The World Trade Organization (WTO) is conducting a Trade Policy Review of Angola on 22 and 24 September 2015 and the Secretariat has issued a report on the economic and trading position of Angola. The reviews are mandated by the WTO agreement and the WTO examines trade and related policies at regular intervals. The WTO analyses significant developments that may have an impact on the global trading system.

Oil products still account for around 40% of GDP, more than 95% of export earnings and around 75% of government revenue. Efforts are being made to diversify the economy and to boost agricultural production which employs more than half the workforce but currently accounts for only 5% of GDP. Development of the manufacturing base depends on agribusiness and processing mineral resources, mainly diamonds. Services are expanding and currently account for 22% of GDP and 39% of jobs.

The WTO report notes that trade policy aims to diversify the economy towards fast moving consumer goods, particularly food products. The main sources of imports are Portugal, China, Korea and Brazil and the main export markets are China, the EU, the US and India. Angola is a member of the Economic Community of Central African states (ECCAS) and the Southern African Development Community (SADR).

Angola is also a member of the Multilateral Investment Guarantee Agency and has signed bilateral investment Protection Agreements with thirteen states. Investors in Angola may obtain tax, customs and exchange control benefits that are negotiated on a case by case basis within ranges set by the law according to geographical or sector criteria. The investors must generally conform to requirements relating to employment, salaries and training of local staff.

Angola has taken import substitution measures in the effort to diversify the economy. Tariff rates have risen especially on agricultural products and have an average rate of 10.9% compared to 7.4% in 2005. On 31 tariff lines the applied MFN rates often exceed the bound rates by up to 35 percentage points. Imports are subject to other duties and taxes and some imported and domestically produce goods are subject to a consumption tax, generally at 10% though it can be as high as 30% in some cases. The WTO considers that this consumption tax has a knock-on effect that is an obstacle to competitiveness.

Some goods or economic operators are granted duty and tax concessions and the WTO notes that the customs revenue lost as a result of these concessions ranges from 24.7% to 40.9% of customs revenue. Most of the duty exemptions relate to the oil and gas sector. Export duty is imposed on some products including minerals exported in the rough state.

Agriculture and food processing are the sectors with the highest levels of tariff protection. An average rate of duty of 23.3% applies to agricultural products, this being more than twice the average duty on non-agricultural and non-oil products. Domestic support is also provided to the agricultural sector through subsidized credit, lending of material and equipment, subsidies for power and irrigation costs and free veterinary services for small producers.