Government Role in the Economy
The Palestine National Authority (PNA) has a considerable responsibility towards encouraging Palestines economic development with other members of the international community. As a product of high level diplomacy and joint economic cooperation with the International Community, Palestine now enjoys several international trade agreements with the world:
The PNA has embarked on an extensive program of legal reform, in order to establish a healthy business environment. The policy makers are leaning towards a free market economy, where businesses are privately owned. With the assistance of the IFC, international legal experts and their local counterparts, the legislative Council was able to pass the Investment bill, a new Taxation bill, and a bill regarding industrial estates and free zones. Preparation is underway for an intellectual property law, which will allow registration of patents, trademarks, and trade names.
The establishment of an independent Palestinian authority on recognized land has enabled the WBGS to build trade links with a number of external markets under favorable terms, to set up a functioning civil service, and to remove many of the bottlenecks which previously hampered the development of its productive base. These developments, along with others such as the strong growth in the financial sector, will set the stage for a speedy economic recovery once a political settlement is finally in place.