ABU DHABI: Comoros and Timor-Leste formally joined the World Trade Organisation (WTO) at a ceremony in Abu Dhabi today, becoming the 165th and 166th members of the body that oversees global trade and the first new nations to join since 2016, increasing the number of Least Developed Countries, as defined by the United Nations, in the WTO to 37.
The ceremony took place on the opening day of the WTO’s 13th Ministerial Conference (MC13), its topmost decision-making body, which is being hosted by the UAE between 26-29 February, under the chairmanship of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
WTO membership is a significant milestone for both nations: not only does accession mean all WTO members must now trade with Comoros and Timor-Leste in accordance with the full legal rights designated in WTO treaties, but it also means they will now be able to participate in the monitoring and negotiation of these treaties moving forward. Additionally, membership of the World Trade Organisation
will send a powerful signal to investors about the predictability and policy direction of their trading regimes.
According to economists, the rate of GDP growth in the five years following WTO membership is 1.33 percent, while more recent scholars at the WTO suggests economies can be as much as 30 percent larger within five years of joining the body because of the market access improvements it offers.
In welcoming the accession of Comoros and Timor-Leste, Al Zeyoudi said, ‘Global trade has been a major contributor to growth and development and expanding the accessibility of supply chains to developing nations and Least Developed Countries is one of the central topic areas of this Ministerial Conference. These accessions are a substantial boost to Comoros and Timor-Leste and for their economic fortunes in the years ahead. They are also an excellent way to begin the conference and uphold our commitment to delivering a global trading system that works for everyone.’
Accession to the WTO is an extensive proces
s, requiring both negotiations with all existing members and a suite of domestic reforms to bring one’s trading regime in line with member expectations. Comoros first applied for membership in October 2007 and Timor-Leste in January 2016. Today’s achievement represents the completion of dozens of individual negotiations, and thousands of hours of complex technical work by the WTO Secretariat, the two nations in question and many WTO members.
WTO is the only multilateral organisation overseeing the rules of trade between nations, dedicated to enabling member states to use trade as a means to raise living standards, create jobs, and improve people’s lives across the world. The Ministerial Conference, its topmost decision-making body, meets biannually.
Source: Emirates News Agency
