Wto committee approves ukrainian membership bid
25 January 2008
Published in Reuters
A World Trade Organization (WTO) accession committee approved Ukraine's membership bid on Friday, clearing the way for the former Soviet republic to join the body, trade officials said.
"The Working Party has adopted Ukraine's accession package," one diplomat said after the meeting's conclusion at the WTO's Geneva headquarters.
A World Trade Organization (WTO) accession committee approved Ukraine's membership bid on Friday, clearing the way for the former Soviet republic to join the body, trade officials said.
"The Working Party has adopted Ukraine's accession package," one diplomat said after the meeting's conclusion at the WTO's Geneva headquarters.
Under the agreement, Ukraine agreed to restrict the
number of its existing export duties and not to
increase them in the future. Those duties are applied
on live cattle, animal skins, and ferrous and
non-ferrous particles.
Following an expected endorsement from the WTO's membership at the General Council on February 5, Ukraine will have until July 4 to ratify the policies it agreed to as part of its entry. It would then officially become a member 30 days later.
There are currently 151 WTO member states. Depending on how fast the small African state Cape Verde ratifies its own accession commitments agreed in December, Ukraine would be either the trade body's 152nd or 153rd member.
Entry to the WTO will give Ukraine access to export markets on more favorable terms than it now enjoys, as well as the right to help shape world trade rules.
It may also give it an edge over its neighbor Russia, which is still negotiating its entry into the trade body. Iran is also among the economies still outside the WTO.
Brussels, which had insisted that Ukraine give a binding commitment to reduce its duties on exports before joining the WTO, offered its congratulations following the end of the negotiations on Friday.
"We are now in a position to have a consensus in the WTO on Ukrainian accession at the next General Council," the European Union said in a statement.
European Trade Commissioner Peter Mandelson said earlier on Friday that he hoped Russia would take its place in the WTO this year, more than a decade after Moscow started its accession bid.
Ukraine started its WTO accession negotiations in 1993.
Following an expected endorsement from the WTO's membership at the General Council on February 5, Ukraine will have until July 4 to ratify the policies it agreed to as part of its entry. It would then officially become a member 30 days later.
There are currently 151 WTO member states. Depending on how fast the small African state Cape Verde ratifies its own accession commitments agreed in December, Ukraine would be either the trade body's 152nd or 153rd member.
Entry to the WTO will give Ukraine access to export markets on more favorable terms than it now enjoys, as well as the right to help shape world trade rules.
It may also give it an edge over its neighbor Russia, which is still negotiating its entry into the trade body. Iran is also among the economies still outside the WTO.
Brussels, which had insisted that Ukraine give a binding commitment to reduce its duties on exports before joining the WTO, offered its congratulations following the end of the negotiations on Friday.
"We are now in a position to have a consensus in the WTO on Ukrainian accession at the next General Council," the European Union said in a statement.
European Trade Commissioner Peter Mandelson said earlier on Friday that he hoped Russia would take its place in the WTO this year, more than a decade after Moscow started its accession bid.
Ukraine started its WTO accession negotiations in 1993.