohibitions, restrictions, and licensing  ................................ ..........................  202 
3.1.7    Anti-dumping, countervailing, and safeguard measures  ................................ ..............  202 
3.1.8    Other measures affecting imports  ................................ ................................ ............  202 
3.2   Measures Directly Affecting Exports  ................................ ................................ ............  202 
3.2.1    Customs procedures and requirements  ................................ ................................ ..... 202 
3.2.2    Taxes, charges, and levies  ................................ ................................ ......................  203 
3.2.3    Export prohibitions, restrictions, and licensing  ................................ ...........................  203 
3.2.4    Export support and promotion  ................................ ................................ .................  203 
3.2.5    Export finance, insurance, and guarantees  ................................ ................................  204 
3.3   Measures Affecting Production and Trade  ................................ ................................ ..... 204 
3.3.1    Incentives  ................................ ................................ ................................ .............  204 
3.3.2    Standards and other technical requirements  ................................ .............................  206 
3.3.3    Sanitary and phytosanitary requirements  ................................ ................................ .. 207 
3.3.4    Competition policy and price controls  ................................ ................................ ....... 209 
3.3.5    State trading, state -owned enter prises, and privatization  ................................ ...........  209 
3.3.6    Government procurement  ................................ ................................ .......................  210 WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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3.3.7    Intellectual property rights  ................................ ................................ ......................  213 
4   TRADE POLICIES AND PRA CTICES BY MEASURE  ................................ ......................  216  
4.1   Agriculture, Forestry, and Fisheries  ................................ ................................ .............  216 
4.2   Mining and Energy  ................................ ................................ ................................ .... 218 
4.2.1    Mining, quarrying and upstream petroleum  ................................ ...............................  218 
4.2.2    Energy  ................................ ................................ ................................ .................  220 
4.2.2.1    Petroleum products  ................................ ................................ .............................  220 
4.2.2.2    Electricity  ................................ ................................ ................................ ...........  221 
4.3   Manufacturing  ................................ ................................ ................................ ..........  222 
4.4   Services  ................................ ................................ ................................ ..................  222 
4.4.1    Transport  ................................ ................................ ................................ ..............  223 
4.4.1.1   Road transport  ................................ ................................ ................................ ... 223 
4.4.1.2    Air transport  ................................ ................................ ................................ ....... 224 
4.4.2    Telecommun ications  ................................ ................................ ...............................  224 
4.4.3    Financial services  ................................ ................................ ................................ ... 226 
4.4.3.1    Banking and microfinance  ................................ ................................ ....................  228 
4.4.3.2    Insurance  ................................ ................................ ................................ ..........  229 
4.4.3.3    Securities  ................................ ................................ ................................ ...........  229 
4.4.4    Tourism  ................................ ................................ ................................ ................  230 
5   APPENDIX TABLES  ................................ ................................ ................................ .. 232  
 
CHARTS  
 
Chart 1.1 Composition of merchandise trade, 2011 and 2017  ................................ ................  189 
Chart 1.2 Direction of merchandise trade, 2011 and 2017  ................................ .....................  190 
Chart 3.1 Customs disputes by subject, 2011 -18 ................................ ................................ . 198 
Chart 3.2 Evolution of imports, 2011 -16 ................................ ................................ .............  200 
Chart 4.1 Agricultural output by main categories, 2011 and 2017  ................................ ..........  216 
Chart 4.2 Manufacturing output by main categories, 2011 and 2017  ................................ ...... 222 
Chart 4.3 Accommodation facilities, 2009 -16 ................................ ................................ ....... 231 
 
TABLES  
 
Table 1.1 Selected macroeconomic indicators, 2011 -17 ................................ ........................  185 
Table 1.2 Balance of payments, 2011 -17 ................................ ................................ ............  187 
Table 1.3 FDI stock  by sector, 2012 -17 ................................ ................................ ..............  191 
Table 2.1 Selected trade and trade -related laws, October 2018  ................................ .............  192 
Table 2.2 Status of WTO notifications, 30 November 2011 -30 June 2018  ................................  194 
Table 3.1 Tax revenue, 2011 -18 ................................ ................................ ........................  199 
Table 3.2 Excise duties, 2018  ................................ ................................ ............................  201 
Table 3.3 Fo rgone revenue from imports, 2011 -18 ................................ ...............................  202 WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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Table 3.4 Export Growth Facility components, 2018  ................................ .............................  204 
Table 3.5 Main changes to SEZ Policy, 2018  ................................ ................................ ........  205 
Table 3.6 Thresholds for procurement methods, 2018  ................................ ..........................  210 
Table 3.7 Public procurement expenditure, 2012 -17 ................................ .............................  211 
Table 3.8 Application/registration of intellectual property titles, 2011 -17 ................................  213 
Table 4.1 Mineral and quarry licence requirements, 2018  ................................ ......................  219 
Table 4.2 Electricity licensing, 2018 ................................ ................................ ....................  221 
Table 4.3 Penetration and concentration by segment, 2011 -17 ................................ ..............  225 
Table 4.4 Financial sector indicators, 2011 -18 ................................ ................................ ..... 227 
Table 4.5 Arrivals by origin and purpose of visit, 2011 -17 ................................ .....................  230 
 
APPENDIX TABLES  
 
Table A1. 1 Merchandise exports by product group, 2011 -17 ................................ .................  232 
Table A1. 2 Merchandise imports by product group, 2011 -17 ................................ .................  233 
Table A1. 3 Merchandise exports by destination, 2011 -17 ................................ .....................  234 
Table A1. 4 Merchandise imports by origin, 2011 -17 ................................ ............................  235 
 
Table A3. 1 Goods and services exempted from VAT  ................................ ............................  236 
 
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1  ECONOMIC ENVIRONMENT  
1.1  Main Features of the Economy  
1.1.  With a strong track record of fulfilling its development  objectives, Rwanda is on a 
transformation path from a low -income to a middle -income country , and aims to attain upper middle -
income status by 2035 . While per capita income has been growing for more than a decade, Rwanda 
has also achieved  impressive outcomes in many  of its social indicators.  Infant and maternal mortality 
rates have decreased  considera bly, and the youth literacy and life expectancy at birth  rates are on 
the rise.  However, results lag in some areas, such as school completion rates and access to reliable 
energy.  Having reduced extreme  poverty from 40%  in 2001  to 16.3% in 2014, Rwanda aims  to 
eradicate it by 2020.1 
1.2.  Rwanda has potential for steady and rapid growth , underpinned by its natural resources , 
including minerals and varied tourist attractions . However,  its competitiveness  remains undermined 
by high transportation and energy costs , and the underdeveloped financial system , despite the 
recent steps taken  to address these constraints.  Rwanda's landlocked situation  and the necessity to 
import all domestically consumed petroleum products  are still aggravated by its depend ence on two 
road links to seaports in Kenya and Tanzania. As a densely populated and mostly mountainous 
country,  Rwanda also faces significant other challenges  related to the scarcity of land  and the 
predominantly  young and still growing population (nearly 60% is under  25 years old).2  
1.3.  The Rwandan authorities have been pursuing a broad  strategy of public co -investment in 
infrastructure, with a view to  fostering productivity and economic resilience. Recently completed and 
ongoing large projects include: the deployment of nat ion-wide fibre -optic and LTE (4G) networks, 
which started operations in 2011 and 2014, respectively; the construction of the Kigali Convention 
Centre, completed in 2016; the national flag carrier airline's  (Rwandair)  continued fleet and route 
expansion; th e ongoing construction of strategic petroleum reserve storage facilities and of the 
country's largest international airport;  and continuing upgrades of road and irrigation networks.   
1.4.  The Rwandan  economy is relatively diversified, with the GDP share of agriculture on an upward 
trend and that of services on a downward path (Table  1.1). Agriculture ( including forestry and 
fisheries ) provides livelihood s for about 70% of the working age population ; some 81% of the 
population lived in rural areas as at February 2018.3 Despite its comparatively modest contribution  
to GDP, mining remain s an important driver of Rwanda's exports. Aggregate two -way trade  flows 
represent about 31% of GDP , reflecting Rwanda's limited and costly links to international markets . 
Economic p erformance remains dependent on external factors, including weather conditions  and 
world commodity prices .  
Table 1.1 Selected macroeconomic indicators, 2011 -17 
  2011  2012  2013  2014  2015  2016  2017  
Nominal GDP ( RWF billion)  3,940.0  4,506.0  4,929.0  5,466.0  5,968.0  6,672.0  7,597.0  
Nominal GDP (US D million)  6,563.3  7,335.2  7,622.5  8,016.3  8,277.7  8,475.1  9,136.2  
Real GDP (%  change at 2014 prices)  8.0 8.6 4.7 7.6 8.9 6.0 6.1 
Inflation (CPI, % change)  3.1 10.3 5.9 2.4 2.5 7.2 8.3 
Population (million)  10.2 10.5 10.7 11.0 11.3 11.5 11.8 
Per capita GDP (nominal US D) 642.2  699.8  709.9  729.0  735.0  734.8  773.6  
Per capita GDP (at constant 2014 prices US D) 641.1  679.0  693.8  729.0  774.9  802.0  831.1  
GDP by type of expenditure  (%) 
Total final consumption expenditure  93.4 93.3 91.3 92.9 97.6 92.3 91.2 
 Government  12.9 13.9 13.5 15.1 14.6 15.1 15.2 
 Households and NGOs  80.5 79.4 77.8 77.8 83.0 77.2 75.9 
Gross capital formation  23.2 25.7 26.5 25.3 26.4 25.9 23.4 
 Gross fixed capital formation  22.5 24.8 25.4 24.4 25.8 25.3 22.9 
 Change in inventories  0.7 0.9 1.1 0.9 0.6 0.6 0.5 
Net exports  -16.6 -19.0 -17.8 -18.2 -24.1 -18.2 -14.5 
 Exports of goods and services  13.7 12.8 14.1 14.7 14.2 14.9 18.2 
 Imports of goods and services  30.3 31.8 31.9 32.9 38.3 33.1 32.8 
                                                
1 IMF, Rwanda: Ninth review under the policy support instrument –debt sustainability analysis . 
2 National Institute of Statistics of Rwanda, Labour Force Survey Trends: Febr uary 2018 . 
3 National Institute of Statistics of Rwanda, Labour Force Survey Trends: February 2018 . WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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  2011  2012  2013  2014  2015  2016  2017  
GDP by economic activity (current prices)  (%) 
Agriculture, forestry, and fishing  30.8 31.3 30.8 30.9 30.2 31.5 33.2 
Mining and quarrying  2.8 2.3 2.7 2.9 2.4 2.2 2.5 
Manufacturing  6.5 6.4 6.3 6.3 6.4 6.3 6.4 
Electricity  0.8 0.9 0.9 0.9 1.0 1.3 1.2 
Water and waste management  0.7 0.7 0.6 0.6 0.6 0.6 0.5 
Construction  7.2 7.4 7.8 7.7 7.9 7.2 6.3 
Services  51.2 51.0 50.9 50.7 51.6 50.9 49.8 
  Wholesale and retail trade  8.1 8.3 8.0 8.1 8.1 7.7 6.9 
  Transport services  4.1 4.3 4.3 4.1 4.1 4.1 4.1 
  Real estate activities  11.7 9.9 9.0 8.9 8.8 8.9 8.6 
  Public administration; defence; social security  4.6 5.0 5.1 5.1 5.1 5.3 5.0 
  Cultural, domestic and other services  4.5 4.4 4.6 5.1 5.6 5.5 5.4 
  Administrative and support service activities  3.9 3.8 3.7 4.0 4.3 4.5 5.2 
  Professional, scientific and technical activities  3.5 3.3 3.3 2.8 3.0 3.1 3.3 
  Financial services  2.9 3.1 3.4 3.1 3.2 2.9 3.1 
  Other services  8.0 8.8 9.3 9.6 9.3 8.9 8.3 
Public financea (% of GDP)  
Revenue and grants  25.0 23.2 25.5 24.2 24.4 23.5 22.9 
 Total revenue  13.7 15.5 16.2 16.5 18.1 18.4 18.1 
  Tax revenue  12.8 14.3 14.3 14.8 15.6 15.7 15.5 
   Direct taxes  5.0 6.4 6.3 6.0 6.5 6.5 6.5 
   Taxes on goods and services  6.7 6.8 7.0 7.7 7.8 7.8 7.7 
   Taxes on international trade  1.0 1.1 1.0 1.1 1.3 1.3 1.3 
  Non-tax revenue  0.9 1.2 1.9 1.7 2.6 2.7 2.6 
 Total grants 11.2 7.7 9.3 7.7 6.3 5.1 4.7 
Total expenditure and net lending  25.3 26.1 29.5 30.3 29.3 27.2 27.6 
 Current expenditure, of which:  14.5 14.2 13.7 15.4 14.5 15.3 14.7 
  Wages and salaries  3.3 3.5 3.6 3.6 3.6 4.1 4.0 
  Purchases of goods and services  3.5 3.2 2.5 3.3 2.6 2.7 2.8 
  Interest payments  0.4 0.4 0.9 0.8 0.9 1.0 1.0 
  Transfers  5.7 5.3 5.1 5.1 5.1 4.7 4.7 
  Exceptional social expenditure  1.6 1.8 1.6 2.7 2.3 2.5 2.1 
  Capital expenditure  11.4 11.4 13.2 13.1 13.0 10.5 10.7 
  Net lending  -0.6 0.4 2.7 1.7 1.8 1.4 2.1 
Overall deficit  -0.3 -2.9 -4.0 -6.0 -4.9 -3.7 -4.7 
  Excluding grants  -11.6 -10.6 -13.3 -13.7 -11.2 -8.8 -9.4 
Change s in arrears (net reduction -) -0.3 0.6 -1.1 0.6 -0.4 -0.8 0.4 
Overall deficit (cash basis)  -0.7 -2.3 -5.1 -5.4 -5.3 -4.5 -4.3 
Financing  0.7 2.3 5.1 5.4 5.3 4.5 4.3 
Foreign financing (net) 3.4 1.2 6.7 3.3 4.3 4.1 4.1 
Domestic financing  -2.7 1.1 -1.7 2.1 1.6 0.4 0.2 
Public debt (US D million)  1,615.1  1,870.2  2,422.4  2,730.9  3,090.9  3,875.0  4,581.4  
Public debt (% of GDP)  25.4 26.3 32.9 34.7 38.8 48.0 50.9 
  Domestic debt  (% of GDP)  4.7 5.4 6.8 7.1 8.5 8.6 9.6 
  Central government external debt  (% of GDP)  18.6 19.4 25.5 26.3 29.2 33.7 36.6 
  State owned enterprise  debt (% of GDP)  2.0 1.4 0.6 1.2 1.1 5.7 4.7 
Memorandum         
RWF per USD, period average  600.3  614.3  646.6  681.9  721.0  787.3  831.5  
Real effective exchange rate (% change)b -3.3 2.5 -2.4 -4.3 8.1 -2.6 -4.0 
Nominal effective exchange rate (% change)b -2.6 1.1 -3.4 -3.6 8.6 -5.8 -5.5 
Gross official reserves (US D million)  1,049.8  850.3  1,070.0  950.8  922.3  1,001.5  1,163.0  
  in months of imports  5.3 4.2 4.8 3.9 3.6 4.0 4.1 
FDI flows into Rwanda (US D million)  119.1  255.0  257.6  458.9  379.8  342.3  366.0  
   % of GDP  1.8 3.5 3.4 5.7 4.6 4.0 4.0 
FDI stock in Rwanda (US D million)  495.1  715.9  837.7  1,152.4  1,401.8  1,680.3  1,798.0  
   % of GDP  7.5 9.8 11.0 14.4 16.9 19.8 19.7 
a Preliminary data for 2017.  
b A negative value indicates depreciation.  
Source:  National Institute of Statistics of Rwanda online information , and information provided by the 
authorities.  
1.2  Recent Economic Developments  
1.5.  The Rwanda n economy continued to expand during 2011 -17, with real GDP growth averaging 
7.1% per year. In the same period, per capita GDP increased from USD 641 to USD 831 in real 
terms (Table  1.1). However, economic performance  was somewhat unsteady, reflecting adverse 
climatic conditions , fluctuations  in international commodity prices  and uncertainties regarding  
budget support by donor s.  
1.6.  During 2011 -17, headline inflation was largely contained in the single -digit range, despit e its 
upward trend since 2016. Price fluctuations were mainly driven by food supply conditions on the WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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domestic market, which remained sensitive to weather shocks. Inflationary pressures were also 
attributable to exchange rate volatility and import tariff i ncreases on certain goods, including rice, 
sugar, and second -hand clothing and footwear.   
1.7.  During the review period, the National Bank of Rwanda (BNR) continued paving the way for 
the monetary policy framework 's shift from targeting monetary aggregates to t argeting interest 
rates. The transition was motivated by a weakening transmission mechanism between monetary 
aggregates and the real economy, partly due to structural excess liquidity in the banking system. In 
2008, the BNR launched repurchase agreement op erations and introduced  the key repo rate, which 
progressively became an instrument to signal the BNR's monetary policy stance . The transition is 
expected to provide the BNR with adequate tools to maintain inflation within the target band of three 
percenta ge points around 5%.  
1.8.  In order to accommodate domestic credit needs, the BNR has gradually reduced its policy rate 
from 7.5% in June 2012 to 5.5% in December 2017. As a result, broad money expanded to 
RWF 1,942  billion  at end -June 2018 (from RWF  780.6 bill ion in December 2011 ), while the stock of 
credit to the private sector reached RWF  1,491.2 billion (from RWF  509.8 billion in December 2011 ). 
Banks' and microfinance institutions' combined lending rose from 13% of GDP in 2010 to 22.3% in 
2017.  
1.9.  Rwanda maintains a flexible exchange rate regime, without restrictions on payments or 
transfers for current international transactions. The BNR has pursued a policy of limited intervention 
in the interbank foreign exchange market , aimed at mitigating excessive volati lity and ensuring 
orderly market conditions.  During 2011-17, foreign exchange reserves fluctuated in the USD 
850-1,163  million range, representing some 3.6 -5.3 months of prospective imports . 
1.10.   The authorities have persevered with efforts to improve revenue c ollection and management , 
with an emphasis on risk -based auditing and wider use of information and communication 
technologies (ICTs). Indeed, the Rwanda Revenue Authority introduced electronic billing machines 
in 2013, and is in the process of replacing them with an Internet -based software for recording  
transactions subject to VAT. Measures to broaden the tax base  have included:  adjusting excise duty 
rates; and amending the income tax law to address gaps in, inter alia , transfer pricing rules, the 
precond itions for participation in public tenders , and the treatment of liberal professionals and 
consultants .  
1.11.   The continued improvement in tax revenue performance has been insufficient to offset the 
combined effect of declining official aid  (grants) and steady public investment s in infrastructure 
projects. As a result, Rwanda's fiscal balance  remained in deficit  throughout 2011 -17, and its public 
debt increased to 50.9% of GDP in 2017 (Table  1.1). Nevertheless, Rwanda' s risk of debt distress 
remains low , as the authorities have continue d to focus on maximizing external concessional funding 
and extending the maturity profile  of domestic debt . 
1.12.   During the review period, the  external  current account remained in deficit ; this was 
attributable mainly  to merchandise tra de (Table 1. 2). In fact, t he merchandise trade  deficit was 
generally on the rise during 2011 -16 but narrowed considerably in 2017, reflecting the impact of 
exchange rate adjustment, favourable developments in international commodity prices , and export 
diversification. The deficits on the services and financial account s also narrowed in 2017.  
Table 1.2 Balance of payments, 2011 -17 
(USD million)  
  2011  2012  2013  2014  2015  2016  2017  
Current account  -468.5  -747.2  -556.3  -943.0  -1254.2  -1341.7  -760.5  
  Credit  1,870.8  1,827.8  2,111.3  1,993.8  2,096.7  2,156.1  2,695.0  
  Debit  2,339.3  2,574.9  2,667.6  2,936.9  3,350.9  3,497.8  3,455.5  
  Goods and services  -1209.1  -1,276.6  -1,165.5  -1,345.9  -1,562.2  -1,569.6  -1,028.8  
   Credit  978.3  1106.5  1,278.2  1,315.3  1,470.4  1,534.4  1,979.9  
   Debit  2187.5  2,383.0  2,443.7  2,661.2  3,032.5  3,104.0  3,008.7  
   Goods  -1104.8  -1273.7  -1150.8  -1268.6  -1236.6  -1309.5  -871.5  
    Exports f.o.b.  464.2  590.8  703.0  723.1  682.0  726.6  1,050.2  
    Imports f.o.b.  1,569.1  1,864.4  1,853.8  1,991.7  1,918.7  2,036.2  1,921.7  
   Services  -104.3  -2.9 -14.7 -77.3 -325.6  -260.1  -157.3  
    Credit  514.1  515.7  575.2  592.2  788.3  807.8  929.7  
    Debit  618.4  518.6  589.9  669.6  1113.9  1,067.9  1,087.0  
     Transport (net)  -355.0  -265.0  -309.2  -331.5  -310.2  -308.0  -205.7  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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  2011  2012  2013  2014  2015  2016  2017  
     Travel (net)  162.6  203.2  214.5  219.9  29.9 41.9 21.2 
     Construction (net)  0.0 0.0 0.0 0.0 -40.5 -57.1 17.8 
     Government goods and services (net)  70.0 63.3 70.3 38.6 106.3  148.2  145.4  
  Primary income  -57.2 -102.7  -131.8  -175.1  -228.4  -296.3  -328.1  
   Credit  20.1 10.7 15.7 16.3 11.5 9.3 20.0 
   Debit  77.3 113.4  147.5  191.4  239.9  305.6  348.1  
  Secondary income  797.8  632.1  741.0  578.0  536.4  524.2  596.4  
   Credit  872.4  710.6  817.4  662.2  614.9  612.4  695.1  
   Debit  74.5 78.5 76.4 84.2 78.5 88.2 98.7 
Capital account  196.7  171.2  234.5  337.1  299.9  190.0  189.7  
Financial account  -533.2  -397.3  -661.2  -648.7  -689.8  -890.3  -602.3  
  Direct investment  -119.1  -255.0  -257.6  -311.0  -219.9  -218.5  -244.9  
  Portfolio investment  -87.6 -5.9 -1.7 -1.0 -7.7 -3.6 71.8 
  Other investment  -326.6  -136.4  -401.9  -336.8  -462.2  -668.2  -429.2  
Net errors and omissions  -27.1 -33.8 -111.0  -133.2  235.9  251.3  61.0 
Overall balance  234.3  -212.4  228.5  -90.4 -28.5 -10.0 92.6 
Reserve assets  234.3  -212.4  228.5  -90.4 -28.5 -10.0 92.6 
Indicators (%)                
Current account balance/GDP  -7.2 -10.2 -7.3 -11.8 -15.1 -15.8 -8.3 
Overall balance/GDP  3.6 -2.9 3.0 -1.1 -0.3 -0.1 1.0 
Source:  BNR online information. Viewed at: https://www.bnr.rw . 
1.13.   The latest government and IMF projections  converge on  real GDP growth  of about 7.5%  over 
the medium term, while headline inflation  is expected to remain anchored around 5 %. Foreign direct 
investment (FDI) inflows are projected to remain stable at 3.1% of GDP, and the primary deficit is 
expected to gradually narrow to 1.8% of GDP by 2021.  
1.14.   The Rwandan economy remains vulnerable to ext ernal shocks, including weather factors and 
fluctuations in global commodity prices . Other risks  to economic performance include the realization 
of potential contingent liabilities from state guarantees and the evolution of official development 
assistance.  While its public investment strategy is likely to yield an economic dividend, Rwanda is 
yet to transition to a private sector -led growth model.  
1.3  Developments in Trade and Investment  
1.3.1   Trends and patterns in merchandise and services trade  
1.15.   Rwanda's total merch andise trade increased by approximately 50% during 2011-17, with an 
unsteady pattern reflecting variations  in international commodity prices.  The growth was also  
attributable to strong re -exports, and policies  aimed at  fostering output diversification and domestic 
value -added . Having contracted year -on-year by some 8.6% in 2012, total services trade  nearly 
doubled by 2017.  
1.16.   In 2017, the value of Rwanda's merchandise exports  exceeded the 2011 level by some 143% , 
mainly attributable to the growth of  non-traditional exports and re -exports . Agricultural  goods 
remained one of the main export categories, accounting for more than 35% of export earnings in 
2017 (Chart  1.1 and Table  A1.1). Notable compositional shifts included the significant  expansion of  
fuel re -exports, and the change in the relative importance of tea and coffee. Besides world price  
fluctuations, these developments  reflect  strategic policy intervention s to increase fuel storage 
capacity and promote higher value -added  production.  
1.17.   The compo sition of imports did not  change  considerably in 20 11-17 (Chart  1.1 and 
Table  A1.2). The shares of machinery and transport equipment , and agricultural goods (essentially 
food) in the total import bill register ed modest expansions.  During the review period,  Rwanda 
remained a net food importer. Despite the seven -fold increase in the value of fuel re-exports between 
2011 and 2017, fuels' share in total imports contracted by about 4.5 percentage points.  
1.18.   With a share of 29.1 % in 2017  (up from 14.0% in 2011), the Democratic Republic of the 
Congo became the main destination for Rwanda 's merchandise exports  (Chart  1.2 and Table  A1.3). 
The relative weight of the United Arab Emirates in Rwanda's export  proceeds  also increased 
considerably, mainly on account of gold purchases at rising international prices . The relative share s 
of merchandise shipments to the European Union and Switzerland contracted by about 24 and 
12 percentage points, respectively. During 2011 -17, China became the principal supplier of goods 
to Rwanda, displacing the European Union (Chart  1.2 and Table  A1.4). WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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1.19.   Rwanda remains a net importer of services ; the overall deficit  fluctuated considerably during 
2011-17. The negative balance was mainly attributable to transport services . Rwanda continued to 
be a net exporter of  travel services, mainly on account of tourism  receipts. However, the estimated 
travel services  surplus narrowed considerably, following the implementation of a new methodology 
for travel data  collection in 2015.  
Chart 1.1 Composition of merchandise trade, 2011 and 2017  
 
Note:   Product groups follow SITC Rev. 3.  
Source:  WTO Secretariat calculations, based on data provided by the authorities.  
Chart 1.[RWA] Composition of merchandise trade, 2011 and 2017
2011 2017
Exports (f.o.b.), including re -exports
Manufactures
11.7%
Agriculture  
35.9%Coffee 6.6%Fuels 15.9%
Tea 8.8%Other mining
6.3%
Ores and 
concentrates of 
molybdenum, 
niobium, tantalum
14.6%Other 1.7%
Other food 
17.7%
Agricultural raw 
material
2.8%Tin ores and 
concentrates
14.0%Mining
50.7%
Total:   USD 402.9 million Total:  USD 980.4 million
Imports (c.i.f.)
Other mining
1.0%Chemicals 13.7%Food 15.8%
Iron and steel 
5.9%Other 0.1% Machinery and 
transport 
equipment 
23.1%Other manufactures
9.2%
Agri-
culture
21.5%
Mining
14.5%Manufactures
63.8%Other 0.2% Machinery and 
transport 
equipment 
25.7%Other 
manufactures
10.4%
Fuels
13.3%
Iron and 
steel 
4.3%Chemicals 13.7%Other semi -
manufactures
9.8%Food 
21.2%
Agri.raw 
material 
0.3%
Other mining
1.2%
Total:   USD 1,456.2 million Total:   USD 1,838.8 millionAgriculture  
42.2%
Source:  WTO Secretariat's calculations, based on data provided by the authorities.Agri-
culture
17.2%Coffee 19.0%Fuels 5.0%
Tea 13.1%Other mining
6.2%
Mining
18.8%Ores and concentrates 
of molybdenum, 
niobium, tantalum
9.6%
Manufactures
64.0%
Fuels
17.8%Other semi -
manufactures
12.0%Agri.raw 
material 
1.4%Other 0.4%
Note:      SITC Rev. 3. for product groups.Other food 
6.4%Agricultural raw 
material
3.7%Tin ores and 
concentrates
25.4%Mining
46.2%Manufactures 
11.1%WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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Chart 1.2 Direction of merchandise trade, 2011 and 2017  
 
Source:  WTO Secretariat calculations, based on data provided by the authorities.  
1.3.2   Trends and patterns in FDI  
1.20.   The authorities have been making numerous strategic interventions in the economy, with a 
view to catalysing private investment as a way of addressing infrastructure deficiencies  and 
diversifying the productive base. Through its participation in the G -20 Compact with Africa, Rwanda 
has also been working to ensure that ongoing reform initiatives help  mobilize private investment. 
Chart 1.[Rwanda] Direction of merchandise trade, 2011 and 2017
2011 2017
Exports (f.o.b.), including re -exports (f.o.b.)
Democratic Rep. of 
the Congo
29.1%Americas 
3.3%
Switzerland 
6.7%EU-28
6.6%Europe
13.7%United Arab 
Emirates 
25.6% Other Africa
4.4%
Uganda
3.7%
Kenya 
12.4%Asia 
6.1%Other 
1.7%
Other 
Europe
0.4%Africa 
49.7%
Total:   USD 402.9 million Total:  USD 980.4 million
Imports (c.i.f.)
China 10.2%
Americas 4.9%Other Asia
8.1%United 
Arab 
Emirates
7.5% 
Africa 
36.9%
EU-28
15.4%India
7.2%
Asia 
25.5%
Other 4.6%
Uganda
12.8%Tanzania
5.1%
Kenya 
8.0%Other Africa 
11.1%
Europe 
20.7%
Other Europe
5.3%China 17.4%
Americas 
3.8%Other Asia
9.5%
United 
Arab 
Emirates
8.7% 
EU-28
12.7%India
9.8%
Asia 
36.7%Other 
6.9%
Uganda
9.5%Tanzania
4.2%
Kenya 
6.5%Other Africa 
7.9%
Other 
Europe
3.0%Europe 
15.7%Africa 
28.0%
Total:   USD 1,456.2 million Total:   USD 1,838.8 millionDemocratic Rep. of 
the Congo
14.0%
Americas 
3.5%
Source:  WTO Secretariat's calculations, based on data provided by the authorities.Switzerland 
18.8%Africa 
35.2%
EU-28
30.5%Europe
49.4%United Arab 
Emirates 
0.8%Other Africa
3.7%Uganda 
1.7%Kenya 15.8%
Asia 
10.8%Other 
0.3%Other 
Europe
0.1%WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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Notwithstanding the concerted efforts to attract private capital, FDI inflows remained below 3% of 
GDP.4  
1.21.   The stock of FDI in Rwan da was estimated at  approximately USD 1 .7 billion in 20 17 
(Table  1.3). The largest shares were concentrated in  ICTs, and financial  services. According to the 
available data, Mauritius  is the leading investor  in Rwanda , with over 32% of the total FDI stock and 
48.8% of FDI inflows in 2016 . South Africa and Kenya  account ed for 10.1% and 8.9%, respecti vely, 
of the total FDI stock  in 2016 . 
Table 1.3 FDI stock  by sector , 2012 -17 
  2012  2013  2014  2015  2016  2017a 
FDI (USD million)   715.9   837.7   1,152.4   1,401.8   1,680.3   1,718.5  
 (% of total)  
  ICTs 46.0 40.7 39.4 31.1 32.2 33.3 
  Financial and insurance activities  18.3 20.0 19.9 20.1 20.1 20.1 
  Manufacturing  12.7 18.4 14.9 13.3 12.7 12.4 
  Tourism  5.1 4.5 9.4 12.4 10.2 10.0 
  Wholesale and retail trade  6.2 6.1 5.0 5.3 7.4 7.3 
  Mining  2.1 4.0 5.9 5.4 4.9 4.8 
  Agriculture  7.0 3.4 3.1 3.1 2.9 2.8 
  Electricity, gas, steam  0.0 0.0 0.0 5.0 5.2 5.1 
  Construction  0.6 0.8 0.7 2.1 1.8 1.7 
  Transportation and storage  1.6 1.4 1.0 1.0 0.7 0.7 
  Real estate activities  0.0 0.0 0.0 0.6 1.2 1.2 
  Other  0.4 0.6 0.6 0.7 0.6 0.6 
a Preliminary data.  
Source:  Information provided by the authorities . 
 
                                                
4 IMF, Rwanda: Ninth review under the policy support instrument –debt sustainability analysis . WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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2  TRADE AND INVESTMENT  REGIMES  
2.1  General Framework  
2.1.  Rwanda's trade and investment -related institutional framework remained broadly unchanged 
during 2011 -18. Following endorse ment in a referendum , a revised Constitution c ame into effect in 
December 2015 , repeal ing and replac ing the one that had been in place since 2003 .1 It modified the 
terms of office for: the President of the Republic , from seven to five years , renewable once2; and 
senators,  the Chief Justice and the Deputy Chief Justice , from eight years , non-renewable , to five 
years , renewable once . 
2.2.  Rwanda's  executive, legislative, and judiciary bodies are independent and separate.  Executive 
power is vested in the President and in the Cabinet.  Judicial power  is veste d in a system  of ordinary 
and speciali zed courts ; the latter, comprising the Commercial High Court  and three commercial 
courts (Nyarugenge, Huye, and Musanze) , handle trade disputes.  The Parliament , composed of the 
Senate and the Chamber of Deputies , is in charge of passing laws, legislating, and overseeing 
executive action in accordance with procedures determined by the Constitution. Each ministry 
formulates policies and strategies relating to its field of activities , and drafts relevant  bills.  
2.2  Trade Poli cy Formulation and Objectives  
2.3.  The Ministry of Trade and Industry  (MINICOM) has the main responsibility for formulating trade 
policy  and coordinating its implementation . Other ministries and agencies involved in trade policy 
formulation  include: the Ministr y of Finance and Economic Planning  (MINECOFIN ), the Ministry of 
Foreign Affairs , Cooperation and East African Community ( MINAFFET ), the Ministry of Agriculture 
and Animal Resources (MINAGRI) , the Rwanda Development Board  (RDB) , the Rwanda Revenue 
Authority  (RRA) , the BNR , the National Agricultural Export Development Board (NAEB),  and the 
Rwanda Standards Board (RSB) . Trade policy formulation takes place in consultation with the private 
sector, academia , development partners , and civil society . Broad stakeho lder involvement has been 
formalized through the National Development and Trade Policy Forum (NDTPF) , which was  replaced 
by the National Trade Facilitation Committee in 2015 . 
2.4.  Rwandan legislation establishes the primacy of international legal instruments, i ncluding WTO 
agreements. Ratified or approved treaties or international agreements rank above domestic 
legislation once they have been published in the Official Gazette , subject to their implementation by 
the other parties.  Recent changes in trade -related legislation have been driven mainly by the need 
to improve the business environment  (Table  2.1). 
Table 2.1 Selected trade and trade -related laws, October 2018  
Areas  
Taxation  
Taxes on income, Law No. 16/2018 of 13/04/2018  
VAT, Law No. 40/2016 of 15/10/2016  
Consumption tax (excise), Law No. 37/2015 of 30/06/2015  
Other duties and charges on imports  
Infrastructure development levy, Law No. 34/2015 of 30/06/2015  
Levy for financing African Union activities, Law No. 19/2017 of 28/04/2017  
Investment regime  
Investment promotion and facilitation, Law No. 06/2015 of 28/03/2015  
Expropriation in the public interest, Law No. 32/2015 of 11/06/2015  
Public private partnerships, Law No. 14/2016 of 02/05/2016  
Companies, Law No. 27/2017 of 31/05/2017  
Special economic zones, Law No. 05/2011 of 21/03/2011  
Land tenure, Law No. 43/2013 of 16/06/2013  
Government procurement  
Public procurement, Law No. 05/2013 of 13/02/2013  
Sanitary and phytosanitary measures  
Plant health protection, Law No. 16/2016 of 10/05/2016  
Seeds and plant varieties, Law No. 005/2016 of 05/04/2016  
                                                
1 Official Gazette  No. Special of 24  December 2015. 
2 This change was preceded by one transitional presidential term of seven years , for which any 
presidential candidates, including the incumbent President, were eligible . WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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Areas  
Agrochemicals, Law No. 30/2012 of 01/08/2012  
Biodiversity, Law No. 70/2013 of 02/09/2013  
Agriculture  
Forest management, Law No. 47bis/2013  of 28/06/2013  
National Agricultural Export Development Board, Law No. 13/2017 of 14/04/2017  
Rwanda Agriculture and Animal Resources Development Board, Law No. 14/2017 of 14/04/2017  
Energy  
Electricity, Law No. 21/2011 of 23/06/2011  
Rwanda Utilities Regulatory Authority, Law No. 9/2013 of 01/03/2013  
Petroleum and petroleum products trade, Law No. 85/2013 of 11/09/2013  
Petroleum exploration and production activities, Law No. 13/2016 of 02/05/2016  
Levy on petrol and gas, Law No. 25/2016 of 21/06/2016  
Mining  
Minerals tax, Law No. 55/2013 of 02/08/2013  
Mining and quarry exploitation, Law No. 13/2014 of 20/05/2014  
Financial services  
BNR, Law No. 48/2017 of 23/09/2017  
Deposit Guarantee Fund, Law No. 31/2015 of 05/06/2015  
Health insurance schemes, Law No. 48/2015 of 23/11/2015  
Pension schemes, Law No. 05/2015 of 30/03/2015  
Telecommunications  
ICTs, Law No. 24/2016 of 18/06/2016  
Media, Law No. 02/2013 of 08/02/2013  
National Cyber Security Authority, Law No. 26/2017 of 31/05/2017  
Information Society Authority, Law No. 02/2017 of 18/02/2017  
Electronic messages, signatures and transactions, Law No. 18/2010 of 12/05/2010  
Transport  
Regulation of civil aviation, Law No. 75/2013 of 11/09/2013  
Civil Aviation Authority (RCAA), Law No. 03/2017 of 21/02/2017  
Roads, Law No. 55/2011 of 14/12/2011  
Source:  Information provided by the authorities , and various online sources.  
2.5.  Rwanda 's economic and social development aspirations are set out in overarching  vision and 
strateg y documents, which guide the design  of action  plans at the level of line ministries, with a 
view to ensuring polic y coherence . Vision  2020, adopted in 2000 and revised in 2012, remains the 
main priority -setting document, and aims to transform Rwanda  into a middle -income economy . In 
June 2013, the authorities adopted the second Economic Development and Poverty Reduction 
Strategy (EDPRS2, 2013 -18) regarding the  attainment of the  Vision  2020 objectives.  EDPRS2  
focuses on acceleratin g growth and poverty reduction through targeted interventions  in four 
thematic areas: economic transformation ; rural development ; productivity and youth employment ; 
and accountable governance.   
2.6.  A seven -year National Strategy for Transformation (NST1 , 201724 ), adopted in September 
2017, is intended to guid e implementation  efforts during the remainder of Vision 2020  and the first 
four years of a new 30 -year vision  (Vision  2050), which is still at the blueprint stage . The main 
objectives of NST1  are to: accelerate inclusive economic growth and development fou nded on the 
private sector, knowledge and Rwanda' s natural resources ; develop a capable and skilled workforce  
with quality standards of living and a stable and secure society ; and consolidate good governance 
and justice as building blocks for equitable and  sustainable national development.3  
2.7.  Rwanda's National  Trade Policy has not been updated since its adoption in 2010 , and remains 
focused on five objectives:  increased productivity , competitiveness  and diversified sustainable 
productive capacities for trading nationally, regionally, and internationally;  enhanced participation 
of importers and exporters of goods and services in regional and international trade, taking 
advantage of trade opportunities ; increas ed investment, including FDI, in the production of 
competitive goods and services for the export market;  increased human resources skills in trade and 
development , through training and retraining in private and public institutions;  and strengthene d 
science, technology, and innovation policies, strategies, and institutions, including intellectual 
property (IP) laws, in support of industrial development and creative knowledge -based industries.  
According to the authorities, a review of the Policy  is ongoing.  
                                                
3 Online information. Viewed at: https://rwandaembassy.org/rwanda -in-the-next-seven -years -2017-
2024.html . WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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2.8.  MINICOM's strategic objectives are  to: create a business environment conducive to growth and 
the protection of consumers; increase the share of services and manufacturing in GDP; support 
private sector growth and job creation, with a focus on SMEs;  promote integration into regional and 
global markets, with a focus on improving Rwanda's trade balance; and build an effective human 
resource base and institutional capacity for delivery. In its implementation efforts, MINICOM has 
mainly focused on: incre asing major traditional and non -traditional exports (coffee, tea, other 
agro-processed products, minerals, and tourism); facilitating trade and promoting conformity with 
standards; increasing the quantity and quality of investments, to deal with supply -side constraints; 
and assisting the RDB in improving the business environment.  
2.3  Trade Agreements and Arrangements  
2.3.1   WTO  
2.9.  According to the authorities, Rwanda continues to support a rules -based multilateral trading 
system that is predictable, transparent and cont ributes to improving the lives of all Rwandan s. It 
attaches importance to maintaining the WTO relevant , as the premier forum for trade negotiations 
and governance of international trade rules. It has been active in the negotiations under the Doha 
Developme nt Agenda, aligning itself to the position of the African Group, as well as sharing common 
positions with the ACP Group, the LDC Group, the G-90, and the "W52" sponsors.  
2.10.   All of Rwanda's trading partners receive at least most -favoured -nation (MFN) treatment . 
Rwanda is not a signatory to any plurilateral agreement negotiated in the WTO; it has not 
participated in the WTO negotiations on basic telecommunications, or in those on financial services. 
It has not been involved in any dispute under the WTO dispute settlement mechanism, whether as 
a complainant, defender, or third party.  
2.11.   During the period under review, Rwanda made a number of  notifications to the WTO 
(Table  2.2). However , various notificatio ns remain outstanding.  
Table 2.2 Status of WTO notifications, 30 November 2011 -30 June 2018  
Legal provision  Description  Date  WTO document  
(last if recurrent)  
Agreement on Customs Valuation  
Article 22  National legislation , and 
administration thereof  29/02/2012  G/VAL/N/1/RWA/1  
 Checklist of issues - responses  29/02/2012  G/VAL/N/2/RWA/1  
Agreement on Rules of Origin  
Article 5 and Paragraph 
4 of Annex II  Non-preferential and preferential 
rules of origin  28/02/2012  G/RO/N/75  
Agreement on the Application of Sanitary and Phytosanitary Measures  
Article 7 and Annex B  Proposed and adopted SPS 
regulations  28/06/2017  G/SPS/N/RWA/1  
Agreement on Technical Barriers to Trade  
Article 2.9  Proposed and adopted technical 
regulations  27/05/2016  G/TBT/N/RWA/38 - 40 
  30/05/2016  G/TBT/N/RWA/41  
  31/05/2016  G/TBT/N/RWA/19/Rev.1  
  31/05/2016  G/TBT/N/RWA/42 -46 
  09/06/2016  G/TBT/N/RWA/47 -49 
  13/04/2017  G/TBT/N/RWA/50 -54 
  18/04/2017  G/TBT/N/RWA/55  
  27/06/2017  G/TBT/N/RWA/56  
  31/08/2017  G/TBT/N/RWA/57 -75 
  06/09/2017  G/TBT/N/RWA/76 -78 
  08/01/2018  G/TBT/N/RWA/79 -85 
  09/01/2018  G/TBT/N/RWA/86 -94 
  10/01/2018  G/TBT/N/RWA/95 -105 
  11/01/2018  G/TBT/N/RWA/106 -107 
  17/04/2018  G/TBT/N/RWA/108 -123 
  18/04/2018  G/TBT/N/RWA/124 -143 WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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Legal provision  Description  Date  WTO document  
(last if recurrent)  
Articles 2.9 and 5.6  Proposed and adopted technical 
regulations and conformity 
assessment procedures  29/01/2014  G/TBT/N/RWA/9 -12 
  31/01/2014  G/TBT/N/RWA/13 -28 
  04/02/2014  G/TBT/N/RWA/29 -37 
Agreement on Trade Facilitation  
Articles 15 and 16  Notification of Category A 
commitments  04/06/2018  G/TFA/N/RWA/1  
Source:  WTO Secretariat.  
2.3.2   Regional and preferential agreements  
2.12.   In addition to the East African Community (EAC), Rwanda is a member of the Common Market 
for Eastern and Southern Africa (COMESA) . In 2015 , Rwanda re -joined the Economic Community for 
Central African States  (ECCAS ), eight years after pulling out of th at regional bloc . To date,  no 
arrangements to liberalize intra -ECCAS  trade have been put in place. Rwanda ratified the African 
Continental Free Trade Area (AfCFTA)  on 26 May 2018 . According to the authorities, the procedure 
for the ratification of the Tripartite Free Trade Area (TFTA) is underway.  
2.3.3   Other agreements and arran gements  
2.13.   In the framework of the negotiations on an Economic Partnership Agreement (EPA) between 
the EAC and the E uropean Union (Common  Report) , Rwanda initialled an interim agreement  in 
November 2007  and signed the EPA in September 2016 . It has not yet rat ified the EPA.  
2.14.   Most Rwandan exports benefit  from duty-free entry to the United States under the African 
Growth and Opportunity Act (AGOA) . In July 2018 , the duty -free status of apparel  exports originating 
from Rwanda was suspended , following  Rwanda's deci sion to maintain higher tariffs on imports of 
second -hand clothes.  
2.4  Investment Regime  
2.15.   During the review period, Rwanda enacted a new investment code , with the aim of promot ing 
and facilitat ing investment, and  fostering private -sector -led growth .4 Several complementary laws, 
governing certain aspects of the investment regime, also came into effect ( Table  2.1).  
2.16.   With the entry into force of the new investment code, Rwanda no longer applies a minimum 
financial capital threshold  (previously USD 250,00 0) for foreign investors to qualify for investment 
incentives . Other innovations introduced in the new law  include: detail ed provisions on investor 
guarantees and rights ; a statutory timeframe for the issuance of investment certificate s; and 
provision s on investor facilitation  and aftercare.  
2.17.   Foreign investors  are defined as either : a natural person who is not a citizen of Rwanda,  of 
another  member State of the EAC or of COMESA; a legal person  not registered in the EAC or 
COMESA; or a legal person  with at least 51% of the invested capital coming from countries outside 
the EAC or COMESA.  Registration of investment is not compulsory, but is a prerequisite to qualify 
for incentives  stipulated in the investment code .  
2.18.   Registered investors are entitled to: a residenc y permit (including for dependants ), in 
accordance with immigration laws ; exemption from capital gains tax5; and the refund of VAT paid 
on inputs  within  15 days from submitting the claim to the RRA. Investors fulfilling specific conditions 
qualify for: preferential corporate income tax rate s of zero or 15%, instead of the headline rate of 
30%; corporate income tax  holidays (of up to five or seven years); and/or an accelerated 
depreciation rate (50%) for the first year of the acquisition of the asset(s). While all business sectors 
are open to private investment , regardless of the investor 's origin , most conditional incentives target 
certain priority economic sectors  or activities: projects generating exports; industrial manufacturing; 
                                                
4 Law No. 06/2015 of 28  March 2015. 
5 However, income derived from the sale of a commercial immov able property shall be included in the 
investor 's taxable income.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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energy; road tra nsport; informaICTs; financial services; agro -processing; education; tourism; 
healthcare; and the construction of low -cost housing.6  
2.19.   Registered investor s may also benefit from the advantages accorded to a free-point/export 
processing zone company, in acco rdance with the customs rules and regulations  harmonized at EAC 
level ( Common R eport, Section  3.2.4). Additional fiscal incentives, not conditional on investor 
registration,  are set out in the VAT and Consumption Tax Laws (Section  3.1.4.2).  
2.20.   The RDB provides , free of charge , a business and investment registration service , which can 
be accessed online or  through the one-stop centre at its headquarters in Kigali.7 The RDB's 
investment -related support  functions  includ e providing  assistance in: acquiring visas and work 
permits; connecting to the water and electricity networks; fulfilling  sector -specific licensing 
requirements, where applicable; and obtaining an environmental impact assessment certificate. The 
RDB is also tasked with facilitat ing the  amicab le settlement of disputes that may arise between an 
investor and one or more public entities.  
2.21.   Rwanda finalized the implementat ion of its Land Tenure Regulariz ation Programme in 
December 2013 , issuing land title documents to rightful landholders in Rwanda.  Foreigners  can lease 
land from private or public owners (the State, districts or cities) for up to 49 years . The lease period 
is based on a land use plan and business plan approved by the competent authorities , and is 
renewable.  In Special Economic Zones,  foreigner s may acquire land and obtain a "free hold " title on 
the same terms as Rwandan national s. The law recogniz es and protects sub -lease contracts for 
agriculture, livestock and forest land.8 In order to ensure proper land management and 
administratio n, a web -based Land Administration Information System (LAIS) has been developed to 
ensure efficient, cost effective, quick and transparent registration of land transactions.  
2.22.   During the review period, Rwanda continued to make progress towards its goal of t ransitioning 
to a paperless Government , through ICT-enabled service delivery . An online platform , IREMBO , for 
automated government services  was launch ed in June 2014 . By October 2018 , some 89 government 
e-services  could be accessed on  the platform. As a re sult of its sustained  reform  effort s, Rwanda 
was ranked 29th out of  190 economies in the 2019 World Bank Doing Business  survey .9  
2.23.   Rwanda has concluded several bilateral treaties on investment and double taxation. The 
instruments in force as of October 2018 included: investment treaties with Djibouti, the Republic of 
Korea, Morocco, Turkey,  Singapore, and the United States;  and double taxation treaties with 
Barbados, Belgium, Jersey, Mauritius, Singapore, and South Africa. Rwanda is a member of t he 
Multilateral Investment Guarantee Agency (MIGA) and the International Centre for the Settlement 
of Investment Disputes (ICSID).  Having ratified the Convention on the Recognition and Enforcement 
of Foreign Arbitral Awards (New York Arbitration Convention ) in 2008, Rwanda established an 
independent arbitration body, the Kigali In ternational Arbitration Centre,  in 2011.10 
 
                                                
6 Additional priority economic sector s may be determined by order of the minister in charge of finance.  
7 According to the authorities, businesses incur fees for: obtaining an investment lic ence; mortgage 
registration ; obtaining a  permit for construction within a special economic zone , and IPR -related services . 
8 Law No. 43/2013 of 16 June 2013.  
9 Data for Doing Business 201 9 were collected in May 2018. Rwanda's country profile, as well as notes 
on the methodology, are available at : 
http://www.doingbusiness.org/content/dam/doingBusiness/country/r/rwanda/RWA.p df. 
10 Law No. 51/2010 of 10  January 2010. WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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3  TRADE AND INVESTMENT  REGIMES  
3.1  Measures Directly Affecting Imports  
3.1.1   Customs procedures, valuation, and requirements  
3.1.  Durin g the period under review, Rwanda has made notable progress in trade facilitation. Since 
2012, the authorities have been implementing an integrated border management system, the 
Rwanda Electronic Single Window (RESW), based on ASYCUDA world , which was  rolled out to all 
Rwandan customs posts  by January 2013 . As at end -October 2018, the RESW  integrated some 
31 Rwandan ministries and agencies1, and was interconnected with the electronic systems of 
relevant border agencies  in Burundi,  Kenya, Tanzania, and  Uganda. According to the authorities, 
through the implementation of interface  arrangements  for real-time data exchange , the RESW  has 
significantly reduc ed the  time and cost  for shipment and  customs clearance  of Rwandan imports and 
exports.  
3.2.  Anyone wishing to import into (or export from) Rwanda goods for commercial purposes must 
register with the Rwanda Revenue Authority (RRA) to obtain a tax identification number.  Unless they 
have duly licensed in -house personnel, importers are required to engage the servic es of professional 
clearing agents (customs brokers) for consignments valued at or above  USD 2,000  (Common R eport, 
Section 3 .1.3).2 The customs clearance of imports is done on the basis of: a declaration; suppliers' 
invoices; a packing list; and a bill of lading (or air waybill). Where applicable, the supporting 
documentation must also include: an import licence and/or permit ; a certificate of origin; or a SPS 
certificate.   
3.3.  The RRA carries out annual  licensing of clearing agents and trucks transporting good s under 
customs control.3 As from 2016, b oth licensing processes have been integrated in the RESW. In 
2018, there were 194 licensed clearing agents in Rwanda, including 9 companies operating as private 
agencies; the corresponding figures for 2012 were 120 and 8, respectively . The Rwanda Freight 
Forwarders Association, a professional  body, sets the tariff of fees charged by clearing agents for 
their services in consultation with its members and other stakeholders.  
3.4.  Import consignments are assigned into one o f four selectivity lanes: green (immediate release), 
blue (post -clearance audit), yellow (documentary check) and red (documentary and physical 
checks). The assessment methodology is based on a matrix of risk indicators comprising the 
importer's and the cle aring agent's characteristics and prior record, as well as the consignment's 
nature and origin. A random selection component is also incorporated. The RRA's risk management 
unit reviews and refines selectivity criteria every six months; updates are impleme nted after 
approval by the  Customs Risk Management Committee.   
3.5.  Rwanda notified its category A commitments4 in 2015 and ratified the WTO Agreement on 
Trade Facilitation (TFA) on 22 February 2017. According to the authorities, Rwanda complies with 
internatio nal best practice s on pre-arrival processing of import -related document ation and advance 
rulings , but awaits the inclusion of relevant provisions in the EAC Customs Management Act . 
3.6.  In 2014, the RRA introduced a Gold Card Scheme (GC S) enabling approved comp anies to 
benefit from expedited clearance procedures by signing a memorandum of understanding with the 
Customs Services Department. The GCS is available to traders, clearing agents, warehouse 
operators, and transporters that maintain a good compliance reco rd in their dealings with the RRA. 
To be eligible for the  GCS, companies must, inter alia , be registered in Rwanda and handle 
consignments with a total c.i.f. value of at least RWF  200 million per fiscal year.  
3.7.  Having participated in the pilot phase of the EAC's regional  Authorized Economic Operator 
(AEO) programme  since 2013, Rwanda implemented it fully in 2016 (Common  Report, S ection  3.1). 
                                                
1 Efforts were under way to implement RESW modules for interface with the Rwanda Utilities Regulatory 
Authority (RURA)  and the Rwanda Mines, Petroleum, and Gas Board (RMB). 
2 A simplified declaration may be lodge d directly by traders for commercial imports worth less than 
USD 2,000.  
3 Companies  accredited as Authorized Economic Operators receive a three -year licence to operat e as 
private agencies .  
4 WTO document WT/PCTF/N/RWA/1 , 27 April 2015.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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According to the authorities, the GCS and  AEO schemes differ not only in coverage (national vs. 
regional) but also in terms of eligibility requirements . 
3.8.  The 201 9 World Bank Doing Business  survey ranks Rwanda 8 8th of 190 economies on the 
trading across borders indicator. On average, importing merchand ise into Rwanda is estimated to 
require 74 hours and USD 282 for "border compliance", and 48 hours and USD 121 for "documentary 
compliance". On exportation, the corresponding figures are 83 hours and USD 183, and 30 hours 
and USD 110 respectively.5  
3.9.  In 2015 Rwanda made pre -shipment inspection mandatory for all imported products ; this 
requirement was removed in 2016.  
3.10.   Goods in transit through Rwanda must have security coverage equivalent to the amount of 
duties and taxes applicable on importation.  The securi ty coverage  is to be provided by a licensed 
clearing agent . Rwanda also accepts security in the form of a COMESA customs bond (regional 
customs transit guarantee ). According to the authorities, goods in transit accounted for 
approximately 20% of Rwanda's t otal trade during 2011 -18. 
3.11.   Rwanda applies the EAC rules on customs valuation ( Common  Report , Section  3.1.2). The 
dutiable value of all imports is the sum of the purchase cost and all expenses incurred for insurance 
and freight up to the point of entry into  the EAC . In the absence of satisfactory proof of insurance, 
the cost of insurance is calculated as 1% of the cost of freight. In case of doubts regarding the 
declared transaction value, the RRA would typically ask the importer to provide invoice confirmat ion 
from the exporting country's customs authorities. According to the authorities, the RRA would 
welcome technical assistance in customs valuation, including  in detecting falsified invoices .  
3.12.   In case of disagreement with RRA decisions, importers must firs t lodge an appeal at the 
customs station of clearance, which could subsequently be escalated by the station manager to the 
RRA's head office. Once the avenues of redress within the RRA have been exhausted, traders may 
appeal in Rwanda's courts.  According t o the authorities, a large share of all disputes lodged during 
2011-18 related to valuation decisions (Chart  3.1).  
Chart 3.1 Customs disputes by subject, 2011 -18 
 
Source:  Rwanda Revenue Authority.  
3.1.2   Rules of o rigin  
3.13.   Rwanda does not maintain rules of origin for non -preferential purposes , although its 
notification to the WTO asserts otherwise.6 Being a member of both COMESA and the EAC, Rwanda 
                                                
5 Data for Doing Business 2019  were collected in May 2018. Rwanda's country profile, as well as notes 
on the methodology, are available at: 
http://www.doingbusiness.org/content/ dam/doingBusiness/country/r/rwanda/RWA.pdf . 
6 WTO document G/RO/N/75, 28 February 2012.  
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applies their respective preferential rules of origin. Whenever these t wo sets of rules of origin arise 
in parallel, preferential treatment is applied on the basis of the documentation provided for customs 
clearance.  
3.1.3   Tariffs  
3.14.   In fiscal year 2017/18, customs duties, taxes (i.e. VAT and excise) and levies on imports 
accounted fo r more than  25% of total tax revenue (Table  3.1). Customs duties accounted for 
between 6.6 % and 7.4% of tax receipts during 2011 -18.  
Table 3.1 Tax revenue, 2011 -18 
 
2011 -12 2012 -13 2013 -14 2014 -15  2015 -16  2016 -17  2017 -18 
Total tax revenue (RWF billion)  556.0  651.9  763.4  859.1  986.7  1,086.5  1,234.2   
(% of total tax revenue)  
VAT 30.9 30.6 33.9 33.3 32.8 32.4 32.9 
     Imports  12.4 11.6 11.9 11.6 11.1 11.4 10.6 
     Domestic  18.6 19 22.1 21.7 21.7 21 22.3 
Excise Duties  17.7 15.3 14.5 14 14 12.3 12 
     Imports  9.4 7.7 7.5 7.1 6.8 6.3 6.0 
     Domestic  8.3 7.6 7.0 7.0 7.1 6.0 6.0 
Import duties  6.7 7.2 6.9 7.1 7.4 7.0 6.6 
Strategic reserves levy  n.a.  n.a.  n.a.  n.a.  0.9 0.9 0.8 
Infrastructure development levy  n.a.  n.a.  n.a.  n.a.  0.9 1.0 0.9 
African Union import levy  n.a.  n.a.  n.a.  n.a.  n.a.  n.a.  0.1 
Export taxes  0.2 0.1 0.1 0.1 0.0 0.2 0.0 
Other taxes on international trade  0.2 0.2 0.7 0.3 0.2 0.4 0.4 
Pay as you earn (PAYE)  25.4 26.7 24.3 23.9 23.3 23.7 22.8 
Profit Tax  15.1 16.1 16 17.5 16.1 17.5 19.1 
Road maintenance fund  3.3 3.4 3.2 3 3.8 4.1 3.8 
Mining royalties  0.0 0.0 0.3 0.5 0.3 0.3 0.4 
Other taxes  0.5 0.4 0.1 0.3 0.4 0.2 0.2 
n.a. Not applicable.  
Note:  Reporting period  (fiscal year) : 1 July to 30 June.  Percentages may not add up to 100% due to 
rounding.  
Source:  Rwanda Revenue Authority , Annual activity reports  (2015 -16) and (2016 -17). 
3.15.   Rwanda applies the EAC Common External Tariff (CET) ( Common  Report , Section  3.1.4). As 
of July  2018, under the EAC "stay application" scheme,  Rwanda deviated from the CET on some 437 
tariff lines, generally by applying lower rates.  Rwanda also deviated from the CET on more than 93 
tariff lines under the EAC "duty remission"  scheme.  
3.16.   Rwanda h as bound 100% of its tariff lines at ad valorem  rates ranging from zero to 100% 
(Common  Report , Section  3.1.4 ). Agriculture tariff lines are bound at up to 80%. The simple average 
bound rate on agricultural products (WTO definition) is 74.6%, whereas the average  on non -
agricultural products is 91.7%. On 342 CET lines (up from 263 in 2011), applied rates exceed 
Rwanda's bindings, in some cases by as much as 60 percentage points . Moreover, Rwanda has 
bound "other duties and charges" at zero but it applies som e. 
3.17.   Rwanda grants tariff preferences to products originating in its EAC and COMESA trading 
partners. During 2011 -16, the share of preferential imports in Rwanda's total imports remained 
relatively stable at around 18% (Chart  3.2).  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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Chart 3.2 Evolution of imports, 2011 -16 
(USD million)  
 
Note:  Underlined figures indicate the value of total imports. Figures in parentheses indicate preferential 
imports' share of total imports.  
Source:  WTO Secretariat's calculations , based on data provided by the RRA.  
3.1.4   Other charges affecting imports  
3.1.4.1   Border taxes  
3.18.   All imports are subject to a computer processing fee ( redevance informatique ) levied per 
declaration lodged with Customs . The applicable rates are RWF  500 for a simplified de claration and 
RWF 3,000 for a standard declaration .  
3.19.   Goods of non -EAC origin, except those exempted by law from import duty, are subject to an 
African Union import levy7 (0.2% of c.i.f. value) and an infrastructure development levy (1.5% of 
c.i.f. value). Exemptions include: fertili zers; seeds; live animals; pharmaceutical products; medical 
equipment; mosquito nets; industrial machinery and equipment for the energy and water sectors; 
and imports destined for projects with investment certificates.  
3.20.   As from J uly 2015, Rwanda applies a strategic reserves levy of RWF  32.73 per litre of fuel , all 
of which is imported . Receipts from this levy are meant to finance  the building up of a fuel security 
reserve stock. The main financing stream of Rwanda's Road Maintenan ce Fund  is another fuel levy , 
which was  increased from RWF  82.37 per litre to RWF  115 per litre in March 2016 .8  
3.21.   Imports that undergo testing by the Rwanda Standards Board (RSB) are subject to an ad 
valorem  fee of 0.02%. The fee's collection is entrusted to Customs . 
3.1.4.2   Internal taxes  
3.22.   Consumption taxes (excise duties) are levied on 14 product categories (Table  3.2). The 
majority of excise duties are ad valorem , with rates ranging from 5% to 70%. During the perio d 
under review, the excise duty rate on telephone communications was increased from 8% to 10% 
and a compound rate was introduced on cigarettes (previously subject to  the rate of  150%). In 
general, the tax base for imports is the c.i.f. customs value  plus t he amount of border duties and 
                                                
7 Law N°19/2017 of 28 April 2017.  
8 The Road Maintenance Fund is also financed, to a lesser degree, by collections of road toll charges.  
05001,0001,5002,0002,500
2011 2012 2013 2014 2015 2016Chart 3.[PIM] Evolution of imports, 2011 -16
Source:   WTO Secretariat's calculations, based on data provided by the RRA.Non-preferential imports(USD million)
Preferential imports
(20%) (18%) (17%) (18%) (18%) (18%)
Underlined figures indicate the value of total imports. Figures in parentheses indicate preferential imports' share of total 
imports.Note:USD 1,456USD 1,806 USD 1,853USD 2,004 USD 1,980 USD 1,970WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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charges ; for locally manufactured products, it is the selling price exclusive of taxes. For cigarettes, 
the tax base ( ad valorem  component) is the retail price of one pack of 20 rods .  
Table 3.2 Excise duties, 2018  
Product categories  Tax rate  
Fruit juices  5% 
Lemonade, soda and other juices  39% 
Mineral water  10% 
Beer 60% 
Wine 70% 
Brandies, liquors and whisky  70% 
Cigarettes  36% of retail price of a pack (of 20 rods) and 
30 RW F per pack  
Fuel: premium gasoline (excluding benzene) and gas oil  183 RWF/litre and 150 RWF/litre, respectively  
Lubricants  37% 
Vehicles with an engine capacity of less than 1,500cc  5% 
Vehicles with an engine capacity between 1,500cc and 
2,500cc  10% 
Vehicles with an engine capacity of above 2,500cc  15% 
Powdered milk  10% 
Telephone communications  10% 
Source:  Law No. 37/2015 of 30  June 2015 modifying and complementing Law No. 26/2006 of 27 May 2006, 
as modified and complemented.  
3.23.   VAT is levied at the rate of 18% on the supply of goods and services, including on their 
importation.  The tax base for VAT on imports is  the c.i.f. customs value plus any other costs, duties  
and charges incurred on importation (except the VAT itself) . For domestically s upplied goods and 
services , the tax base is the sale price.9  
3.24.   Exemptions from VAT cater to basic necessities, including water supply services, some 
transport services, financial and insurance services, education, healthcare and energy supplies, 
agricultura l inputs and equipment, and certain imports for investment projects (Table A3. 1). Zero -
rated supplies, eligible for refund of VAT paid on inputs, include: all exports; minerals sold on the 
domestic market ; international transportation services  (goods enter ing or in transit in Rwanda ); and 
services rendered to a tourist , for which VAT has been paid .10 
3.25.   Commercial imports are subject to a withholding tax (5% of the c.i.f. value), unless the 
importer has a valid tax clearance certificate. Taxpayers can deduct the amount paid in withholding 
tax upon submission of their annual tax returns. According to the RRA, this measure is aimed at 
improving compliance with domestic tax obligations.  
3.1.5   Duty and tax concessions  
3.26.   Rwanda grants duty and tax concessions under various  initiatives aimed at promoting 
investment or achieving social objectives.11 In addition to the schemes harmonized at EAC level, 
fiscal concessions for a range of imports, including raw materials, machinery, and equipment, are 
stipulated in the Investment C ode, and the VAT and Consumption Tax legislation . During 2011 -18, 
forgone revenue from duty and tax concessions  on imports ranged between 34% and 61% o f 
customs collections (Table  3.3). 
                                                
9 VAT registration is compulsor y for businesses whose gross turnover exceeds RWF 20 million per year 
or RWF 5 million over the three preceding months.  
10 Law No. 6/2001 of 20 January 2001, as amended by Laws No. 24/2006 (16  May 2006), No. 25/2010 
(28 May 2010), No. 37/2012 ( 9 November 2012), and  No. 40/2016 (15 October 2016).  
11 The administration of duty and tax concessions is the responsibility of the RRA.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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Table 3.3 Forgone reven ue from imports, 2011 -18 
  2011 -12 2012 -13 2013 -14 2014-15 2015 -16 2016 -17 2017 -18 
Total concessions 
(RWF  billion)  91.7 110.2  129.8  119.0  145.5  106.3  149.3  
   Industrial inputs  3.6 1.7 0.7 0.4 0.1 0.01 0.0 
   Investment code  41 57.3 77.7 67.5 84.6 34.6 74.3 
   Customs laws  47.1 51.2 51.4 51.1 60.8 71.7 75.0 
Memo:         
Total concessions as % of 
customs collections  55.0%  61.1%  60.0%  49.8%  50.4%  34.0%  44.4%  
Total concessions as % of 
RRA tax collections  16.5%  16.9%  17.0%  13.9%  14.7%  9.8%  12.1%  
Note:  Reporting period (fiscal year): 1 July to 30 June . 
Source:  Rwanda Revenue Authority . 
3.1.6   Import prohibitions, restrictions, and licensing  
3.27.   Rwanda applies the import prohibitions and restrictions established at EAC level ( Common  
Report). In addition, Rwa nda prohibits the manufacture and importation of polythene bags12, 
dangerous chemical substances and pollutants13, and certain  drugs14 and agrochemicals.15  
3.28.   Rwanda has not submitted any notifications to the Committee on Import Licensing since 2011. 
At that time, Rwanda had affirmed the absence of laws, regulations or procedures relevant to the 
Agreement on Import Licensing Procedures.16 Nevertheless, prior authori zation and/or licence 
requirements remain in place for certain imports, including: pharmaceutical s and related equipment 
(Ministry of Health); ozone -layer-depleting substances17 and wild animals18 (Rwanda Environment 
Management Authority ); agrochemicals19, plants20 and live animals (Ministry of Agriculture) . 
According to the authorities, the import licens ing regime is not used for quantitative restrictions 
purposes.  
3.1.7   Anti-dumping, countervailing, and safeguard measures  
3.29.   The EAC Customs Union Protocol and the relevant implementing regulations provide the legal 
basis for contingency measures at the regional le vel (Common  Report). At the national level, Rwanda 
has no legal and institutional frameworks for the application of anti-dumping, countervailing, and 
safeguard measures. To date, no contingency actions have been taken by Rwanda.  
3.1.8   Other measures affecting i mports  
3.30.   Rwanda maintains reserve stock requirements for petroleum products  (public and private) 
and foodstuffs  (public) (Section  4). According to the authorities, Rwanda is not a party to any 
countertrade and offsetting arrangements, or agreements limiting exports to Rwanda.  
3.2  Measures Directly Affecting Exports  
3.2.1   Customs procedures and requirements  
3.31.   The registration and customs clearance procedures for exports are similar to  those for imports 
(Section 3.1.1), requiring notably a declaration, a commercial invoice, a packing list and, where 
                                                
12 Law No. 57/2008 of 10 September 2008.  
13 Prime Minister's Order No. 26/03 of 23 October 2008.  
14 Prime Minister's Order No. 27/03 of 23 October 2008.  
15 Prime Minister's Order No 002/11.30 of 14  July 2016. 
16 WTO document G/LIC/N/3/RWA/2, 18 October 2011.  
17 Ministerial Order No. 006/2008 of 15  August 2008.  
18 Ministerial Order No. 004/16.01 of 15  July 2010.  
19 Law No. 30/2012 of 1 August 2012.  
20 Ministerial Order No. 012/11.30 of 02  August 2017. WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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applicable, a conformity, sanitary or phytosanitary certificate, and original export permits and/or 
licences.  
3.32.   For most products , exporters  wishing to benefit from preferential access to foreign markets 
may obtain the necessary certificate of origin from the RRA. Certificates of origin in hard copy cost 
RWF 3,000. The RRA has started issuing electronic certificates of origin free of charge, i n the 
framework of a pilot project with Uganda and Burundi.21 Certificates of origin for tea and coffee are 
issued , free of charge, by the NAEB  and endorsed by the RRA . 
3.2.2   Taxes, charges, and levies  
3.33.   As with imports, the RRA levies a computer processing fee of RWF 3,000 per export 
declaration . In line with EAC guidelines,  raw hides and skins exported to third countries attract a tax 
of 80% of their value or USD 0.52/kg, whichever is higher.22 
3.34.   As from September 2013, Rwanda levies a tax on the sale (including expo rts) of minerals  
(Section  4.2).  
3.2.3   Export prohibitions, restrictions, and licensing  
3.35.   Rwanda applies the export prohibitions and restrictions established at EAC level ( Common 
Report), and those established by international agreements to which it is a signatory . Restricted 
exports require a licence issued by the relevant ministry.  
3.2.4   Export support and promotion  
3.36.   Rwanda has not submitted any subsidy notifications either to the Committee on Subsidies and 
Countervailing Measures or to the Committee on Agriculture. Fo llowing a revision of its Investment 
Code in May 2015 , Rwanda repealed a provision stipulating income tax discounts of 3% and 5% for 
exports exceeding the thresholds of USD 3 million and 5 million, respectively, in a fiscal year .23 From 
that date, registere d investors exporting at least 50% of their turnover of goods and services 
produced in Rwanda are accorded a preferential corporate income tax rate of 15%, instead of the 
headline rate of 30%. Subject to conditions, investors in export -related projects are  also eligible for 
a corporate income tax holiday (up to 7 years) and/or an accelerated depreciation rate (50%) for 
the first year of assets' acquisition.  Exports are zero -rated for VAT.  
3.37.   In May 2015 , Rwanda transposed the EAC Export Processing Zones (EPZ) regulations through 
a provision in its revised Investment Code. According to the authorities, in October  2018, EPZ 
licences were being held by three  enterprises whose combined contribution to exports , GDP and 
employment was marginal .  
3.38.   As part of the expansion of its Special Economic Zones (SEZ) programme, Rwanda envisages 
establishing incentive schemes  to maximize such zones' contribution to local value added , including 
for exports  (Section  3.3.1) .  
3.39.   In 2015, Rwanda launched its second National Export Strategy (NES  II). The revised 
document takes into account changes in national strategic objectives . NES  II priorities include 
addressing gaps in infrastructure and export finance, streamlining the regulat ory environment, 
strengthening trade promotion and buyer outreach, and providing support to individual enterprises 
to build their export capacity.  
3.40.   Monitoring and coordination of the NES  II are the responsibility of the Industrial Development 
and Export Cou ncil (IDEC), established in 2011  and chaired by MINICOM. The key implementing 
institutions include: the RDB, the NAEB and t he Development Bank of Rwanda (S ection 3.2.5). 
                                                
21 Simplified certificate s of origin are issued  free of charge for consignments worth less than USD 2,000  
that are exported to other EAC countries . 
22 Legal notice No. EAC/38/2015 of 19 June 2015 . 
23 Law No. 06/2015 of 28 March 2015.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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According to the authorities, export promotion activities carried out to date have included capacity 
building for SMEs  and provision of market access information .  
3.2.5   Export finance, insurance, and guarantees  
3.41.   In line with NES  II recommendations, in June 2015 , Rwanda launched an Export Growth 
Facility (EGF) with an initial capital of RWF 500 million , administered by the Development Bank of 
Rwanda (BRD).24 The EGF constitutes a pilot programme targeting Rwandan -incorporated  SMEs with 
a bankable business plan  and export sales below USD 1 million . Priority sectors include horticulture, 
agro-proces sing, and manufacturing .25 
3.42.   By design, the EGF comprises three separate components or "windows" (Table  3.4). According 
to the authorities, the Export Guarantee component is not yet operational . To date, financing  
operations have been  conducted mainly through  the BRD. In 2017, Germany's KfW Development 
Bank provided EUR  8.5 million (EUR 6 million for export finance  and EUR 2.5 million in technical 
assistance to banks and the BRD) toward the implementation of an on-lending  scheme via 
commercial banks . 
Table 3.4 Export Growth Facility components, 2018  
Component/Window  Description  
Investment Catalyst 
Fund Aimed at supporting private -sector investment in export -oriented production 
through  a 6.5%  subsidy on market  interest  rates (typical ly 16% - 20%) . 
Matching Grant Fund  Provision of matching grants  (50% of need s) for expenditure on specific market 
entry costs  (export strategy elaboration, export promotion , compliance with  
standards , etc.).  
Export Guarantee Funda Provision of short-term guarantees to commercial banks financ ing exporters ' pre- 
and post -shipment  operations . 
a Not yet operational as of October 2018.  
Source:  Development Bank of Rwanda.  
3.43.   As at June 2018 , 17 companies had accessed the EGF's Investment Catalyst Fund component 
for a total disbursement amount of RWF 486 million , and 10 companies had accessed the Matching 
Grant Fund component for a total disbursement amount of RWF 693 million . According to the 
authorities, the main beneficiary industries  were coffee, tea , horticulture, agro-processing , and 
textiles . 
3.3  Measures Affecting Production and Trade  
3.3.1   Incentives  
3.44.   Rwanda offers a range of fiscal incentives under the Investment Code, and the VAT and 
Consumption Ta x legislation . Fiscal incentives, typically in the form of tax holidays, reduced tax 
rates, and accelerated depreciation, may be granted by industry, type of activity, or on 
company -specific basis . Rwanda's Investment Code also stipulates various non -fiscal incentives, 
including certain flexibilities in immigration and hiring formalities and a one -stop centre (OSC) at 
the RDB to fast -track project implementation. In principle, tax and non -tax incen tives apply equally 
to domestic and foreign -owned businesses. The range of socio -economic objectives targeted by 
these measures includes: stimulating local or foreign investment in particular economic sectors; 
promoting exports; and generating employment .  
3.45.   Rwanda's Business Development Fund (BDF), created in  2011, provides support to SMEs and 
young  entrepreneurs  in the form of credit guarantees, matching grants, asset leasing , and advisory 
services. BDF works with financial institutions to guarantee between  50% and 75% of the collateral 
                                                
24 By 2018 the Government of Rwanda had injected RWF 2.5 billion into the EDF . 
25 BRD online information. Viewed at: https://www.brd.rw/brd/proin -sodales -quam -nec-ante-sollicits .  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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required by the lender. The maximum guaranteed amount is RWF  500 million for agriculture projects 
and RWF  300 million for other sectors, fo r a maturity period of up to 10  years.26  
3.46.   Rwanda has been implementing a Special Econom ic Zones (SEZ) programme aimed at 
fostering private sector investment, employment and income generation, economic diversification 
and the development of secondary economic centres. SEZs do not offer any fiscal incentives beyond 
those set out in Rwanda's In vestment Code , but are intended to  provid e their users (resident 
companies) a streamlined framework for doing business, including access to reliable infrastructure 
and utilities, and an on -site one -stop centre (OSC) . SEZs may also host EPZs (S ection  3.2.4)  and 
industrial/sector -specific parks.  While labour and management relations in SEZs are generally 
governed by Rwanda's labour legislation, zone -specific labour conditions may be determined by 
ministerial order.  
3.47.   Originally adopted in 2010, the national SEZ Policy was revised in January 201 8 (Table  3.5). 
The Special Economic Zone Authority of Rwanda (SEZAR), a unit within the RDB, is in charge of 
regulatory oversight of SEZs. It is yet to establish and operate zone -specific OSCs; for the moment 
it still use s the RDB's centre which is available to all investors.  
Table 3.5 Main changes to SEZ Policy, 2018  
Issue  2010 Policy r ecommendation  2017 Policy r ecommendation  
Scope of zones 
and eligibility 
criteria  1. A flexible regime allowing different types 
of zones.  
2. Broad set of activities allowed, subject to 
a general negative list.  
3. No eligibility criteria for users 
(residents).  Points 1 -3 unchanged. Additional points:  
4. All Investment Code incentives apply i n 
all SEZs (no differentiation).  
5. Introduce performance incentives for 
zone operators to maximise economic value 
for Rwanda. Performance indicators may 
include exports, fulltime jobs, local supply 
contracts, domestic market recapturing, 
etc. 
Public and 
private 
participation in 
zones  1. Full spectrum of public -private -
partnerships and fully private zones allowed  
2. Public investment to be guided by 
economic cost -benefit analysis (CBA)  
3. Government equity participation to be 
guided by internal rate of re turn and the 
potential for privatization at a later stage  
4. Zones to be operated on commercial  
terms, except where there is a monopoly  Points 1 -4 unchanged. Additional points:  
5. Land price regulation is introduced  
6. Clarifications of the roles of public and 
private actors, including on the issue of 
routine maintenance  
 
Zone 
designation 
process and 
criteria  1. Both public and private entities may 
suggest new zones  
2. Both pre -designated and 
non-pre-designated land may be suggested  
3. A formal desig nation process defined, 
including demand forecasts, feasibility 
study and physical planning  
4. SEZAR to carry out CBA and make 
recommendation to Cabinet  Points 1 -4 unchanged. Additional points:  
5. SEZAR to issue internal zoning 
regulations  
6. A progressive  approach to zone 
development, based on evidence of 
investor/user demand  
Land use  1. SEZ land to be classified as "public 
interest"  
2. Within SEZs:  
a) Foreigners may lease; locals may lease 
or own land  
b) Maximum lease terms of 99 years, 
renewable and transferable  
c) Full transfer of lease rights  
d) Creditors' rights to be pr otected in case 
of default  
e) Right to continued occupancy and 
non-disturbance  
f) Right to change land use, within zoning 
regulation  
3. "Use it or lose it" clauses for both 
developers and users  Point 2 a) amended: Foreigners and locals 
may only lease land; outright land 
purchases no longer allowed.  
Point 3 clarified: Developers and users are 
to submit evidence of progress towards  
operationalizing their plots to SEZAR within 
two years from the time of obtaining their 
licence  
                                                
26 Online information. Viewed at: http://www.newtimes.co.rw/news/featured -financing -available -bdf-
tells-local-textile-industry .  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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Issue  2010 Policy r ecommendation  2017 Policy r ecommendation  
Zone benefits  1. Special conditions/incentives (fiscal, 
customs, immigration, labour)  
2. Government of Rwanda to provide and 
maintain public infrastructure and services  
3. Regulatory relief and streamlined  
procedures to be implemented through OSC 
in each zone  Point 1 amended: No special fiscal, 
immigration or customs regimes for SEZs 
beyond those set out in the Investment 
Code.  
Points 2 -3 largely unchanged.  
Complementary 
policies and 
safeguard 
measures  1. Support programmes for backwards 
linkages and technological/knowledge 
spill-overs to be developed  
2. Maintain adequate safeguards on labour 
and environmental standards  Point 1 expanded to ensure SEZs fit into 
the Made in Rwanda Policy (2017)  
Point 2 unc hanged. Additional points:  
3. Sector -specific parks for small and 
medium industrialists (SMIs) to be 
established within SEZs. Relocation to SMI 
parks, subject to meeting eligibility criteria, 
to be subsidized.  
4. SEZ user licences and investment 
certificat es to be granted in a single 
procedure  
 
Certain plots to be reserved for Parks are to 
be set up in each Zone, to support SMIs 
with huge growth potential which are 
currently scattered around the country and 
don't have the capacity to access zone land 
on com mercial terms  
Source:  Ministry of Trade and Industry (2018), Revised SEZ Policy – Addressing the infrastructure constraint 
to industrializ ation in Rwanda .  
3.48.   SEZ developers must have the financial capability to build zone infrastructure (such as water, 
powe r, fibre -optic and sewerage treatment plant), and operators must prove extensive management 
experience as well as financial resources to manage the zone. SEZ residents must have an investor 
certificate (costing USD 500) from the RDB as well as an SEZ user licence from the RDB. They must 
submit a business plan, architectural designs based on the relevant  SEZ design, and an 
environmental impact assessment report. The negative list of goods prohibited under the EAC 
Customs Management Act applies to SEZs as wel l.27  
3.49.   In July 2018, there was one fully operational zone in Rwanda, the Kigali Special Economic 
Zone (KSEZ), and another nine were at different stages of deployment. The total designated land 
area of these zones comprised 1,095 ha. According to the authorit ies, as at July 2018, SEZ users 
were active in 69 industries, and accounted for approximately 7,000 permanent and 13,000 
non-permanent jobs. SEZ users generated exports worth USD 5.5 million in 2016 and USD 43.6 
million  in 2017.  By 2017, the SEZ programme had attracted investments exceeding USD 521 billion.  
3.3.2   Standards and other technical requirements  
3.50.   During the review period, reforms to Rwanda's legal and institutional framework related to 
the implementation of the TBT Agreement  included the  establishment of the Rwanda Standards 
Board (RSB)  as the successor  of the Rwanda Bureau of Standards (RBS) and the transfer of market 
surveillance functions to MINICOM in August 2014.28 The RSB remains a public institution with the 
mission of provid ing stand ards-based solutions for consumer protection and trade promotion .29 It 
continues to coordinate  standards development and dissemination , and remains active in quality 
management, conformity assessment and metrology in Rwanda.  
3.51.   In principle, the adoption of standards  and technical regulations  is governed by the common 
framework  established at EAC level ( Common R eport, S ection  3.3.2). As a successor to the RBS, the 
RSB follows the WTO Code of Good Practice for the Preparation, Adoption and Application of 
Stand ards.30 At the national level, technical regulations may be developed and adopted by a number 
of Rwanda's line ministries and regulatory bodies.  It is unclear whether Rwanda has put in place a 
standardized procedure for adoption and application of technical  regulations . According to the 
                                                
27 Ministerial Order N o. 12/2012 of 20  February 2012. 
28 WTO document G/TBT/2/Add.85/Rev.1, 7 January 2015.  
29 Law No. 50/2013 of 28 June 2013.  
30 WTO document G/TBT/CS/N/159, 7 March 2005.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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authorities, notices concerning all standards and technical regulations adopted in Rwanda  are 
published in the Official Gazette . 
3.52.   The RSB is a member of the International Organization for Standardization (ISO), the 
Internation al Electrotechnical Commission (IEC), the International Organization for Legal Metrology 
(OIML), the African Organisation for Standardisation (ARSO), and the International Metrology 
Confederation (IMEKO). It represents Rwanda in standardization activities at the regional level, 
including in the framework of the EAC, COMESA, the African Electrotechnical Commission (AFSEC), 
and the Northern Corridor Integration Projects.  
3.53.   As at October 2018 , there were 2,385 standards and 275 technical regulations in force in 
Rwanda, up from 780 and 67 in October 2012 . Some  394 of these standards  were harmonized  at 
the EAC level . According to the authorities , certain standards  and technical regulations  fully adopt 
international norms.  
3.54.   The RSB is Rwanda's national enquiry point and MINICOM is the notification authority under 
the TBT Agreement. Between  October  2012 and December  2018, Rwanda made 207 new 
notifications to the WTO Committee on Technical Barriers to Trade, mostly under Article 2.9 of  the 
TBT Agreement. The standard period  of 60 days for submission of comments has been met in 
approximately 83% of these notifications.  
3.55.   Rwanda does not have a national accreditation body in the field of conformity assessment. A 
national accreditation focal point has been established in MINICOM, in accordance with EAC 
provisions. Private entities intending to offer certification services in Rwanda must register with the 
Office of the Registrar General at the RDB and present a va lid certificate of accreditation from a 
"recognized accreditation body " to the national accreditation focal point. Private certification entities 
must also establish a permanent office in Rwanda.31  
3.56.   The RSB operates a voluntary certification scheme, offerin g "Quality Marks" to products and 
systems complying with relevant standards. In addition, the NAEB provides certification for tea, 
coffee, and other produce.  
3.57.   In principle, surveillance at the border and on the domestic market for quality assurance 
purpose s is the responsibility of the Inspectorate Authority under MINICOM. In practice, a 
fragmented system of quality -control institutions and laboratories remains in place in Rwanda.32 
According to the authorities, Rwanda has 18 quality -testing laboratories, mo st of which do not fully 
meet international norms (ISO/IEC 17025, and ISO 15189). The metrological (mass, temperature 
and balance) laboratories of the RSB obtained ISO/IEC 17025 accreditation in December 2017 .  
3.58.   All importation of goods into Rwanda remains subject to the issuance of an obligatory Batch 
certificate attesting that a particular consignment or shipment conforms to Rwandan technical 
regulations, or recognized international or foreign standards.33 All imported perishable goods must 
bear a label ind icating the date of manufacture and of expiry; such products are not allowed on the 
Rwandan market unless they still have at least 50% (65% for foodstuffs) of their total shelf life. 
Importers of goods subject to Rwandan technical regulations must apply fo r the batch certificate 
one week before the goods arrive. The importer must pay a batch certificate fee equivalent to 0.2% 
of the cost and freight of the imported goods.  
3.3.3   Sanitary and phytosanitary requirements  
3.59.   Since 2010,  responsibility for the protection of plant and certain aspects of animal  health has 
been consolidated at Rwanda Agriculture and Livestock Inspection and Certification Services 
(RALIS), under  the Ministry of Agriculture and Animal Resources (MINAGRI). RALIS carries out: plant 
pest surveilla nce; inspection and certification of plants, plant products and animal products; plant 
                                                
31 Ministerial I nstructions No. 17/2012 of 10 July 2012.  
32 Institutions that carry out quality -control interventions include: the Ministry of Agriculture and Animal 
Resources  (plant and animal health); the Ministry of Infrastructure  (roads, bridges, and other civil engineering 
structures); the Ministry of Health (food hygiene, medical products); National Police (road vehicles); the 
Rwanda Development Board (hotels and food establishments); the Rwanda Environment Management 
Authority (environmental degradation hazards); and the Rwanda Utilities Regulatory Authori ty (public utilities).  
33 RBS I nstruction No . 01/2004 of 1 December 2004.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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quarantine activities;  and the  control of agrochemicals and related equipment.  Animal disease 
surveillance and control are the responsibility  of the Rwanda Agriculture a nd Animal Resources 
Development Board (RAB).  The Ministry of Health is responsible for food safety , except food safety 
issues related to unprocessed products , which are within the remit of RALIS .34 The Ministry of Natural 
Resources and the Rwanda Environmen t Management Authority are also responsible for some 
aspects of SPS measures.  
3.60.   Rwanda maintains three  SPS enquiry points: RALIS (plant health); RAB (animal health) ; and 
the Directorate of Planning, Policy and Capacity Building at the Ministry of Health (foo d safety). The 
Directorate of External Trade at MINICOM continues to serve as Rwanda's SPS notification authority. 
Between  October  2012 and December  2018, Rwanda made one notification to the WTO Committee 
on Sanitary and Phytosanitary Measures. The submiss ion allowed for a comment period of 60 days.35  
3.61.   Rwanda is a member of the Codex Alimentarius and the World Organi zation for Animal Health 
(OIE). Rwanda ratified the International Plant Protection Convention (IPPC) in 201236 and the EAC 
Protocol on Sanitary a nd Phytosanitary Measures in 2014.37 In accordance with Rwanda's obligations 
under the IPPC,  RALIS hosts the National Plant Protection Organization (NPPO).  
3.62.   The importation of seeds, planting materials, plants, plant products, animals, animal feed  and 
animal products is subject to an import permit from RALIS. Applications for the permit must be made 
before the consignment's arrival in Rwanda so that a pest/disease risk analysis and, where 
applicable, registration of a new plant variety may be carri ed out.  Risk analysis is carried out 
whenever a new commodity or originating market is concerned.   
3.63.   In case of a favourable assessment, RALIS grants an import permit detailing any procedures 
to be fulfilled for the specific product in the exporting country,  including hazard -free certification . 
The phytosanitary/veterinary health certificate issued at origin must outline all the procedures 
carried out on the consignment in accordance with the requirements stated in the import permit. If, 
upon arrival, the con signment or any accompanying documents do not comply with the requirements 
detailed in the import permit, the consignment will be placed under quarantine for further testing, 
or may be re -exported or destroyed at the importer's expense.  
3.64.   Upon request from exporters, RALIS inspects export consignments and, when appropriate, 
issues the relevant phytosanitary/veterinary health certificates. An electronic system  has been put 
in place for the submission and processing of SPS certification requests. However, the approved SPS 
certificates are still signed manually and must be picked up in person from the RALIS office.  
3.65.   RALIS maintains the register of authorized agrochemicals, agrochemical traders and storage 
premises in Rwanda. A list of controlled and prohibited ch emical substances and precursors is 
published on MINAGRI's website.38 Registration certificates for agrochemicals, setting out details on 
the product's importation, manufacture, labelling, advertising, distribution, sale and use, are valid 
for three years.39 The manufacture, sale (including import and export), transport and storage of 
agrochemicals require a licence. Agrochemicals import and export licences are valid for five years 
and cost RWF  200,000 and RWF  100,000, respectively.40 Storage premises licences  are also valid 
for five years; the relevant fee is RWF  100,000 for importer/exporter premises and RWF  15,000 for 
agrochemicals dealers.41  
3.66.   Import prohibitions implemented by Rwanda on SPS grounds during the review period 
targeted : poultry and poultry produ cts from Uganda (effective from January 2017 ); meat and meat 
products, milk, fruits and vegetables from South Africa (effective from December 2017 ); and small 
ruminants and products thereof from Burundi (effective from January 2018 ). According to the 
                                                
34 The Rwanda Food and Drugs Authority , established by Law No. 003/2018 of 9 February 2018, is 
expected to take responsibility for  food safety controls once it becomes operational.  
35 WTO document G/SPS/N/RWA/1, 28 June 2017  
36 Presidential Order No. 28/01 of 9 July 2012.  
37 Presidential O rder No. 147 bis/01 of 15 July 2014.  
38 MINAGRI online information. Viewed at: 
http://www.minagri.gov.rw/fileadmin/user_upload/documents/ALICS/list_of_restricted_chemicals.pdf . 
39 Provisional registration certificates, with a six -month validity, may also be granted.  
40 The fees for import and ex port licence renewal are RWF  100,000 and RWF  50,000, respectively.  
41 MINAGRI online information. Viewed at: http://www.minagri.gov.rw/index.php?id=613 . WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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autho rities, a draft law governing the use of genetically modified organisms (GMOs)  is undergoing 
legislative approval. Meanwhile, a ban on imports of  GMOs  remains in place . 
3.67.   Traders of pharmaceutical products and pharmacy -related equipment must be licensed by the 
Ministry of Health . Importation of pharmaceuticals and related equipment requires an ex ante  visa, 
and a release authorization upon the consignment's arrival. The activity licensing and import 
authorization procedures are carried out online, through th e RESW.   
3.3.4   Competition policy and price controls  
3.68.   Although Rwanda enacted a Competition and Consumer Protection law42 in 2012, it is yet to 
establish an operational competition authority. Legislation43 providing for the creation of a National 
Standards Inspecto rate, Competition and Consumer Protection Authority (NICA) was enacted in 
2013 but was not implemented  until it was superseded in 2017 by a law44 providing for a Rwanda 
Inspectorate, Competition and Consumer Protection Authority (RICA). According to the aut horities, 
work on the establishment of RICA is under way.  
3.69.   Since 2010, a Competition and Consumer Protection Unit has been in place at MINICOM with 
the mission to address competition and consumer protection matters, including in regulated sectors. 
MINICOM e xercises its jurisdiction on such matters through cooperation and consultation. In 
addition, it conducts public awareness campaigns intended to provide a platform for identifying and 
addressing anticompetitive practices in Rwanda.  
3.70.   Rwanda's legislation pro vides that prices are determined by market forces unless there is 
market failure.45 Prices of goods and services, which have been deemed sensitive, may be fixed 
through a ministerial order. Since 2016, the Rwanda Utilities Regulatory Authority (RURA) 
coordi nates consultations with petroleum dealers, MINICOM, the Ministry of Infrastructure, and the 
Ministry of Finance and Economic Planning on the setting of nation -wide minimum retail prices for 
petroleum products. Public transport fares and utilities tariffs are also regulated. Minimum producer 
(farm gate ) prices for certain agricultural commodities , including maize, potato es, rice, beans and 
milk, are set in  a consultative process involving MINICOM, producers ' associations and MINAGRI.  
3.3.5   State trading, state -owned enterprises, and privatization  
3.71.   Rwanda has not submitted any notifications regarding state trading enterprises to the WTO.  
3.72.   Information on state -owned enterprises (SOEs) was not available.  Nonetheless, state 
involvement remains prevalent in many sector s of the economy and, in some cases, continues to 
crowd out private entrepreneurs. In 201 6, Rwanda had over 23 SOEs that were in volved in 
commercial operations  in various industries, including agri -food, construction, ICT, aviation, mining, 
hospitality, fi nancial services, water and electricity utilities, and  transport and storage services.46 
According to the authorities, SOEs do not receive any special tax treatment. However, the BRD is 
exempted from corporate income tax.47  
3.73.   Rwanda has privatized over 10 0 companies since the start of its privatization programme  in 
1996. The RDB's Strategic Investment department is responsible for implementing the privatization 
programme, as well as monitoring privatized companies (continuity of business) and advising the 
government accordingly. In 2016, a report by Rwanda's Office of the auditor general of state finances 
highlighted a number of shortcomings in the management of privatization activities. It flagged 
                                                
42 Law No. 36/2012 of 21 September 2012.  
43 Law No. 61/2013 of 23 August 2013.  
44 Law No. 31/2017 of 25 July 2017.  
45 Law No. 15/2001 of 28 January 2001.  
46 Office of the auditor general of state finances, Performance audit report of strategic management of 
privatization activities  (May 2016). Viewed at: 
http://www.oag.gov.rw/fileadmin/user_upload/Performance_Reports/STRATEGIC_MANAGEMENT_OF_PRIVATIZ
ATION_ACTIVITIES.pdf . 
47 RRA online information. Viewed at: http://www.rra.gov.rw/index.php?id=30 . WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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instances of poor coordination among relevant institutions, weak accountability, departures from a 
competitive selection process, and inadequate safeguards of State interests against business risks.48  
3.3.6   Government procurement  
3.74.   Rwanda is not a party or an observer to the plurilateral Agreement on Government 
Procurement .  
3.75.   In April 2013, Rwanda enacted a comprehensive amendment of its Public Procurement Law, 
modifying and complementing various provisions.49 Implementing regulations, updating certain 
thresholds and standard bidding documents, and establishing standard contr acts, entered into force 
in March 2014.50 The Rwanda Public Procurement Authority (RPPA) remains in charge of coordinating 
regulatory measures, as well as auditing , monitoring and building capacity in public procurement 
entities. Rwanda has been  implementin g an electronic public procurement system  (e-procurement 
portal ).  
3.76.   The Public Procurement Law applies to procurement of works, goods, consulting services or 
other services by public institutions, except procurement for national defence and security. 
Procur ement by SOEs (parastatals) whose budget is not approved by Parliament is to follow special 
proceedings under a separate legal act . If the law conflicts with the procurement rules of any 
multilateral or bilateral agreement to which Rwanda is a party, the r equirements of those 
agreements prevail.  
3.77.   The admissible procurement methods depend on pre -defined thresholds for the contract's 
estimated value (Table  3.6). In principle, the default method is open tendering. The use of a less 
competitive method requires authori zation from the RPPA, based on a reasonable justification from 
the procuring entity and a confirmation from the supervising Minister that such procurement is in 
public interest.  
Table 3.6 Thresholds for procurement methods, 2018  
Circumstances  Prescriptions  Threshold  
Open competitive bidding  
National tendering:  
availability of technical capacity 
and expertise in Rwanda; within 
threshold  Minimum notice period of 21 daysa Up to RWF  600 million 
for goods/services ; up to 
RWF 1,200 million  for 
works ; and up to 
RWF 100 million for 
consultant services  
International tendering:  
contract either exceeds national 
tendering threshold or requires 
technical capacity and expertise 
unavailable in Rwanda 
(regardless of value)  Minimum notice period of 45 days   
Restricted tendering  
For goods or works of highly 
complex or specialized nature, or 
available only from a few 
suppliers or contractors  Minimum notice period of 21 days for an 
international restricte d tender  and 14 days 
for a national restricted tendera; short list 
must be drawn from pre -qualified bidders; 
any person may apply for inclusion on the 
short list  Up to RWF  50 million for 
goods  and works  
Request for quotation  
Low contract value;  
off-the-shelf goods and standard 
specification works  Compare at least three offers (on price and 
non-price criteria); minimum response 
period of 3 working days; not to be used 
more than once in 3 months for a tender of Up to RWF  2 million for 
goods/services  and 
works  
                                                
48 Office of the auditor general of state finances, Performance audit report of strategic management of 
privatization activities  (May 2016). Viewed at: 
http://www.oag.gov.rw/fileadmin/user_upload/Performance_Reports/STRATEGIC_MANAGEMENT_OF_PRIVATIZ
ATION_ACTIVITIES.pdf . 
49 Law No. 05/2013 of 13  February 2013 amending Law No. 12/2007 of 27  March 2007.  
50 Minist erial O rder No. 001/14/10/TC of 19 February 2014.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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Circumstances  Prescriptions  Threshold  
the same category; mu st not always send 
requests to the same bidders  
Single -source procurement/direct contracting  
Only one supplier available; 
exceptional circumstances (force 
majeure, unforeseen urgency); 
extension/amendmentb of 
contract already awarded 
through open bidding; or 
research commissioned to a 
service provider 
working/teaching in a higher 
learning/research institution in 
Rwanda  Negotiations may be carried out;  
resulting contract must be in writing  Up to RWF  300,000  
Force account  
Works difficult to quantify  Use civil servant labour and public 
equipment  No threshold  
Community participation  
The beneficiary community is 
able to participate in the delivery 
of services  When it is established that awarding the 
procurement contract to the beneficiary 
community may contribute to economic 
activity and employment creation  No threshold  
a A simplified procedure, allowing for a reduced notice period (at least five working days for national 
restricted tendering/eight working days for national open tendering), applies to tenders whose value 
does not exceed RWF 10 million.  
b Any amendment increa sing or decreasing the contract's value by more than 20% requires a new 
tender.  
Source:  Ministerial O rder No. 001/14/10/TC of 19 February 2014.  
3.78.   In international tenders, a 10% price preference is available for local bidders (including 
bidders from reg ional economic integration bloc s of which Rwanda is a member).   
3.79.   During 2012 -17, government procurement accounted for approximately 4% to 8% of 
Rwanda's GDP.  Open tendering (both national and international) was the most frequently used 
procurement method (Table 3.7).  
Table 3.7 Public procurement expenditure, 2012 -17 
 
2012 -13 2013 -14 2014 -15 2015 -16 2016 -17 
Total expenditure (RWF billion)  292.5  409.8  390.7  250.5  520.1  
 (% of total expenditure)  
Tender type  
Goods  47.6  60.8  35.0  21.4  30.8  
Services  8.6  10.1  8.7  7.2  6.9  
Works  43.8  29.0  56.4  71.3  62.2  
Source of funds  
Autonomous  13.6  11.7  1.9  0.5  3.6  
Direct donors  27.7  43.4  19.4  16.0  36.3  
District revenues  n.a.  n.a.  1.3  1.3  6.6  
Treasury  58.6  44.9  77.4  82.2  53.5  
Tendering methods  
Community approach  1.2  0.8  1.9  1.1  1.9  
Force account  n.a.  n.a.  0.8  0.2  5.7  
International open competitive tenders (IOT)  26.7  33.3  34.0  25.0  31.5  
International restricted tenders (IRT) 0.9  2.4  0.3  2.7  0.9  
National open competitive tenders (NOT)  62.9  50.6  50.8  29.1  41.6  
National restricted tenders (NRT)  1.5  2.6  0.7  0.2  1.2  
Request for quotations (RFQ)  0.7  2.6  2.9  0.2  0.7  
Single sourcing  6.1  7.8  8.6  41.5  16.5  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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2012 -13 2013 -14 2014 -15 2015 -16 2016 -17 
Memo:  
Number of awarded contracts  4,866  4,467  3,996  1,525  4,178  
Total procurement expenditure as % of GDP  6.1  7.9  6.9  4.0  7.3  
n.a. Not applicable.  
Source:  WTO Secretariat's calculations, based on data provided by the authorities.  
3.80.   National calls for tenders may be issued in Kinyarwanda or in both English and French; 
international calls for tenders must be in both English and French. Whenever a call for tenders is 
issued in both English and French, it must specify the original versio n.  
3.81.   According to the authorities, public procurement proceedings must be conducted through 
Rwanda's portal, unless the RPPA has authorized a departure from this rule. Whenever proceedings 
are conducted outside the e -procurement system, procurement notices for all contracts valued above 
RWF 2 million  must be published in at least one newspaper of wide circulation, on the official website 
of the procuring entity and on the RPPA's  official website. International tenders must be advertised 
in at least one inter national newspaper of widespread circulation . 
3.82.   Each procuring entity must submit an annual procurement plan to the RPPA and publicise 
standardized information regarding forthcoming tenders. The RPPA must also receive monthly 
reports on the procurement plan' s implementation. The RPPA has been flagging recurrent 
weaknesses in the implementation of the public procurement regime, including: poor compliance 
with monitoring, reporting and public disclosure requirements; inadequate formulation of technical 
specific ations and terms of reference; and execution and payment delays.51  
3.83.   A (prospective or actual) bidder may, at any stage of the procurement proceedings, apply for 
a review of a specific act contravening the procurement legislation. A request for review must b e 
submitted to the head of the procuring entity within seven days after the bidder became aware of 
the circumstances giving rise to the request. The head of the procuring entity must suspend the 
procurement proceedings and, within seven days after receipt of the request, issue a written decision 
explaining its reasons and grounds, and indicating the corrective measures to be taken if the request 
is valid.  
3.84.   If the head of the procuring entity fails to issue a decision within the prescribed time frame, 
or if t he bidder is not satisfied with the decision, the bidder may complain to an independent review 
panel. Independent review panels have been set up, at the national and at District levels, to conduct 
independent administrative reviews of complaints and challe nges to the procurement process.52 
Panels are composed of seven members from public institutions, the private sector, and civil society, 
with a term of office of four years.53  
3.85.   The panel must make a decision  within 30 days following receipt of the complaint. Additional 
time must not go beyond 30 days. The decision of the panel at the national level exhausts the 
administrative review channel; thereafter the complainant  may initiate judicial proceedings.  
3.86.   Violat ions of the procurement legislation by procuring officials are punishable by imprisonment 
of 6 to 12 months or a maximum fine of RWF 500,000, or both. They may also be liable to penalties 
under the Penal Code, the Law on prevention, suppression and sanctio n of corruption and related 
offences54, the Law on leadership code of conduct, and the general statutes of public service55, as 
well as other legislation concerning the ethical behaviour of civil servants. Bidders found guilty of 
                                                
51 RPPA Annual activity report 2016 -2017 (September 2017). Viewed at: 
http://www.rppa.gov.rw/index.php?id=487 . 
52 Lodging a complaint to an independent review panel is subject to a non -refundable fee of RWF  50,000 
or RWF 100,000 depending on whether the tender's value is below or above RWF  20 million. An identical 
appeal fee must be paid to proceed with the appeal from district to national level, unless the district -level 
independent review panel has failed to take a decision within the prescribed time frame.  
53 A panel must not have more than three members from the public sect or. 
54 Law No. 23/2003 of 7 August 2003.  
55 Law No. 22/2002 of 9  July 2002.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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misconduct may be banned fro m participation in public procurement tenders for a period of four to 
five years, depending on the gravity of the offense. Repeat offenders are liable to a definitive ban.  
3.3.7   Intellectual property rights  
3.87.   In April 2016, Rwanda's intellectual property (IP) regime was updated, through the enactment 
of a special law, to include the  protection of plant varieties and plant breeders' rights.56 Changes 
were also made to: the time frames for granting unilateral/compulsory licences and for opposing 
registration of in tellectual property57; and the fees payable for registration services of intellectual 
property.58 The main IP law, the Law on the Protection of Intellectual Property59, remained 
unchanged during the period under review.  
3.88.   IP administration remains the responsib ility of the Office of the Registrar General (ORG) at 
the RDB. MINICOM and the Ministry of Sports and Culture (MINISPOC) remain in charge of policy -
making, policy coordination , and monitoring.  
3.89.   As from January 2017 , every registered intellectual property t itle is published in Rwanda's  
Official Gazette . According to the authorities, eletronic publication  on the website of the RDB has 
been effective since 2012. The fees payable for substance examination and registration of IP apply 
equally to domestic and for eign applicants.  
Table 3.8 Application/registration of intellectual property titles, 2011 -17 
 
2011  2012  2013  2014  2015  2016  2017  
Applications  
Patents  11 2 154 453 597 348 316 
Industrial designs  5 4 123 102 87 63 25 
Trade marks  620 863 594 570 662 513 811 
Registrations  
Patents  0 0 0 1 26 118 175 
Industrial designs  0 0 17 168 122 102 27 
Trade marks  511 0 368 577 640 652 672 
Source:  Information provided by the RDB. 
3.90.   A member of the World Intellectual Property Organization (WIPO), Rwanda has ratified seven 
WIPO -Administered Treaties including, as from August 2013, the Madrid Protocol (international 
registration of marks).60 In the framework of its membership of the African Regional Intellectual 
Property Organization (ARIPO), Rwanda has ratified the Harare Protocol (patents, industrial designs, 
and utility models).61 
3.91.   Protection of inventions, utility models, industrial designs, trademarks, collective marks, trade 
names, geographical indications, layout desi gns of integrated circuits, and copyrights and related 
rights remains governed by the Law on the Protection of Intellectual Property, promulgated in 
October 2009.62 Pursuant to the law, a foreign applicant for an IP right must be represented by an 
industrial property agent (representative) approved in Rwanda. As from April 2016, any power of 
attorney granted by a non -resident to a Rwanda -based industrial property age nt must be notari zed 
(previously, a signature would have been sufficient) .  
3.92.   In accordance with the law, an invention is patentable if: it is novel (no prior art anywhere in 
the world); it involves an inventive step (it is not obvious); and it is industrial ly applicable. Rwanda 
relies on the ARIPO for prior examination of substantive requirements, due to the lack of technical 
expertise domestically.  Patent protection is for 20 years . 
                                                
56 Law No. 005/2016 of 5 April 2016.  
57 Ministerial order No. 25 of 17 March 2016.  
58 Ministerial order No. 24 of 17 March 2016.  
59 Law No. 31/2009 of 26 October 2009.  
60 WIPO online info rmation. Viewed at: http://www.wipo.int/treaties/en/ShowResults.jsp?country_id 
=148C . 
61 Presidential Order No. 17/01 of 16  February 2011. 
62 Law No. 31/2009 of 26 October 2009.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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3.93.   Innovation s that are new and industrially applicable may be granted utility -model certificates, 
with no requirement on inventiveness. Utility models are protected for ten years (non -renewable). 
At the end of the fifth year from the filing date, the right holder must pay a fee for the utility model 
to be protected for the followin g five years.  
3.94.   A novel industrial design or model may be registered anywhere in the world. The duration of 
the certificate of registration is 15 years, and may be renewed for two further 5 -year periods. After 
the 5th and the 10th years  from registration , the IP right holder must pay a fee. As in the case of 
patents, the prior examination of substantive requirements (novelty) is performed outside Rwanda . 
3.95.   A layout design, if it is original, is protected for ten years. The application, examination, and 
registra tion procedures are similar to those for patents. The use of a novel and original layout design, 
created on the basis of an evaluation and analysis of a protected layout design, does not require the 
consent of the owner of the protected layout design. Howe ver, the use of a derived or dependent 
patent, which is not possible without infringing the main patent, requires the authorization of the 
right holder of the main patent, or where appropriate, the granting of a compulsory licence.  
3.96.   A trademark (collective  mark, certification mark) may be registered if it is distinctive, and not 
imitative, confusing, or descriptive. In principle,  prior substantive examination is required. An 
application that meets all the requirements for registration is published to allow for any opposition. 
In case of opposition, the decision to register or reject the application is taken after further 
examination. A registered mark is protected indefinitely, provided the right holder pa ys a renewal 
fee every ten years . Trade names are pro tected even prior to, or without, registration.  
3.97.   Geographical indications are protected if quality, reputation or other characteristics of the 
product can be attached to its geographical origin. A substantive examination is required for 
registration. Only p roducers carrying out activities (in connection with the stated products) in the 
region indicated in the register may be entitled to use the registered geographical indication for 
commercial purposes.  
3.98.   In April 2016, the timeframe to lodge an opposition aga inst the registration of a trademark 
or a geographical indication was formally raised from 30 to 60 days from the date of publication.63 
In the event of an opposition, a 14 -day timeframe was also established for written response by the 
applicant. In practic e, the ORG has been applying a 60 -day opposition period since October 2014.  
3.99.   As from April 2016, plant breeders may apply for protection of a plant variety that is new, 
distinct, uniform, and stable.64 Specific criteria for novelty, distinctness, uniformity and stability are 
set out in the law. Applications for plant breeder's rights are published to allow for any opposition. 
A plant breeder's right is protected for a period of 20 years from the date of granting. For trees and 
vines, the protection period is 25 years. The right entitles the plant breeder to sell, multiply or 
distribute the relevant plant variety or to designate any other person to do so. Decisions made 
regarding the granting, rejection, nullification, or cancellation of plant breeder's rights are published 
in the Official Gazette .  
3.100.   Rwanda applies the national exhaustion of rights principle for patents, utility models, 
industrial designs or models, layout designs, and marks . Nevertheless, the Minister in charge of 
industry may authorize parallel  imports when the protected product: is not available in Rwanda; is 
available but does not respect the required standards; is available in quantities insufficient to meet 
the local demand; or is deemed to be unfairly/abusively priced. Parallel imports may also be 
authorized for any other reasons of public interest, including anticompetitive practices. In general, 
a plant breeder's right is exhausted in Rwanda or in countries bound by the convention for the 
protection of plant varieties. For cases involving further propagation of the variety or exportation of 
the variety's propagating material/harvest to countries that do not have plant variety protection, the 
plant breeder's right is not exhausted unless the exportation is meant for final consumption.  
3.101.   The Law on the Protection of Intellectual Property obliges the right holder of an industrial 
property title to use it (or transfer operating licences to others) for industrial or commercial purposes 
in a sufficient and rational manner. Lack of or insufficient u se of IPRs may trigger the granting of 
compulsory  licences, with payment of adequate remuneration , without the agreement of the right 
                                                
63 Ministerial O rder No. 25 of 17 March 2016.  
64 Law No. 005/2016 of 5 April 2016.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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holder. In addition, unilateral ( ex officio  compulsory)  licences may be granted on public interest or 
anti-competitive use  grounds. Effective from 20 April 2016 , unilateral licences  may be granted for 
four years; the timeframe for a  compulsory licen ce is 12 months, renewable whenever considered 
necessary.65 According to the authorities, no unilateral or compulsory licences hav e been granted to 
date. 
3.102.   Compulsory licences to use a protected plant variety, with fair remuneration, without the 
plant breeder's authorization may be granted for public interest reasons, defined as cases relating 
to social welfare, national security, or e nvironment protection.  
3.103.   Copyright (including computer programmes) is protected for the lifetime of the authors 
(author and co -authors where appropriate) plus 50 years after the death of the last surviving author. 
Phonograms are protected for 50 years follow ing the end of the year of publication of the phonogram, 
or if the phonogram has not been published, 50 years from the fixation of the phonogram, or 50 
years from the first month of the year that follows the year of fixation. Broadcasts are protected for 
25 years from the first month of the year that follows the year in which the broadcast took place. 
Registration is not required for copyright holders to have their rights protected.  
3.104.   The use and management of copyrights, rights of performing artists, of phon ogram 
producers, and of broadcasting organizations are entrusted to private companies for collective 
management of copyrights and related rights. Collective management companies' responsibilities 
include the collection, calculation, and distribution of rem uneration arising from the use of the rights. 
They may conclude agreements with foreign organizations regarding management of rights 
belonging to foreigners. Rwanda's first collective management organization, the Rwandan Society of 
Authors (RSAU), was esta blished in 2010 with financial support (RWF  15 million) from the 
government.66 To date, the RSAU remains the only collective management organization active in 
Rwanda.  
3.105.   Penalties for abuse of an industrial property title include a fine of between RWF  50,000 a nd 
RWF 500,000, a maximum term of imprisonment of five years, or both. Theft or fraudulent use of a 
formula of invention in any industrial activity is punishable by imprisonment of between one and five 
years, and a fine of five to ten times the value of pr ofits obtained from the infringement.  
3.106.   Penalties for an act of forgery of copyrights and related rights vary according to the type of 
offence. Producers and publishers of infringing phonograms are liable to imprisonment of 5 -10 years 
and a fine of RWF 5 -10 million ; distributors and booksellers are liable to imprisonment of 1 -5 years 
and a fine of RWF 500,000 -1 million ; and retailers may face a fine ranging from RWF 20,000 to 
100,000. Broadcasters that illicitly communicate a protected work are liable to a fi ne of RWF 
500,000 -1 million. Any person who grants authorization in the name of performing artists, without 
being authorized by the right holder, or any person who knowingly acts under false authorization, is 
liable to imprisonment of six months to one yea r, and a fine of R WF 200,000 -1 million.  
3.107.   Customs authorities may, upon request or on their own initiative, suspend customs clearance 
procedures and thus the entry of imports suspected of infringing IP rights. Customs must notify the 
right holder and the imp orter within three days. The Commercial Court, established as a branch of 
the High Court of Rwanda in May 2008, remains responsible for handling IP cases. Its decisions are 
subject to appeal in accordance with Rwandan legislation. No information was availa ble regarding 
enforcement actions taken during the review period.  
 
                                                
65 Ministerial O rder No. 25 of 17 March 2016.  
66 Online information. Viewed at: https://en.unesco.org/creativity/policy -monitoring -platform/rwandan -
society -authors -rsau. WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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4  TRADE POLICIES AND P RACTICES BY MEASURE  
4.1  Agriculture, Forestry, and Fisheries  
4.1.  The agriculture sector, including forestry and fisheries, is an important pillar of the Rwand an 
economy, accounting for approximately 70% of employment, 90% of domestic food consumption 
and one -third of GDP.1 Agriculture output was generally on the rise during the review period, with 
food crops remaining the dominant segment, followed by forestry (Chart  4.1). The principal food 
crops grown are banana, cassava , beans , maize, potato es and rice. Rwanda remains a net importer 
of agriculture and food products. Its main export categories are coffee, tea, pyrethrum, live animals 
and hides and skins.  
Chart  4.1 Agricultural output by main categories, 2011 and 2017  
 
Note:  Based on national accounts figures at constant 2014 prices.  
Source:  National Institute of Statistics of Rwanda online information. Viewed at: 
http://www.statistics.gov.rw . 
4.2.  Rwandan agriculture is still dominated by non -mechanized, rain -fed, subsistence farming. 
Although Rwanda has made significant progress in land tenure regularization and administrati on 
(Section  2.4), its scarce arable land (estimated at 12,642 km2) and ownership fragmentation 
(average plot size of 0.6 ha) continue to limit the possibilities to exploit economies of scale, thereby 
discouraging investment in mechanization. Vulnerability to soil erosion, exacerbated by Rwanda's 
topography and exposure to periodic weather -related shocks, also remains a major limiting factor. 
In addition, the agriculture sector's productivity is hampered by, inter alia , infrastructure 
deficiencies, limited a vailability of  inputs ( seeds, fertilizer and agricultural machinery ) and tailored 
agricultural finance products, and imperfect agricultural commodity markets and value chains.  
4.3.  The Ministry of Agriculture and Animal Resources (MINAGRI) has primary responsi bility for 
policy formulation and coordination  in the agriculture sector. MINAGRI has two implementing 
agencies: the Rwanda Agriculture and Animal Resources Development Board (RAB), mandated to 
increase productivity through research and extension services;  and the National Agricultural Export 
Development Board (NAEB), mainly tasked with fostering and diversifying agricultural exports. Both 
RAB and NAEB were restructured in May 2017  with a view to improving service delivery ; as a result, 
NAEB was transformed into a SOE. The main laws governing agriculture are presented in Table 2. 1.  
4.4.  In the context of an on -going decentralization of the Rwandan public administration, local 
governments have been absorbing  the functions of MINAGRI's former local branches and certain 
functions  of RAB . Local governments serve as the focal point for coordination of multi -sector 
                                                
1 MINAGRI, Annual Report for Fiscal Year 2015 -2016. 
57.2%
7.9%10.6%22.9%1.4%
Food crops Cash crops Livestock & animal products Forestry FishingChart 4.[Rwanda] Agricultural output by main categories, 2011 and 2017.
2011 2017
Source:  National Institute of Statistics of Rwanda online information. Viewed at: http://www.statistics.gov.rw/.58.6%
7.0%12.6%20.5%1.2%
RWF 1,336 bn. RWF 1,827 bn.
Based on national accounts figures at constant 2014 prices. Note:WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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responses to the needs of local communities. They are increasingly responsible for the delivery of 
key agricultural sector programmes, includ ing nutrition, extension services, soil erosion control, 
disease control, small -scale irrigation, and rural feeder roads rehabilitation and maintenance. 
Agriculture -related earmarked transfers from the central to local governments increased from 
RWF 1.2 bi llion in 2009 /10 to RWF  19.3 billion in 2015 -16.2 According to the authorities, earmarked 
transfers in 2017/18 amounted to approximately 12.1 billion.  
4.5.  Rwanda's agricultural policy aims to bring about a transformation of the sector from 
subsistence to knowl edge-based production, resulting in sustainable economic growth and increased 
food security. In 2018, MINAGRI updated the National Agriculture Policy, dating from 2004, with a 
view to reflecting the evolution of overarching policy and institutional framewo rks, and to 
harmonizing macroeconomic and sub -sector policy instruments in the agricultural sector. The scope 
of the updated policy document has been expanded to cover emerging issues, such as GMOs, 
advances in digitalization, and organic agriculture. MINA GRI has also formulated the fourth 
consecutive Strategic Plan for Agricultural Transformation (PSTA -4), to be implemented during 
2018-24. Both the updated the National Agriculture Policy and PSTA -4 were approved by Cabinet in 
July 2018.  
4.6.  Tariff protection t o agriculture is provided  under the CET ( Common Report, S ection  3.1). 
Nevertheless, under the EAC "stay application" and "duty remission" schemes, Rwanda applies lower 
rates on nine tariff lines. Certain agriculture i nputs and reproductive animals  may be  exempted from 
import duties if designated on a list established by MINAGRI .3 
4.7.  Income earned on  agricultural or livestock  activities is exempt from income tax, up to a 
threshold of RWF 12 million in a given  tax period.4 A number of  agriculture -related goods and 
services are exempted from VAT (Table A3. 1).  
4.8.  Rwanda has not submitted any notifications to the WTO Committee on Agriculture. During the 
review period, government -funded support measures included: fertilizer subsidies (20 -50% of retail 
prices); provision of improved cattle breeds through the Girinka (one cow per poor family) 
programme; provision of seeds and fertilizers to farmers;  financing of youth agribusiness projects;  
and provision of inputs and training to "farmer promot ors" responsible for disseminating best 
agriculture practices.  The BDF continued to administer agricultural financing support schemes, 
including: credit lines; the second Rural Investment Facility (RIF2) providing grants for investments 
in post-harvest and  climate -resilient facilities in six commodity value chains; and the Agricultural 
Guarantee Fund (AGF), providing guarantees for up to 75% of the total collateral value required by 
lenders. According to the authorities, plans for the establishment of natio nal agriculture and livestock 
insurance schemes are under way.  
4.9.  Since 2010, Rwanda maintains a strategic grain reserve to guard against possible food 
emergencies and to ensure the nation's food security. As the administrator of the national strategic 
grain reserve (NSGR)  programme , MINAGRI is responsible for construction of post -harvest 
infrastructures (drying, storage and processing facilities) and for the management of Rwanda's 
strategic grain reserve. Strategic reserve targets have been set at 10,000  t of maize and 5,000  t of 
beans ; the reserve stocks are replaced annually.5 The stocks are sourced from farmer s' cooperatives 
across Rwanda at a price jointly set by MINAGRI, MINICOM and farmer organization s (typically, 
including a 10% mark-up on the cost of p roduction ). At the end of their 12 -month storage period, 
the grains are sold to public institution s (depending on demand ) or through open auction s; the 
minimum sale price is set by MINAGRI . 
                                                
2 MINAGRI, Annual Report for Fiscal Year 2015 -2016. 
3 Ministerial Dec ree No. 003/07 of 9 May 2007.  
4 Law No . 016/2018  of 14 April 2018. 
5 During the review period, the NSGR  budget was: RWF  12.2 billion in 2011-12; RWF  16.2 billion in 
2012-13; RWF  11.8 billion in 2013-14; RWF 21.1 billion in 201 4-15; RWF 2.5 billion in 201 5-16; RWF 5.8 
billion in 201 6-17; and RWF 3.4 billion in 201 7-18. Reserve stocks of ma ize and beans are also kept by d istrict 
governments  and the majority state -owned Rwanda Grain and Cereal Corporation . WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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4.2  Mining and Energy  
4.2.1   Mining, quarrying and upstream petroleum  
4.10.   Rwanda's is endowed with considerable subsoil resources, including columbite –tantalite 
(coltan), tin ore (cassiterite), tungsten ore (wolframite) gemstones, gold, lithium and iron ore . The 
mining industry is a major earner of export revenue (Table  A1.1), a lthough its performance has 
mirrored international price fluctuations. The contribution of mining and quarrying to GDP remains 
low in both nominal and real terms, having remained in the range of 2 -3% during 2011 -17.  
4.11.   Artisanal and small -scale operations, c haracterized by undercapitalization, rudimentary 
technology and high labour intensity, continue to dominate mining activities in Rwanda. Quarrying 
remains relatively undeveloped, and dominated by large international construction firms. 
Value -added construc tion materials are mostly imported.  
4.12.   The mining industry's share of formal employment was estimated at 1.8% in 2018; 
approximately 38% of mining and quarrying employees were also occupied in subsistence 
agriculture.6 The scarcity of skilled labour continue s to hamper the industry's development, although 
Rwanda has taken steps to implement a range of training programmes. Additional challenges include 
limited access to financing, and high energy and transport costs.  
4.13.   During the period under review, Rwanda upda ted the legal and institutional framework for 
geology and mining through the enactment of new laws governing petroleum exploration and 
production, mining and quarry operations, and instituting a minerals tax (Table  2.1). Implementing 
regulations were also enacted to clarify, inter alia , criteria and modalities for: guarantee of 
environmental protection, mine categorization, activity licensing, and exportation of mineral ore 
samples.7 In addition, Rwanda implemented a "bag and tag" mineral traceability schem e, compliant 
with international industry standards and the regional certification mechanism adopted by the 
International Conference on the Great Lakes Region.  
4.14.   In March 2017, the newly established Rwanda Mines, Petroleum, and Gas Board (RMB)  took 
over the geology and mining functions of the former Rwanda Natural Resources Authority (RNRA) 
and the Ministry of Natural Resources (MINIRENA). The RMB is responsible for: formulating policies 
and strategies on subsoil resources (except water), and coordinating the ir implementation ; licensing 
(except for trade in minerals) and supervising entities involved in petroleum exploration and 
extraction, and minerals extraction, trade  and processing; and carrying out geology research and 
exploration activities.  
4.15.   Other insti tutions responsible for certain aspects of subsoil resources management include: 
the RDB, facilitating investment projects and overseeing environmental impact assessments (EIAs); 
the Rwanda Environment Management Authority (REMA), setting environmental sta ndards and 
carrying out environmental inspections; and MINICOM, issuing mineral trading licences.  
4.16.   Rwanda's legislation provides for several types of mineral (exploration and mining) and quarry 
licences (Table  4.1). A special licence , issued by the RMB , is required for any activity related to 
radioactive minerals . In general, a licence is granted to the first applicant that has fulfilled all relevant 
requirement s. A competitive bidding process for the awarding of mineral licences may be required 
by ministeri al order for any area with known mining potential, based on exploration carried out by 
the Government or on past exploration/mining operations.  
4.17.   All licence applications must indicate, inter alia , the proposed location of activities, an action 
plan with imp lementation timeframe, planned investment with proof of its source, and employees' 
qualifications. In addition, applications for an exploration licence must be accompanied by an 
environmental protection plan, whereas mining licence applicants must submit a n approved mineral 
exploration report, an approved EIA, and a financial guarantee of environmental protection. Large -
scale quarry licences also require an approved EIA and a financial guarantee of environmental 
protection. Upon approval, all licensees must  elaborate a corporate social responsibility plan in 
                                                
6 National Institute of Statistics of Rwanda, Labour F orce Survey Trends: February 2018 , June 2018.  
7 Ministerial O rders No. 001/MINIRENA/2015, 002/MINIRENA/2015 and 003/MINIRENA/2015  of 
24 April 2015, and Ministerial I nstructions No. 010/MINIRENA/2016 of 11 January 2016.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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consultation with the concerned local authorities. All licences are transferrable, subject to 
authorization.  
4.18.   The RMB is also responsible for awarding petroleum exploration and production licences with 
3-year and 25 -year validity, respectively. There were no active petroleum exploration or production 
licences during the review period . In 2017-18, the RMB commissioned some petroleum exploration 
activities, including gravity and magnetic surveys.  
Table 4.1 Mineral and quarry licence requirements, 2018  
Licence type  Application 
feea 
(RWF)  Fee due 
on 
approval  
(RWF)  Surface 
area feeb 
(RWF)  Conditions  
Mineral licences  
Exploration  100,000  200,000  250/ha  4-year validity, renewable once after 
relinquishment of 50% of the unexplored area  
Artisanal 
mine 200,000  300,000  300/ha  5-year validity (renewable); minimum 
thresholdsc: reserves of 30  tonnes and monthly 
output of 0.5  tonnes; no mining beyond 40  m 
depth without  special authorization; minimum 
capital investment RWF  70 million within 5 years  
Small -scale 
mine 200,000  500,000  300/ha  15-year validity, renewable for 10 -year periods; 
minimum thresholdsc: reserves of 200  tonnes 
and monthly output of 3  tonnes; minimum 
capital investment RWF  700 million within 5 
years  
Large -scale 
mine 200,000  1,000,000  500/ha  25-year validity, renewable for 15 -year periods; 
minimum thresholdsc: reserves of 3,000  tonnes 
and monthly output of 15  tonnes; minimum 
capital investment RWF  3.5 billion within 5 years  
Quarry licences  
Non-
commercial 
small-scale n.a. n.a. n.a. Area should not exceed 1  ha; 1 -year validity 
(renewable)  
Commercial 
small-scale 50,000  200,000  300/ha  Area should not exceed 5  ha; 5 -year validity 
(renewable); capital investment of at least 
RWF 5,000,000  
Large -scale 200,000  1,000,000  500/ha  Area should not exceed 50  ha; 25 -year validity 
(renewable); capital investment of at least 
RWF 100,000,000; must a dd value to the 
extracted materials  
n.a. Not applicable.  
a Non-refundable.  
b Payable annually.  
c Based on estimates determined by the exploration report or production reports (for previously mined 
sites).  
Source:  Law No. 13/2014 of 20 May 2014 ; and Ministerial Orders No. 002/MINIRENA/2015 and 
No. 003/MINIRENA/2015 of 24 April 2015.  
4.19.   In the procurement of goods and services, the holders of a mineral or a quarry  licence are 
required to give priority to Rwandan contractors and goods made in Rwanda. Licensees must provide 
periodic reports to the Minister in charge of mines and quarries regarding their compliance with the 
requirement to procure local goods and services.  
4.20.   Mining industry incentives include tariff exemption s for imported mining equipment . Minerals 
sold on the domestic market  are zero -rated for VAT. The absence of a tax holiday for investments 
in mining quarrying has been flagged by many in the industry as a disincentive, given the significant 
capital investments required in a mining project's initial stages.  
4.21.   As from Septembe r 2013, Rwanda levies a tax on the sale (including exports ) of minerals, 
assessed at: 4% of the "norm value"  for base metals and other mineral substances; 6% of the "norm 
value" for precious metals (including gold); and 6% of the gross value for gemstones (including WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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diamonds).8 In general, the "norm value" is calculated as the average monthly price at the London 
Metal Exchange.9 The gross value for gemstones is based on a competitive market value estimate. 
Taxpayers can deduct the amount paid in minerals ta x from their income tax base.  
4.2.2   Energy  
4.22.   Biomass continues to dominate Rwanda's energy matrix, accounting for approximately 85% 
of domestic primary energy production in 2011-2018. The remaining primary energy supply is from 
petroleum products ( 13%), and elect ricity ( 2%). Rwanda has considerable untapped potential for 
energy production from several sources, including solar, hydropower, methane gas, and peat 
deposits.  
4.23.   Rwanda's peat reserves are estimated at 155 million tonnes, which could potentially fuel 
1,200  MW of electricity generation. In 2018, there were two active energy projects exploiting peat 
resources. The Lake Kivu methane gas reserves, shared equally between Rwanda and the 
Democratic Republic of the Congo, are estimated at around 55 billion m3 with an estimated annual 
renewal rate of about 120 million m3. Three  projects for methane -powered electricity generation 
were at different stages of implementation in 2018. In addition, there are 333 potential sites for 
installation of micro hydropower plants a cross Rwanda.  
4.24.   The Ministry of Infrastructure (MININFRA) remains responsible for policy formulation in the 
energy sector, except for the downstream petroleum sub -sector which  is within the remit of 
MINICOM . Following an expansion of its mandate in 2013, the  Rwanda Utilities Regulatory Authority 
(RURA) regulates, inter alia , all energy sub -sectors.10 Its responsibilities include all technical, 
economic and legal aspects of regulation. RURA is in charge of issuing licences, monitoring 
compliance, setting tariff s, facilitating dispute settlement, ensuring fair competition, and protecting 
consumers' interests and rights.  
4.25.   Incentives in the energy sector include tariff exemptions for imported equipment and VAT 
exemptions for certain energy supply equipment. Energy p rojects (except fuel -produced energy) are 
also eligible for a corporate income tax holiday of up to seven years and/or a preferential corporate 
income tax rate (15%).  
4.2.2.1   Petroleum products  
4.26.   Rwanda does not produce but imports all domestically consumed petrole um products, mostly 
diesel and petrol, which represented approximately 15% of total imports' value during 2011 -16. 
About 75% of all imported petroleum products are consumed in the transport sector. Diesel is also 
used by generators accounting for approximately 10.7%  of all electricity produced in Rwanda.  
4.27.   In the downstream petroleum subsector, RURA issues licences for: trading i n liquefied 
petroleum gas (LPG), including importation ; installation of LPG plants; installation of petroleum 
storage facilities and bulk fuel delivery facilities (service stations ); trading in petroleum products , 
including importation .  
4.28.   In 2018, there wer e 20 companies licensed to carry out importation, transportation, storage, 
distribution, and wholesale of petroleum products and LPG . There was also one active licence for 
installation of petroleum -related infrastructure. Petroleum products and LPG transit  through 
Tanzania and Kenya by trucks via two main road corridors. The long and expensive supply routes 
result in high fuel prices in Rwanda. The limited supply options, coupled with logistical inefficiencies, 
make Rwanda vulnerable to supply interruptions .  
4.29.   To enhance its ability to respond to serious trade distortions,  Rwanda has been building up a  
strategic reserve stock  of petroleum products and prioritizing (public and private) invest ments  in 
storage facilities . Total storage capacity increased from 31  million litres in 2015 to 73 .1 million litres  
in 2018 , but still falls short of the authorities' target of 90 million litres, equivalent to 3 months of 
                                                
8 Law No. 55/2013 of 2 August 2013.  
9 Whenever a metal is not quoted on the London Metal Exchange, benchmark prices are taken from 
Metal Bulletin. Should quotes be unava ilable from the second source,  benchmark prices are taken from any 
other exchange market.  
10 Law No. 9/2013 of 1  March 2013. WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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consumption requirements . In 2018, there were two privately owned  and five state -owned (including 
two p rivately managed) storage facilities in Rwanda. State -owned depots represented 6 4.8%  of the 
total storage capacity . 
4.30.   Since 2016,  RURA coordinates the setting of nation -wide minimum retail prices for fuels, in 
collaboration with licensed dealers, MINICOM, MI NINFRA, and the Ministry of Finance and Economic 
planning. The general approach is to fully pass through global oil price changes .  
4.2.2.2   Electricity  
4.31.   In December 2017 , electricity generation was almost evenly split between hydropower 
(50.4%) and thermal (47.7%) sources. Solar power accounted for 1.9% of electricity production.11 
In June 2018,  generation capacity installed in Rwanda amounted to 218 MW  (up from 97 MW in June 
2011). Notwithstanding the progress made , installed generation capacity is still insufficien t to meet 
domestic demand and Rwanda remains a net importer of electricity. In 2017, reported technical and 
non-technical losses constituted, on average, 20% of gross electricity supply, against 23.8%  in 2011.  
4.32.   The national electricity grid covers 32.7%  of Rwanda's territory; interconnections are in place 
with Burundi and the DRC . Electricity subscribers connected to the national grid increased from 
216,000 in December 2011  to 718,311 in December 2017 . The number of off-grid customers also 
increased consider ably in the same period,  but the gap between urban and rural areas' access to 
electricity remains very large. According to the authorities' estimates, more than 60% of Rwandan 
households still have no access to electricity . 
4.33.   In 2014, the state -owned enterpr ise Energy, Water and Sanitation Authority (EWSA) was 
broken up to ensure the separation of energy and water operations. On the energy side, the 
restructuring resulted in the creation of a holding company, Rwanda Energy Group Limited (REG), 
and two subsidi aries: the Energy Utility Corporation Limited (EUCL), operating  the existing 
generation plants, and transmission and distribution network s; and the Energy Development 
Corporation Limited (EDCL), entrusted with energy infrastructure planning  and development , and 
electricity generation and distribution .12  
4.34.   RURA is responsible for activity licensing (Table  4.2) and tariff setting  in the electricity 
subsector.  Electricity generation is open to competition, with 25 independent power producers (IPPs) 
in operation as at 30 June 2018 (up from none in June 2011). IPPs sell their electricity to the national 
system operator, EUCL, which has a de jure  monopoly on electricity transmission in Rwanda. EUCL 
also has a de facto  monopoly on distribution, and domestic and international trade in electricity. In 
addition to purchas ing electricity from IPPs in Rwanda,  EUCL imports electricity from Burundi and 
the DRC.  
Table 4.2 Electricity licen sing, 2018  
Licence type  Validity  Cost (USD)  
Generationa 25 years  5,000 -50,000 depending on 
projected capacity  
Transmission  25 years  25,000  
Distribution  25 years  5,000 -30,000 depending on 
projected capacity  
Domestic trade  5 years  300 for "small dealers "; 3,000 
for "big dealers " 
International trade  5 years  10,000 -30,000 depending on 
line voltage  
a Production of electricity for own consumption does not require a licence if the generation capacity is 
less than 50 kW.  A generation licence also gives its holder the right to sell electricity to large -scale 
customers in Rwanda.  
Source:  RURA . 
                                                
11 Rwanda Utilities Regulatory Authority , Statistics in E lectricity Sub-Sector as of December of the year 
2017. 
12 All three enterprises are fully state -owned.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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4.3  Manufacturing  
4.35.   Manufacturing output expanded by nearly 47% in real terms between 2011 and 2017, 
registering steady growth across all industries. Fo od processing remained the principal industry, 
followed by beverages and tobacco, and chemicals, rubber and plastics (Chart  4.2). 
4.36.   Notwithstanding the steady growth, at less than 6% in 2017, the manufacturing sector's 
contribution to real GDP is still modes t. Rwanda remained a net importer of manufactures throughout 
the review period; its trade deficit widened considerably due to sustained dynamism in imports of 
machinery and transport equipment, chemicals and other semi -manufactures.  
Chart 4.2 Manufacturing output by main categories, 2011 and 2017  
 
Note:  Based on national accounts figures at constant 2014 prices.  
Source:  National Institute of Statistics of Rwanda online information. Viewed at: 
http://www.statistics.gov.rw . 
4.37.   The high inland transport costs, a consequence of Rwanda's landlocked situation and the 
dependence on a single mode of transport, are a disincentive to establish manufacturing operations 
in the coun try. Weaknesses in electricity supply and telecommunications pose additional challenges. 
To offset these disadvantages, Rwanda offers a range of tariff and tax concessions for investment in 
manufacturing, as well as incentives under its SEZ  programme and t he EPZ scheme harmonized at 
EAC level (S ection  3.3.1) . 
4.4  Services  
4.38.   Rwanda has undertaken limited GATS commitments on certain professional services (legal, 
medical, and dental services); adult education services; sanitation and similar services; hotel and 
restaurant services; and recreational, cultural, and sporting services in centres promoting 
eco-tourism. For each of these services, Rwanda has undertaken not to maintain any market access 
or national treatment restrictions for modes 1 to 3 (cross -border s upply, consumption abroad, and 
commercial presence). Unbound are measures affecting the presence of natural persons for the 
supply of medical and dental services, and hotel and restaurant services (specialized personnel and 
senior executives are the except ion).13 For the other activities mentioned above, Rwanda has 
undertaken not to maintain any restrictions on the presence of natural persons.  
                                                
13 WTO documents GATS/SC/107, 30 August 1995 ; and S/DCS/W/RWA, 24 January 2003.  
WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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4.4.1   Transport  
4.39.   During the review period, the economic disadvantages of Rwanda's landlocked situation 
continued to be exac erbated by weaknesses in transport infrastructure. Due to the country's 
predominantly mountainous terrain, most passengers and cargo are transported by road. For access 
to international markets, Rwanda mainly depends on two transport routes, the Northern a nd Central 
corridors, connecting the landlocked countries of East and Central Africa to the seaports of Mombasa 
and Dar es Salaam.  
4.40.   Notwithstanding recent improvements to the national road network, inadequate domestic and 
external transport links remain an important hindrance to trade flows. Although it still has no railway 
network in operation, Rwanda has joined forces with neighbouring countries to deploy railway links 
along the Central and Northern corridors.  
4.41.   The Ministry of Infrastructure (MININFRA) rem ains in charge of infrastructure -related  policy 
formulation for all modes of transport. Public entities under MININFRA's supervision include the Road 
Maintenance Fund (RMF), the Rwanda Transport Development Agency (RTDA), the Rwanda Civil 
Aviation Authorit y (RCAA), Rwanda Airports Company (RAC), Aviation Travel and Logistics (ATL) , 
and the national flag carrier airline Rwandair . The regulation of road and inland  waterway transport 
services is within the remit of the Rwanda Utilities Regulatory Authority (RU RA). The Central and 
Northern corridors traversing Rwanda are managed by respective regional agencies.  
4.42.   While various laws  (Table  2.1) and regulations were adopted during 2011 -18, Rwanda still 
lacks an overarching law governing the transport sector. A Publ ic Transport Policy and Strategy 
document and a Strategic Transport Master Plan were elaborated in 2012. Rwanda's main objectives 
in the transport sector include: increasing external connectivity, diversifying the available modes of 
transport, and improvin g the quality of transport services.  
4.43.   Transport service providers are required to pay an annual regulatory fee equivalent to 1% of 
their turnover as a contribution to the functioning of RURA.  
4.4.1.1   Road transport  
4.44.   Road transport is estimated to account  for over 95% of the volume of freight and human 
movement. In 2017, the active licences in the subsector comprised: 25 for domestic transport ation 
of goods , 47 for domestic transportation of persons , 6 for cross -border transportation of persons , 
14 for freight forwar ding, 30 for car rental operat ions, and 53 for taxi cab  services. According to the 
authorities, the majority of road transport operators are private ly owned. The State owns 52% of 
Rwanda Interlink Transport Company Ltd  (RITCO ), a public -private joint venture providing 
passenger transport services  mostly  in rural areas.   
4.45.   The Rwandan road network is fully state-owned. Its maintenance costs are generally high, 
due to the mountainous terrain and rainfall -driven erosion. Since 2011, MININFRA has made effort s 
to improve road conditions. Rehabilitation and maintenance of rural feeder roads by local 
governments has also been one of the pillars of th e National Agriculture Policy (S ection  4.1). In 
2016, 95% of national paved, 55% of national unpaved and 45% of di strict unpaved road networks 
were deemed in good condition.14 The corresponding figures in 2011 were 45%, 10% and 10%.  
4.46.   The revenues of the RMF are derived from: a fuel levy and road toll charged on foreign heavy 
vehicles as per COMESA regulations.15 Receipt s from an infrastructure development levy  
(Section  3.1.4) are also intended to help finance  maintenance works on Rwanda's road  network . 
Collected funds are disbursed on  a quarterly basis to the RTDA, the City of Kigali and district  
government s for executio n of routine road maintenance.  
                                                
14 MININFRA, Infrast ructure Sector Annual Report for FY 2015/16  (August 2016 ). 
15 In 2018, total RMF resources amounted to RWF  49billion, about 75% of which were attributable to the 
fuel levy.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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4.47.   Rwanda's road connections to the Port of Mombasa and Dar es Salaam are 1,740 km and 
1,480 km long, respectively. The long distances, coupled with unequal flows on the trading routes, 
pose significant difficulties and costs i n transporting Rwandan goods to international markets.  
4.48.   The provision of domestic freight, domestic (intercity and urban)  passenger, and international 
passenger transport services is subject to licensing by RURA.16 Long-term (five -year) licenc es for 
provisi on of transport services on  specific routes are award ed through a competitive tendering 
process. For routes not covered by a long -term licence, RURA may award short -term licences with 
two-year validity (renewable ) or temporary authorizations valid for three months. RURA also sets 
the fare tariffs for public transport within Kiga li and on intercity routes.  
4.4.1.2   Air transport  
4.49.   Rwanda is signatory to the Yamousoukro Decision of 1999 and the Declaration of Solemn 
Commitmen t of 2015 on the liberalization of African airspace. International air transport services 
remain governed by bilateral agreements. As at October 2018, Rwanda had ratified 16 such 
agreements covering 16 partner countries.  All bilateral agreements in force s tipulate first through 
fourth freedoms of the air; the agreement with Burundi also provide s for fifth freedom rights.  
4.50.   The national flag carrier, Rwandair, receives financial support from the State for aircraft 
purchases and operating costs. Budgetary allo cations in support of the airline's operations averaged 
0.7% of GDP during 2013 -17.17 During 2011 -18, Rwandair's fleet increased from 5 to 12 aircraft.  
4.51.   During the review period, Rwanda restructured state -owned assets in the air transport 
subsector with a vi ew to, inter alia , separating the RCAA's regulatory and commercial operations. 
Aviation Travel and Logistics Ltd (ATL), a holding company established in October 2015, consolidated 
the activities of five SOEs: Rwandair (the national flag carrier), Rwanda Ai rports Company Ltd (air 
navigation services; management of airports), Akagera Aviation Ltd (aviation (helicopter) services; 
aviation training; aviation maintenance), Rwanda Tours and Events Ltd (tourism services), and 
Rwanda Links Logistics Ltd (ground han dling). As from March  2018,  the RCAA remained solely the 
civil aviation regulator; it no longer acts as the manager of national airports and provider of air 
navigation services.18  
4.52.   As at October 2018 , Rwanda had three airstrips (Ruhengeri, Butare, and Nemba ), one 
domestic airport (Gisenyi), and two international airports (Kigali and Kamembe). All airstrips and 
airports are state -owned . During 2011 -18, the authorities made significant investments in the 
renovation of airport infrastructure, and in the moderni zation of air navigation and weather reporting 
systems. However, due to increasing traffic, Kigali International Airport has been operating at nearly 
full capacity.  
4.53.   In September 2016, Rwanda signed a build –operate –transfer contract for what will become 
the country's largest international airport (Bugesera) serving the Kigali metropolitan area. The 
contract terms stipulate a 25 -year concession for operating the airport, renewable for an additional 
15 years. The main contractor, a Portuguese company, is to p rovide 75% of the funding, with the 
remainder being provided by the state -owned enterprise Aviation Travel and Logistics Ltd (ATL).  
4.4.2   Telecommunications  
4.54.   During 2011 -18, the telecommunications sector maintained a steady growth trajectory and 
remained one of the primary targets for foreign direct investment flowing into Rwanda. Nevertheless, 
its contribution to real GDP remains low, although it increased from about 1.3% in 2011 to 1.7% in 
2017.19 The number of formal employees in the sector also remains relativ ely low, at 901 in 
March  2018 against 840 in December 2011.  
4.55.   Internet was the most dynamic telecommunications market segment, in terms of both entry 
of service providers and subscriber growth (Table 4.3). Two additional operators entered the 
                                                
16 Cross -border freight transport operators are licensed by the RRA.  
17 IMF, Rwanda: N inth review under the policy support instrument –debt sustainability analysis  
(May 2018).  
18 Law No. 03/2017 of 21  February 2017. 
19 National Institute of Statistics of Rwanda, National accounts statistics, March 2018.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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fixed-line tel ephony market in 2016, despite the declining trend in fixed -line teledensity. Market 
concentration, as measured by the top three providers' combined market share, remained very high 
in all segments.  
Table 4.3 Penetration and concentration by segment, 2011 -17  
  2011  2012  2013  2014  2015  2016  2017  
Subscriptions per 100 inhabitants (%)  
   Fixed -line telephony  0.36 0.41 0.43 0.44 0.15 0.12 0.1 
   Mobile telephony  41.5 53.1 63.0 68.3 77.8 79.2 76.5a 
   Internet  7.0 8.4 19.6 n.a. 32.5 36.6 45.5 
   Mobile moneyb 6.0 13.4 23.9 57.1 68.1 86.3 86.0 
Number of active providers  
   Fixed -line telephony  2 2 2 2 2 4 4 
   Mobile telephony  2 3 3 3 3 3 3 
   Internet  7 9 8 9 13 16 17 
Market share of top provider  
   Fixed -line telephony  74.3 72.0 70.0 65.0 91.0 71.0 77.0 
   Mobile telephony  65.0 60.0 53.0 52.7 47.0 46.0 42.0 
   Internet  71.6 57.0 46.9 46.0 42.1 39.6 51.2 
Market share of top 3 providers  
   Fixed -line telephony  100 100 100 100 100 99.9 99.9 
   Mobile telephony  100 100 100 100 100 100 100 
   Internet  99.7 99.6 99.9 99.9 99.9 99.8 99.7 
n.a. Not available.  
a The lower mobile teledensity  figure for 2017 is attributable to a change in the definition of active 
subscri ptions (excluding  those ina ctive for the past three months) . 
b Mobile money is a service that allows a mobile phone to be used for storing and transferring money, 
and for accessing other financial services. Agent -assisted transactions account for the penetration 
rate of mobile money  being higher than that of mobile telephony.   
Source:  RURA quarterly publications. Viewed at: http://www.rura.rw/index.php?id=60 . 
4.56.   During the review period, the Rwandan authorities adopted national policies  on: broadcasting, 
broadband, cyber security, data analytics, and digital talent.20 In November 2015, following a review 
of the national Information and Communication Technologies (ICT) strategy and plans, the 
authorities adopted the SMART Rwanda Master Pla n (SRMP) with the aim of accelerating the 
Rwandan economy's knowledge -based transformation. The SRMP, relies on three key enablers: ICT 
governance and management; digital talent development; and broadband for all through shared ICT 
infrastructure.  
4.57.   Legisla tive developments in the telecommunications sector included the enactment of a 
framework ICT law, a law governing media, as well as laws establishing the Rwanda Information 
Society Authority (RISA) and the National Cyber Security Authority (NCSA) (Table  2.1).  
4.58.   The Ministry of Information Technology and Communications (MITEC) has primary 
responsibility for policy formulation. As from 2017, RISA is in charge of implementing national ICT 
for development initiatives, whereas NCSA is responsible for implementing  the national ICT security 
policy. RURA remains the sectoral regulator; its mandate includes: granting licences; monitoring 
compliance with licence obligations; managing scarce resources (frequency spectrum and 
numbering); certifying imported ICT equipment ; and representing Rwanda internationally on issues 
pertaining to ICT.  
4.59.   Rwanda applies three types of licences: an individual licence granted by an express and 
individual decision; a standard licence; and a "general authorization licence". Under the "gener al 
authorization licence", a natural or legal person can install electronic communications networks, 
provide electronic communications services, or use radio communications equipment on the basis of 
a simple notification to RURA.21 The authorization is gran ted automatically, free of charge, and for 
an unlimited term. Standard or individual licences are required from: providers of communications 
                                                
20 Ministry of Information Technology and  Communications online information. Viewed at: 
http://mitec.gov.rw/policies -publications/policies -and-regulations/policies/approved -policies/ . 
21 Related activities, such as import ation, supply,  installation and maintenance  of electronic 
communications equipment , also fall within the general authorization system.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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network infrastructure; network service providers; application service providers; and content service 
providers.22  
4.60.   All licensed operators are required to contribute 2% of their annual turnover to a universal 
access fund (UAF).23 RURA has the mandate to manage this fund in a way that favours the spread 
and take -up of ICTs in designated remote and underserved areas of Rwa nda. Project proposals 
seeking UAF financing may be submitted by the general public and must be approved by RURA's 
Regulatory Board. Implementation contracts for approved projects are awarded through competitive 
bidding , in accordance  with Rwanda's legisla tion on public procurement, to telecommunications 
operators licensed in Rwanda.24 
4.61.   According to the authorities, most prices in the telecommunications sector are liberalized. 
While operators may freely negotiate technical and commercial arrangements for inte rconnection, 
RURA intervenes to set fair, reasonable and non -discriminatory interconnection rates.  
4.62.   Consumers' switching costs remain a significant barrier to entry in both mobile and fixed -line 
telephony due to the lack of a number portability mechanism. Apart from the LTE (4G)  segment 
where retail service providers are required to purchase wholesale connectivity from a single network 
operator (see below), there are no virtual telecommunications operators in Rwanda. In addition, 
Rwanda is yet to implement pro-competitive measures, including : secondary spectrum trading; local 
loop unbundling; national mobile roaming; carrier pre -selection; and wholesale line rental.  
4.63.   Through a public -private partnership (PPP) with a Korean company, Rwanda launched the 
deployment a national fibre -optic network and a national LTE network in 2008 and 2013, 
respectively. The roll out of fibre -optic infrastructure (over 3,000 km covering all of Rwand a's 
30 districts and 11 border points) was completed by 2011. This fibre -optic backbone is operated by 
Korea Telecom Rwanda Networks  (KTRN), which  is 49% state -owned.   
4.64.   Following the launch of operations within Kigali in November 2014, the LTE network has 
continued expanding. As of March 2018, it covered 92.5% of Rwanda's territory, representing an 
area inhabited by 95.1% of the population. KTRN  has been granted spectrum and an exclusive 
license to operate the LTE network for 25 years. KTRN offers LTE connec tivity on a wholesale basis 
to mobile operators and internet service providers in Rwanda.  
4.65.   Any radio or telecommunications equipment, whether used in the deployment of networks or 
by end -users, requires type -approval certification before it may be sold for  use, imported, or installed 
in Rwanda. Virtually all  such equipment is imported. RURA issues type -approval certificates on an 
item-specific basis. Subsequent importations of previously type -approved items are not required to 
repeat the certification proce dure in order to clear customs. To date, there are no equivalen ce 
recogni tion arrangements for type approvals granted in overseas jurisdictions.   
4.66.   As at March 2018, there were 28 licensed courier and postal operators in Rwanda, including 
1 intra -city, 5 reg ional, 14 domestic, and 7 international courier licensees, as well as the holder of 
the public postal operator licence. The National Post Office (NPO), a public institution, provides: mail 
services; certain financial services (money transfers, current and savings accounts, foreign 
exchange); and ICT training and certification. According to the authorities, NPO retains a monopoly 
on the management of P.O.  boxes and the sale of postal stamps. Approximately 99.9% of mail 
deliveries carried out by NPO take plac e through its 11,303 P.O.  boxes.  
4.4.3   Financial services  
4.67.   Rwanda's financial services sector accounted for about 3% of real GDP at end -June 2018, up 
from 2.8% in 2011.25 Although it continued deepening during the review period, the Rwandan 
financial system remai ns underdeveloped, with particularly shallow non -bank segments. Financial 
                                                
22 Law N o. 24/2016 of 18  June 2016. 
23 Presidential O rder N o. 05/01 of 13  March 2004. 
24 During 2011 -18, UAF-funded projects included: the establishment of a national emergency call 
centre ; support to the National Council of Persons with Disabilities for acquisition of appropriate ICT 
equipment ; and provision of connectivity to schools and health facilities in remote areas . 
25 National Institute of Statistics of Rwanda, National accounts statistics, March 2018.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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intermediation, as reflected by the ratio of the (bank -dominated) overall loan portfolio to GDP, was 
some 23.5% in June 2018 against 15.8% in 2011 (Table  4.4).  
4.68.   Total financial secto r assets represented 53.7% of GDP in June 2018. Banks continue to 
dominate the financial system, accounting for 65.5% of total assets in June 2018, down from 71.6% 
in 2011. The remaining financial sector assets were divided between the pension (18.1%), ins urance 
(9.8%), and microfinance (6.6%) segments. Banks also accounted for 92% of all loans, down from 
93.5% in 2011.  
4.69.   The National Bank of Rwanda (BNR) regulates and supervises the financial sector, except for 
the securities market, and runs the central sec urities depository system. Its strategic goals include: 
ensuring price stability and resilience to external shocks, promoting a sound and inclusive financial 
system, and achieving a cashless economy. The Capital Market Authority (CMA) is responsible for 
regulating the securities market, including commodity and warehouse receipt exchanges, and 
collective investment schemes.26  
4.70.   During 2011 -18, the state remained involved in the banking segment through the full 
ownership of Development Bank of Rwanda (BRD), a m ajority stake in Rwanda's largest commercial 
bank, Bank of Kigali, and (until March 2017) a minority stake in I & M Bank Plc.27 Rwanda's public 
health insurance and pension schemes are operated by the Rwanda Social Security Board (RSSB), 
and a "security org ans" health insurance scheme is operated by Military Medical Insurance (MMI). 
Both the RSSB and MMI are fully state -owned.  
4.71.   Rwanda's investment code designates financial services as a priority economic sector and 
stipulates fiscal incentives for a range of financial intermediation activities (Section  2.4). Most 
financial services are also VAT -exempt (Section 3.1.4.2). In addition, the state -owned BRD is 
exempted from corporate income tax. In 2017, Rwanda's insurance segment received temporary 
state support i n the form of debt guarantees.28 
Table 4.4 Financial sector indicators, 2011 -18 
(RWF billion, unless indicated otherwise)   
2011  2012  2013  2014  2015  2016  2017  2018a 
Total financial system assets, of which  1,513  1,881  2,289  2,714  3,193  3,559  4,047  4,280  
   Banks  1,084  1,248  1,511  1,803  2,133  2,380  2,685  2,824  
    Assets of state -owned banks  382 438 594 666 745 866 952 951 
   Micro finance institutions (MFIs)  77 101 129 159 209 223 244 283 
   Insurance companies  158 199 233 271 305 347 400 423 
   Pension funds  193 334 416 481 546 610 718 749 
Loans, of which  623 835 954 1,141  1,386  1,591  1,784  1,874  
   Banks  583 775 881 1,051  1,269  1,457  1,646  1,723  
    State -owned banks  203 284 335 386 456 558 662 675 
   MFIs 41 59 74 90 117 134 138 150 
Non-performing loans/total loans (%)  8.9 8.0 7.7 6.7 7.1 8.7 8.7 8.0 
Non-performing loans/bank loans (%)  8.0 7.1 6.9 6.0 6.2 7.6 7.6 6.9 
Non-performing loans/MFI loans (%)  12.0 8.5 6.8 7.0 7.9 9.0 8.2 8.0 
Loans in foreign currency/bank loansb (%) 1.4 1.1 2.2 9.1 10.7 11.2 13.4 14.2 
Loans/GDP (%)  15.8 18.5 19.4 20.9 23.2 23.9 23.5 23.5 
Deposits, of which  697 795 935 1,128  1,535  1,645  1,847  1,989  
   Banks  651 741 866 1,042  1,418  1,530  1,723  1,833  
    State -owned banks  181 208 276 325 385 419 455 473 
   MFIs 46 54 69 86 117 114 124 156 
Deposits in foreign currency/bank depositsb (%) 22.8 24.5 27.3 31.3 20.1 27.5 27.4 29.4 
Deposits/GDP (%)  17.7 17.6 19.0 20.6 25.7 24.7 24.3 25.0 
Interest rate spread, domestic currency (% point)  8.8 5.8 8.4 9.9 9.4 9.2 8.5 8.7 
a As at 30 June 2018.  
b Microfinance institutions (MFIs) are not allowed to take deposits or lend in foreign currency.  
                                                
26 Law No.  23/2017 of 31  May 2017. 
27 In March 2017 , the Government of Rwanda divested its stake of 19.81 % in I & M Bank Plc through an 
initial public offering and subsequent listing on the Rwanda Stock Exchange . MINECOFIN online information. 
Viewed at: 
http://www.m inecofin.gov.rw/index.php?id=12&tx_ttnews%5Btt_news%5D=600&cHash=699f74eaef56bafdcf7
19b9d8aecd6e3 . 
28 IMF, Rwanda: Ninth review under the policy support instrument –debt sustainability analysis , 
May 2018.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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Source:  National Bank of Rwanda.  
4.72.   Most loans remain short - to medium -term, with lending by both banks and microfinance 
institutions (MFIs) concentrated mainly in retail trade and construction. As of June 2018, the 
agriculture sector accounted for 14% of the entire loan portfolio of MFIs. During 2011 -2018, interest 
rate spre ads between domestic -currency deposits and loans were in the range of 5.8 to 9.9 
percentage points. The shares of foreign -currency denominated deposits and loans in the banking 
segment's respective total portfolios have been on the rise (Table 4. 4). 
4.4.3.1   Banking and microfinance  
4.73.   At 30 June 2018, Rwanda's banking segment comprised 11 commercial banks, three 
microfinance banks, one development bank, and one cooperative bank. Three new commercial banks 
entered the Rwandan market during 2011 -18, contributing t o decreasing concentration in the 
segment. In June 2018, the three largest banks accounted for 46.4% of total bank assets and 46.5% 
of total deposits, down from 50% and 57.8%, respectively, in 2011. However, their combined share 
of gross loans increased fr om 54% to 55.8% over the same period.  
4.74.   Foreign banks may enter the Rwandan market by establishing a subsidiary; no foreign equity 
caps apply. Foreign banks may also be authorized by the BNR to establish representative offices, 
which are not allowed to condu ct direct banking activities in Rwanda. Foreign payment services 
institutions may conduct business through a branch office in Rwanda.  
4.75.   During 2011 -18, the BNR revised several bank regulations, including on capital and liquidity 
requirements, to align them w ith Basel II and (in some cases) Basel III Standards. Minimum capital 
requirements apply depending on the type of bank licence sought: RWF  5 billion for commercial 
banks; RWF  3 billion for development banks, and RWF  1.5 billion for microfinance banks.29 In 
addition, foreign applicants must provide a statement of prior approval or no objection from the 
supervisory authority of their home country for the establishment of a subsidiary or any other office 
in Rwanda.  
4.76.   Licensed banks must also comply with prudenti al regulations, including minimum thresholds 
for the risk-weighted  capital adequacy ratio (15%) , the liquidity ratio (30%) , and the net stable 
funding ratio (100%) . According to the authorities, the licensing and prudential requirements apply 
uniformly to all institutions regulated by the BNR.  
4.77.   Access to financial services in Rwanda remains driven by savings and credit co -operatives 
(Umurenge SACCOs) and mobile phone -based financial services, known as mobile money. In its 
2016 FinScope survey, the BNR estim ated financial inclusion at 89% of the adult population , up from 
72% in 2012 and 47% in 2008.30 The establishment of district -level SACCOs is estimated to have 
brought 2.7 million  new customers into Rwanda's financial sector. Mobile money services were firs t 
introduced in Rwanda in 2010 and by 2013 all three mobile telephony operators offered mobile 
money products. Mobile money penetration grew from 6% in 2011 to 86% in 2017 ( Table  4.3). The 
total value of e -payment transactions reached 30% of GDP in June 20 18, up from 0.32% of GDP in 
2011.   
4.78.   At 30 June 2018 , there were 473 active microfinance institutions in Rwanda, including 19 
limited liability microfinance companies and 454 SACCOs. MFIs serve approximately 3.7 million 
depositors and 254 thousand  borrowers in Rwanda. SACCOs accounted for 75.7%, 69.2% and 
71.4%  of total assets, loans and deposits, respectively, in the microfinance segment.  
4.79.   In order to obtain an MFI licence, applicants must establish as a legal person under Rwandan 
law and comply with minimum  capital requirements: RWF  5 million for a SACCO and RWF  300 million 
for a limited liability company. The capital must be deposited in a blocked account at the BNR.31 
Licensed MFIs must also respect prudential capital adequacy and liquidity thresholds.  
                                                
29 Applicants must pay  a non -refundable application fe e of R WF 1 million and an annual licence fee of 
RWF 5 million.   
30 National Bank of Rwanda, Annual Report 1 July 2016 – 30 June 2017   
31 The BNR levies a licensing fee  of RWF  50,000  and fee of RWF  5,000  for opening a branch.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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4.80.   A deposit guarantee fund (DGF) for banks and MFIs, established in 2015, began collecting 
quarterly premiums in April 2017.32 The DGF covers up to RWF  500,000 per depositor in the event 
of bankruptcy  of a bank or a MFI. Deposits excluded from DGF protection inc lude those made by: 
banks and MFIs (interbank deposits); the Government or a public agency; insurance companies, 
pension funds and collective investment schemes; and persons holding more than 5% of the voting 
rights in the insolvent  bank or MFI.  
4.4.3.2   Insurance  
4.81.   In June 2018 , Rwanda's insurance market comprised 16 insurance companies, including ten 
non-life insurers, four life insurers, and two public medical insurers. There were also 17 insurance 
brokers, 744 insurance agents, and 18 loss adjusters. The Rwanda Social Security Board (RSSB) 
operates the public health insurance scheme, whereas Military Medical Insurance (MMI) operates 
the "security organs" health insurance scheme.33 
4.82.   Gross written premiums amounted to RWF 70.2 billion , up from RWF 40.8 billion  in 2011. 
Private insurers , active predominantly in the non -life insurance segment , accounted for 53.7% of 
gross premiums  written.  Compulsory insurance classes in Rwanda comprise: third-party liability 
motor vehicle  insurance, fire ins urance o f commercial or public gathering buildings, medical 
professional s' liability insurance , and the community -based health insurance.  
4.83.   Insurance activities can be performed by Rwandan -incorporated companies  or foreign 
subsidiaries, duly  licensed by the  BNR. The licensing requirements include uniform minimum social 
capital thresholds: RWF  1 billion for insurers and RWF  50 million for insurance brokers. In addition, 
insurance intermediaries are required to have a professional indemnity insurance policy co vering: at 
least RWF  200 million per year and RWF  20 million per accident for insurance brokers; and at least 
RWF 10 million per year for insurance agents and loss adjusters.34 Foreign applicants must provide 
a statement from the supervisory authority of th eir home jurisdiction  declaring the company's senior 
management to be fit and proper persons and giving prior approval  (or no objection ) for the 
establishment of a subsidiary or any other office in Rwanda. Effective 23 February 2017, the BNR 
suspended the licensing of new insurance companies until further notice, in a bid to strengthen the 
insurance subsector's financial stability and soundness.35 
4.84.   Licensed insurers are not allowed to  carry out both short-term ( non-life) and long -term (life) 
insurance busines s. Prior approval from the BNR is required whenever Rwandan insurers wish to 
underwrite risks outside the country or foreign insurers wish to underwrite risks in Rwanda. In the 
latter case, the Rwandan insurers' association must confirm the lack of market cap acity among local 
insurers to underwrite the risk or the non -availability of the particular insurance product or risk 
coverage on the domestic insurance market.36  
4.85.   According to the authorities, prudential requirements on liquidity, solvency and the 
diversif ication of technical reserves apply uniformly to all licensed insurance companies.  
4.4.3.3   Securities  
4.86.   As of June 2018 , the securities segment comprised the Rwanda Stock Exchange (RSE) , 
8 securities brokers, 3 credit rating agencies, 2 custodians, 4 asset manageme nt companies, 
3 investment advisors, 3 registrar s, 1 sponsoring broker , and 1 unit trust . In principle, foreign 
companies and individuals receive national treatment in licensing requirements and other 
                                                
32 Law No. 31/2015 of 5 June 2015 and Regulation No. 001/2016 of 18 May 2016.  
33 The Rwanda Social Security Board (RSSB) also dominates the pension segment, being the provider of 
mandatory pension coverage to all formally employed workers in Rwanda. Voluntary pension schemes are still 
at an embryonic stage of development.  
34 The licensing of insurers is subject to a non -refundable application fee of RWF  1 million , an initial 
licence fee of RWF 5 million and an annual supervision fee of RWF  5 million.  Insurance intermediaries must pay 
the foll owing application  and annual licence  fees: brokers, RWF 100,000  and RWF 500,000 ; agent s, 
RWF 20,000 and RWF  50,000 ; and loss adjuster s, RWF 50,000 and RWF 100,000 .  
35 BNR, Public notice on the moratorium of new insurance companies , 23 February 2017. Viewed at: 
https://www.bnr.rw/fileadmin/AllDepartment/PressReleases/doc00925220170223164847.pdf .  
36 The BNR authorization  is subject to  the following processing fee s: RWF 1 million for foreign insurer s 
and RWF  500,000 for insurance broker s licensed  in Rwanda . WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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prerequisites for performing professional activities on  the securities market. There are no restrictions 
on foreign portfolio investment in Rwanda.  
4.87.   The capital market remains embryonic, with equities being the main securities traded , 
although treasury bonds  trading has been growing rapidly . The Government of Rwanda, through the 
BNR, has been issuing treasury bonds in the primary market on a quarterly basis since 2013, with 
a view to tapping domestic resources and fostering capital market development. Second ary trading 
of treasury bonds on the RSE has been on t he rise, spurred by the launching of a bond reopening 
mechanism in June 2018 . Total turnover  on the secondary market for  treasury bonds was 
RWF 8billion in  fiscal year 2017-18, up from RWF  4.7 billion in 2016 -17.  
4.88.   As of June 2018 , there were eight companies listed on the on the RSE; four initial public 
offerings of shares took place during 2011 -18. Bank loans remain the predominant source of funding 
for Rwandan companies, although two corporate bond placements in 2008 and 2014 indicate 
investors' i nterest in such instruments.  
4.89.   In 2018, in an effort to attain full membership of the International Organization of Securities 
Commissions (IOSCO), the CMA launched a review of the legal and regulatory framework in place 
in Rwanda.  Fiscal incentives aimed a t promoting the development of Rwanda's capital market are 
stipulated in the Investment Code, the income tax and VAT laws  (Table  2.1).  
4.4.4   Tourism  
4.90.   Rwanda's tourism sector grew steadily during 2011 -17, although its estimated contribution to 
real GDP remained below 3 %. More than 1.5 million international arrivals were recorded in 2017, up 
from 908 thousand  in 2011. Tourists arriving for holidays represented less than 10 % of all arrivals 
during the review period (Table  4.5).  
Table 4.5 Arrivals by origin and purpose of visit, 2011 -17 
  2011  2012  2013  2014  2015  2016  2017  
Total arrivals (1,000)  908 1,061  1,122  1,219  1,298  1,377  1,553   
(% of total)   
By origin        
 
  EAC 41.1 41.1 42.2 43.2 43.6 41.6 43.1 
  Democratic Republic of the Congo  44.6 44.6 43.6 44.0 42.8 42.6 37.7 
  Rest of Africa  1.0 1.0 1.1 0.9 0.9 1.2 3.4 
  Europe  5.9 5.9 5.5 5.1 5.6 4.9 4.8 
  Asia 2.0 2.0 2.0 1.7 1.6 2.9 2.6 
  North America  2.7 2.7 2.9 2.5 2.7 3.2 2.6 
  Rest of the World  2.7 2.7 2.7 2.6 2.8 3.6 5.8 
By purpose        
 
  Business  43.6 39.1 37.4 32.4 31.6 23.6 29.6 
  Visiting friends  32.6 28.8 29.2 32.6 34.2 35.1 30.6 
  Holiday  9.0 9.0 9.2 8.6 9.0 7.0 7.5 
  Transit  3.7 3.7 4.1 4.0 4.6 32.3 27.6 
  Other purposes  11.3 19.4 20.0 22.3 20.6 2.0 4.7 
Source:  Data provided by the authorities . 
4.91.    Rwanda is rich in biodiversity, including important endemic species of flora and fauna, some 
of which are endangered. While it is renowned for mountain gorillas, Rwanda is home to three more 
primate species: chimpanzees, black -and-white colobus monkeys, and the endangered golden 
monkey. Other tourist attractions include savannah wildlife (notably the "big five" animals), nearly 
700 bird species, dense rainforests, beaches and night -fishing at Lake Kivu, cultural experiences, 
and tea and coffee plantations. Kigali has also been developing a reputation for its vibrant nightlife 
and for events tourism.  
4.92.   Despite the constraints posed by the country's relatively small tot al surface area 
(26,338  km2), the authorities have allocated 10% of its territory to conservation and protection in 
four national parks. Three national parks are transboundary in nature: Volcanoes National Park 
borders parks in the Democratic Republic of t he Congo  and Uganda; Akagera National Park borders 
a game reserve in Tanzania; and Nyungwe Forest National Park borders Kibira National Park in 
Burundi. Total visits to these parks increased from 58,153 in 2011 to 94,036 in 2017 . A fourth WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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national park in the west of the country, Gishwati -Mukura, was approved in 2015 but is yet to 
become operational.37  
4.93.   MINICOM is responsible for policy formulation in the tourism sector. The Rwanda Development 
Board (RDB) is in charge of  tourism development, promotion  and regulation , as well as wildlife 
preservation and management of the national parks. The Rwanda Convention Bureau, established 
in 2015, provides guidance and support to international event organisers through every stage of  
planning.  
4.94.   National parks are state -owned ; all except Akagera National Park are also state-managed. 
According to the authorities, there is no state participation in the ownership of accommodation 
facilities in Rwanda. Subject to conditions, investors in t he tourism sectors are eligible for a corporate 
income tax holiday of up to 7 years and/or an accelerated depreciation rate (50%) for the first year 
of assets' acquisition.  
4.95.   During 2011 -16, accommodation facilities maintained a steady growth trend (Chart  4.3). As 
from October 2016, all tourism entities in Rwanda are required to obtain a tourism operating licence. 
Specific prerequisites are stipulated for the licensing of accommodation facilities, restaurants, bars, 
night clubs, tour guides, tour operators, travel agents, and tourism information centres.38 No 
nationality or local sourcing requirements apply. Applicants must pay a licence fee of RWF  80,000.  
4.96.   As at October 2017, there were 50 licensed accommodation establishments in Rwanda, 
including three 5 -star and seven 4 -star hotels. Licensed tour companies and tour guides totalled 
eight and nine, respectively. The first classification of accommodation facilities was carried out  by 
the RDB  in 201 1; the  exercise follows EAC grading criteria and is repeated , in principle,  every two 
years . According to the authorities, a restaurant classification exercise is also under way.  
Chart 4.3 Accommodation facilities, 2009 -16 
 
Source:  National Institute of Statistics of Rwanda, Statistical Yearbook 2017.  
4.97.   Despite its good performance, the tourism sector still faces several challenges, including 
scarcity of skilled labour and limited access to finance. The overreliance on gorilla tracking also 
remains a challenge, although there has been some progress towards diversifying Rwanda's tourism 
offer. The completion of Rwanda's largest airport, currently under construction, is expected to attract 
more carriers and expand the network of direct international flights.  
 
                                                
37 Law N o. 45/2015  of 15 October 2015. 
38 Ministerial Order N o. 25 of 14  September 2016. 
WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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5  APPENDIX TABLES  
Table A1. 1 Merchandise exports by product group, 2011 -17 
  2011  2012  2013  2014  2015  2016  2017  
Total exports, including re -exports ( USD million)  402.9  471.2  596.4  653.4  612.5  648.4  980.4   
% of total  
Total primary products  88.5 88.5 90.9 82.2 83.3 72.8 86.6 
  Agriculture  42.2 47.1 41.5 34.8 44.2 41.1 35.9 
    Food 38.5 42.7 37.0 32.0 41.6 38.7 33.1 
          0741 - Tea, whether or not flavoured  13.1 18.5 10.3 8.8 11.0 11.4 8.8 
          0711 - Coffee, not roasted; coffee husks and skins  19.0 15.2 8.3 8.9 10.2 9.0 6.6 
          0423 - Rice, semi -milled or wholly milled  
                     (including broken rice)  0.0 0.0 2.1 2.3 3.0 3.5 3.2 
          0461 - Flour of wheat or of meslin  1.7 2.7 2.2 3.1 2.6 2.6 2.9 
          0812 - Bran, sharps and other residues  0.0 0.0 0.0 0.5 0.6 1.3 2.6 
          4312 - Animal or vegetable fats and oils and  
                    their fractions  0.0 0.2 1.2 1.4 1.7 2.1 1.8 
          4222 - Palm oil and its fractions  0.0 0.0 0.0 0.4 1.3 1.4 1.0 
          0011 - Bovine animals, live  1.3 1.1 1.3 1.1 1.1 1.0 0.8 
          0471 - Cereal flours (other than of wheat or meslin)  0.1 0.2 1.4 1.1 1.7 1.0 0.6 
    Agricultural raw material  3.7 4.4 4.5 2.8 2.6 2.4 2.8 
          2690 - Worn clothing and other worn textile 
articles; rags  0.8 0.2 1.1 0.2 0.5 0.8 1.6 
  Mining  46.2 41.5 49.4 47.4 39.1 31.7 50.7 
    Ores and other minerals  41.2 29.7 37.5 31.3 19.9 13.8 34.3 
          2878 - Ores and concentrates of molybdenum, 
niobium, tantalum, titanium, vanadium and 
zirconium  9.6 12.1 22.5 16.0 10.9 6.3 14.6 
          2876 - Tin ores and concentrates  25.4 11.3 9.7 11.0 5.5 5.3 14.0 
          2879 - Ores and concentrates of other non -ferrous 
base metals  5.9 5.6 4.9 4.0 2.9 1.8 4.9 
          2789 - Minerals, crude, n.e.s.  0.1 0.0 0.0 0.0 0.2 0.0 0.7 
    Non-ferrous metals  0.1 0.1 0.9 0.2 0.3 0.4 0.5 
    Fuels 5.0 11.7 11.0 15.8 18.8 17.4 15.9 
          334 - Petroleum oils and oils obtained from 
bituminous minerals (other than crude)  4.9 11.7 11.0 15.8 18.8 17.4 15.9 
Manufactures  11.1 11.5 9.1 16.7 11.8 14.6 11.7 
  Iron and steel  0.4 1.0 0.8 1.8 0.2 0.3 0.5 
  Chemicals  0.9 0.6 0.8 1.2 0.9 1.3 2.1 
          5429 - Medicaments, n.e.s.  0.4 0.1 0.0 0.0 0.0 0.0 1.1 
  Other semi -manufactures  0.8 0.8 1.4 2.4 1.9 2.5 3.9 
          6673 - Precious stones (other than diamonds) and 
semiprecious stones  0.0 0.0 0.0 0.0 0.0 0.1 1.7 
          6612 - Portland cement, aluminous cement, slag 
cement, etc.  0.2 0.5 0.5 0.7 0.9 0.9 1.2 
  Machinery and transport equipment  3.1 7.3 3.9 8.6 5.1 7.7 3.2 
    Power generating machines  0.1 0.0 0.2 0.2 0.5 0.1 0.2 
    Other non -electrical machinery  0.3 0.5 0.9 3.5 0.5 2.2 0.4 
      Agricultural machinery and tractors  0.0 0.0 0.0 0.1 0.0 0.1 0.0 
    Office machines and telecommunication equipment  0.4 0.2 0.5 1.1 0.7 3.0 0.3 
    Other electrical machines  0.1 0.1 0.1 1.3 0.8 0.4 0.3 
    Automotive products  2.0 6.2 2.2 1.8 1.6 1.3 1.6 
          7822 - Special -purpose motor vehicles  0.0 0.0 0.1 0.2 0.1 0.1 0.9 
          7812 - Motor vehicles for the transport of persons, 
n.e.s.  1.5 5.3 1.3 1.2 1.1 0.9 0.6 
    Other transport equipment  0.2 0.3 0.1 0.7 1.0 0.7 0.4 
  Textiles  0.2 0.1 0.1 0.3 0.3 0.2 0.1 
  Clothing  0.0 0.0 0.0 0.1 0.1 0.2 0.4 
  Other consumer goods  5.8 1.7 2.2 2.3 3.3 2.3 1.4 
Other  0.4 0.0 0.0 1.2 4.9 12.6 1.7 
          9710 - Gold, non -monetary  0.0 0.0 0.0 1.2 4.9 12.4 1.2 
Note:   Product groups follow SITC Rev. 3.  
Source:  WTO Secretariat calculations, based on data provided by the authorities and UN Comtrade.  
 WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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Table A1. 2 Merchandise imports by product group, 2011 -17 
  2011  2012  2013  2014  2015  2016  2017  
Total imports ( USD million)  1,456.2  1,805.6  1,852.7  2,004.5  1,980.1  1,970.3  1,838.8   
% of total  
Total primary products  35.9 34.5 36.0 33.7 32.7 31.2 35.9 
  Agriculture  17.2 17.9 18.6 17.4 17.1 17.8 21.5 
    Food 15.8 16.5 16.8 16.0 15.5 16.9 21.2 
          0612 - Other beet or cane sugar and 
chemically pure sucrose  0.8 1.5 1.8 2.2 2.2 2.4 3.7 
          0412 - Other wheat (including spelt) and 
meslin, unmilled  2.3 2.8 2.8 2.1 1.6 1.5 2.7 
          0423 - Rice, semi -milled or wholly milled 
(including broken rice)  1.1 1.2 1.7 1.3 1.5 1.5 2.0 
          4222 - Palm oil and its fractions  2.1 1.9 1.5 1.0 1.1 1.2 1.5 
          4312 - Animal or vegetable fats and oils 
and their fractions  1.2 1.7 1.9 2.4 1.8 1.2 1.3 
          0351 - Fish, dried, salted or in brine, but 
not smoked  0.4 0.4 0.4 0.7 0.9 0.9 0.8 
          0441 -Maize, unmilled; seed  0.4 0.5 0.6 0.7 0.5 0.9 0.8 
    Agricultural raw material  1.4 1.4 1.8 1.4 1.6 0.9 0.3 
  Mining  18.8 16.6 17.4 16.4 15.7 13.4 14.5 
    Ores and other minerals  0.7 0.7 0.6 0.8 0.7 0.7 0.7 
    Non-ferrous metals  0.3 0.2 0.3 0.4 0.2 0.3 0.5 
    Fuels 17.8 15.7 16.5 15.2 14.8 12.4 13.3 
          334 - Petroleum oils and oils obtained     
from bituminous minerals  
                    (other than crude)  17.3 15.4 16.1 14.7 14.1 11.9 12.4 
Manufactures  64.0 65.3 64.0 64.3 67.0 68.2 63.8 
  Iron and steel  5.9 5.7 5.0 4.4 5.0 3.7 4.3 
          6741 - Flat-rolled products of iron or non -
alloy steel  0.3 0.4 0.7 1.0 1.2 0.7 1.1 
  Chemicals  13.7 11.9 12.7 11.8 12.6 12.0 13.7 
          5429 - Medicaments, n.e.s.  2.8 2.9 2.7 3.2 3.5 3.6 4.0 
          5629 - Fertilizers, n.e.s.  1.3 1.8 1.5 0.9 1.3 0.9 1.4 
          5541 - Soap; organic surface -active 
products and preparations for use 
as soap  1.0 1.0 0.9 0.9 0.9 0.8 0.9 
          5986 - Organic chemical products, n.e.s.  0.6 0.4 0.6 0.5 0.5 0.6 0.8 
  Other semi -manufactures  12.0 12.0 11.6 12.0 12.3 10.7 9.8 
          6612 - Portland cement, aluminous cement, 
slag cement, etc.  3.6 3.8 3.7 3.5 3.4 2.3 1.5 
          6911 - Structures  1.8 1.0 1.3 1.5 1.7 0.8 0.9 
  Machinery and transport equipment  23.1 25.7 24.2 24.0 26.6 28.1 25.7 
    Power generating machines  0.6 1.3 1.2 0.7 0.7 0.8 0.7 
    Other non -electrical machinery  3.9 6.3 6.6 6.4 6.6 7.3 5.2 
      Agricultural machinery and tractors  0.4 0.2 0.3 0.3 0.4 0.2 0.2 
    Office machines and telecommunication 
equipment  6.7 7.3 6.4 8.3 8.8 8.7 7.8 
          7643 - Transmission apparatus for      
radio-telephony, radio -telegraphy, 
radio-broadcasting or television  1.2 1.3 2.5 3.5 3.7 3.1 3.0 
    Other electrical machines  5.3 3.6 4.7 3.5 4.3 4.6 4.9 
          7731 - Insulated wire, cable and other 
insulated electric conductors  1.9 0.9 1.2 1.0 1.3 1.0 1.2 
    Automotive products  4.8 5.5 4.1 4.1 4.8 5.5 5.4 
          7812 - Motor vehicles for the transport of 
persons, n.e.s.  2.7 3.0 1.9 1.8 1.9 2.7 2.5 
          7821 - Motor vehicles for the transport of 
goods  1.3 1.2 1.1 0.9 1.5 1.5 1.5 
    Other transport equipment  1.9 1.6 1.2 1.1 1.3 1.2 1.6 
  Textiles  1.7 2.6 2.1 1.4 2.3 2.5 1.7 
  Clothing  0.8 0.7 0.6 1.0 1.2 1.3 1.0 
  Other consumer goods  6.8 6.7 7.7 9.7 7.1 9.8 7.7 
          8722 - Instruments and appliances used in 
medical, surgical or veterinary 
sciences  1.0 1.4 1.3 1.5 1.1 1.2 1.0 
Other  0.1 0.2 0.0 2.0 0.3 0.6 0.2 
Note:   Product groups follow SITC Rev. 3.  
Source:  WTO Secretariat calculations, based on data provided by the authorities and UN Comtrade.  
 WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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Table A1. 3 Merchandise exports by destination, 2011 -17 
  2011  2012  2013  2014  2015  2016  2017  
Total exports, including re -exports ( USD million)  402.9  471.2  596.4  653.4  612.5  648.4  980.4   
% of total  
Americas  3.5 3.4 3.0 3.3 4.0 3.3 3.3 
  United States  2.5 3.3 2.9 3.3 3.9 3.1 3.3 
  Other America  1.0 0.1 0.1 0.0 0.1 0.2 0.1 
Europe  49.4 35.9 28.6 11.9 18.6 15.2 13.7 
  EU-28 30.5 19.8 9.3 8.1 9.7 6.5 6.6 
          Belgium  11.6 8.2 6.1 1.2 3.2 3.1 3.2 
          United Kingdom  4.3 2.4 1.2 0.9 1.9 1.0 1.0 
          Luxembourg  0.4 0.3 0.2 0.1 1.3 0.3 0.7 
          Germany  0.6 1.2 0.6 0.6 1.3 0.4 0.7 
          Netherlands  0.2 0.3 0.4 0.2 0.1 0.1 0.3 
          Finland  0.0 0.0 0.0 0.0 0.1 0.3 0.3 
  EFTA 18.9 16.1 19.1 3.6 8.8 8.6 6.8 
          Switzerland  18.8 16.0 19.0 3.5 8.7 8.5 6.7 
  Other Europe  0.0 0.1 0.2 0.1 0.2 0.1 0.3 
          Turkey  0.0 0.1 0.2 0.1 0.1 0.1 0.3 
Commonwealth of independent states (CIS)  0.0 0.0 3.5 0.0 0.0 0.0 0.0 
Africa  35.2 48.4 49.5 78.4 59.7 59.9 49.7 
          Democratic Republic of the Congo  14.0 13.9 26.9 23.5 35.8 31.4 29.1 
          Kenya  15.8 24.2 15.2 11.4 17.0 15.8 12.4 
          Uganda  1.7 1.8 1.3 11.9 1.6 2.2 3.7 
          Burundi  2.0 2.5 3.6 3.0 2.9 5.5 2.1 
          Sudan  0.3 3.9 0.3 0.0 0.2 0.0 1.1 
          Ethiopia  0.1 0.6 0.6 0.6 0.7 0.9 0.5 
          Tanzania  0.4 0.8 0.3 27.8 0.3 0.8 0.2 
Middle East  1.1 2.6 1.1 2.4 6.6 13.6 27.3 
          United Arab Emirates  0.8 1.3 1.1 2.0 6.5 13.5 25.6 
          Saudi Arabia, Kingdom of  0.0 0.9 0.0 0.4 0.0 0.1 1.5 
          Qatar  0.0 0.1 0.0 0.0 0.0 0.0 0.2 
Asia 10.8 9.7 14.3 4.0 11.1 8.0 6.1 
  China  4.4 2.9 4.9 1.2 2.2 0.9 0.5 
  Japan  0.3 0.5 0.3 0.3 0.8 0.2 0.1 
  Other Asia  6.2 6.4 9.2 2.5 8.0 6.8 5.4 
          Singapore  0.0 0.4 0.9 1.2 3.2 3.1 3.0 
          Hong Kong, China  3.7 4.0 3.3 0.6 3.0 1.8 1.7 
Other  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
Memo:         
EACa 19.8 29.4 20.4 54.0 21.9 24.3 18.5 
a  Including all EAC WTO Members.  
Source:  WTO Secretariat calculations, based on data provided by the authorities and UN Comtrade.  WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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Table A1. 4 Merchandise imports by origin, 2011 -17 
  2011  2012  2013  2014  2015  2016  2017  
Total imports ( USD million)  1,456.2  1,805.6  1,852.7  2,004.5  1,980.1  1,970.3  1,838.8   
% of total  
Americas  4.9 4.1 3.8 2.5 3.2 3.5 3.8 
  United States  3.6 2.3 1.8 1.6 2.3 2.4 1.8 
  Other America  1.3 1.8 2.0 0.9 0.9 1.1 2.0 
Europe  20.7 20.5 20.1 17.6 16.9 17.5 15.7 
  EU-28 15.4 15.2 15.5 13.1 12.9 13.1 12.7 
          Germany  2.9 2.5 3.1 2.6 2.9 3.6 2.9 
          Belgium  3.1 2.9 3.5 2.5 2.1 2.3 2.0 
          Netherlands  2.0 1.2 2.5 1.5 1.4 1.2 1.2 
          France  1.4 1.4 1.1 1.2 2.1 1.2 1.2 
          Sweden  0.9 1.5 0.9 0.9 0.5 0.8 1.1 
          United Kingdom  1.3 1.2 1.0 1.0 0.9 0.8 1.0 
  EFTA 4.7 4.8 3.7 2.6 2.3 2.0 1.2 
  Other Europe  0.5 0.5 0.9 1.9 1.7 2.4 1.8 
          Turkey  0.5 0.5 0.9 1.9 1.7 2.3 1.7 
Commonwealth of independent 
states (CIS)  0.4 2.4 1.7 1.9 2.0 1.6 2.7 
          Russian Federation  0.3 2.2 0.9 1.8 1.8 1.4 2.4 
Africa  36.9 31.6 28.5 30.0 27.0 28.3 28.0 
          Uganda  12.8 12.3 11.1 11.7 10.5 9.8 9.5 
          Kenya  8.0 7.5 6.6 8.3 6.8 7.9 6.5 
          Tanzania  5.1 4.1 4.4 3.4 3.3 3.8 4.2 
          South Africa  4.6 4.0 3.6 3.7 3.3 2.4 2.7 
          Zambia  0.5 0.2 0.2 0.3 0.4 1.7 2.0 
          Egypt  1.7 1.1 1.2 1.1 1.3 1.1 1.2 
Middle East  11.6 11.9 12.1 11.6 12.4 12.1 13.0 
          United Arab Emirates  7.5 7.4 7.4 8.9 9.6 9.9 8.7 
          Saudi Arabia, Kingdom of  0.7 2.3 2.3 1.2 1.4 0.8 3.4 
Asia 25.5 29.6 33.7 36.4 38.6 37.0 36.7 
  China  10.2 12.5 13.2 18.2 16.7 17.5 17.4 
  Japan  2.8 3.2 2.5 2.0 2.3 3.1 3.0 
  Other Asia  12.5 13.9 18.0 16.2 19.6 16.4 16.4 
          India 7.2 8.4 10.5 11.2 12.5 10.0 9.8 
          Malaysia  0.2 0.2 0.2 0.2 0.4 1.0 1.6 
          Pakistan  0.7 0.8 1.5 1.1 1.5 1.6 1.2 
          Thailand  0.4 0.4 0.6 0.6 1.0 0.7 1.1 
Other  0.0 0.0 0.0 0.0 0.0 0.0 0.0 
Memo:         
EAC a 26.0 24.3 22.6 23.7 21.0 21.6 20.3 
a Including all EAC WTO Members.  
Source:  WTO Secretariat calculations, based on data provided by the authorities and UN Comtrade.  
 WT/TPR/S/ 384/Rev.1  • Rwanda  
 
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Table A3. 1 Goods and services exempted from VAT  
Non-profit s ervices regarding  supplying clean water and ensuring environment treatment , with 
the exception of sewage pump -out services  
Goods and services for health -related purposes  
(a) Health and medical services  
(b) Equipment designed for persons with disabilities  
(c) Goods and drugs appearing on the list established by the minister in charge of health and approved by 
the minister in charge of taxes  
Educational materials, services and equipment appearing on the list established by the minister in charge of 
education and approved by the minister in charge of taxes 
Books, newspapers and magazines  
Transportation services by licensed persons  
(a) Transportation of persons by road in vehicles which have a seating capacity of 14 persons or more 
(b) Transportation of persons by air  
(c) Transportation of persons or goods by boat  
(d) Transport of goods by road  
Lending, lease and sale  
(a) Sale or lease of land  
(b) Sale of the whole or part of a building for residential use  
(c) Rent or grant of the right to occupy a house used as a place of residence of one person and his/her 
family, if the period of accommodation for a continuous term exceeds 90 days  
Financial and insurance services  
(a) Premiums charged on life and medical insurance s ervices  
(b) Bank charges on current account operations  
(c) Exchange operations carried out by licensed financial institutions  
(d)  Interest charged by bank s on credit and deposits  
(e) Operations of the BNR 
(f) Fees charged by bank s on vouchers and bank instruments  
(g) Capital market transactions for listed securities and fees or expenses charged to investors by a 
regulated collective investment scheme  
(h) Transfer of shares  
Precious metals: sale of gold in bullion form to the BNR 
Any goods or services in connection with the burial or cremation of a body provided by an Order of the 
Minister  
Energy supply equipment on the list established by the minister in charge of energy and approved by the 
minister in charge of taxes  
Trade un ion subscriptions  
Leasing of exempted goods  
All agricultural and livestock products, except processed ones. Processed milk, excluding powder milk and 
milk derived products, is also exempted  
Services of agriculture insurance  
Services, agricultural input s, and other agricultural and livestock materials and equipment appearing on the 
list established by the minister in charge of agriculture and animal resources and approved by the minister 
in charge of taxes  
Gaming activities taxable under the law establi shing tax on gaming activities  
Personal effects of Rwandan diplomats returning from foreign postings, Rwandan refugees and returnees 
entitled to tax relief under customs laws  
Goods and services meant for Special Economic Zones imported by a Zone user hol ding this legal status  
Mobile telephones and SIM cards  
ICT equipment appearing on the list established by the minister in charge of ICT and approved by the 
minister in charge of taxes  
All goods, including materials, supplies, machinery and motor vehicles intended for public institutions in 
charge of national defence or security  
Machinery and capital goods of industries as well as raw materials used in industries appearing on the list 
established by the minister in charge of industry and approved by the minister in charge of taxes  
Source:  Law No. 40/2016 of 15 October 2016.  