EU welcomes Russia, Montenegro and Samoa to World Trade Organization

[News_Editor]

EU welcomes Russia, Montenegro and Samoa to World Trade Organization

2011-12-16 04:53:15 GMT+7 (ICT)

BRUSSELS (BNO NEWS) -- The European Union (EU) on Thursday welcomed the expected endorsement for the accession of Montenegro, Russia and Samoa to the World Trade Organization (WTO). It brings the total number of WTO member states to 157.

The 8th WTO Ministerial Conference, which is currently taking place in Geneva until Sunday, will endorse the accession of Russia on Saturday and of Montenegro and Samoa on Sunday. With the three new members, the WTO will have a total number of 157 members.

EU Trade Commissioner Karel De Gucht said the addition of the three WTO member states will improve the conditions for doing business with these countries and strengthens the multilateral trading system as a whole. "The EU has strongly supported the accession of these countries to the WTO," he said.

Russia is the biggest economy in the world which is still outside the WTO, and its accession is considered significant from both a multilateral and bilateral perspective. The announcement follows 18 years of negotiations, the longest WTO accession process to date.

Its accession to the WTO is especially important for the EU, and it is expected to provide a boost to further develop economic relationships as the EU is Russia's biggest trading partner with a 45.8 percent share of its overall trade in 2010. Russia is the EU's third largest trading partner after the United States and China with an 8.6 percent share of EU trade in 2010.

Russia's membership to the WTO is likely to take place before the end of August 2012, once Russia ratifies the negotiated results.

Meanwhile, the EU also welcomed the accession of Montenegro to the WTO, which is additionally a candidate country for EU membership. The accession process started in 2004 and it represents an important step in the integration process with the EU. Montenegro will have until March 31, 2012, to ratify the accession package.

A candidate country to the WTO since 1998, Samoa is the second least-developed country whose accession is approved this year, following Vanuatu in October. The EU said it supported Samoa along its accession path, accompanying the country in its internal reform process and taking a flexible approach.

Meanwhile, the EU and the Lao People's Democratic Republic will also sign a bilateral protocol this week which will represent a significant step closer to the accession of Laos to the WTO, which may take place next year after bilateral negotiations conclude this week. The country applied in 1997 and is the only ASEAN member not yet Member of the WTO.

-- © BNO News All rights reserved 2011-12-16

[Chris Lawrence]

Did they get the pearl handled steak knives? Would I be rushing in to join the likes of Greece, Spain, Iceland, Ireland, Portugal, and Italy, I don't know. What benefits do they get by joining this lot?