The Comoros on Wednesday became the 165th member of the World Trade Organization after negotiating terms for 17 years.<\/p>\n
“I am particularly proud to welcome Comoros as the newest member of the WTO,” said the organisation’s director-general Ngozi Okonjo-Iweala.<\/p>\n
“Comoros’s membership will add a valuable voice to the multilateral trading system as it has shown commitment to the values of the WTO and has clearly demonstrated willingness to adapt to its rules and principles.”<\/p>\n
The archipelago of three islands and about 850,000 people joins 35 other members in the least-developed countries category.<\/p>\n
WTO members approved the accession of the Comoros during the trade body’s 13th ministerial conference in Abu Dhabi in February.<\/p>\n
Accession can take years as it entails long negotiations with all WTO members, which each have the power to block a country from joining.<\/p>\n
The last two countries to join the WTO were Afghanistan and Liberia in 2016. Kazakhstan and the Seychelles joined in 2015.<\/p>\n
Twenty-three countries have accessions in progress. East Timor’s membership is due to become effective on August 30, after their application was also approved at the \u00a0February meeting.<\/p>\n
Comoros President Azali Assoumani, a former military ruler who came to power in a 1999 coup, said in Abu Dhabi that joining the WTO would be “immensely beneficial for our entire economy, for public and private enterprises, and for consumers.<\/p>\n
“It will contribute to our country’s trade diversification and partnership efforts, to its integration into regional, continental and global value chains.”<\/p>\n
In joining the Geneva-based WTO, the Comoros also announced its formal acceptance of the WTO Agreement on Fisheries Subsidies.<\/p>\n
The 2022 deal bans subsidies that contribute to fishing that is illegal, unreported or unregulated.<\/p>\n
It also bans subsidies for fishing of overstretched stocks and in unregulated high seas, with additional flexibility baked in for developing nations.<\/p>\n
Fifty-six members have now accepted the agreement, including the European Union, the United States, China and Russia.<\/p>\n
For the agreement to enter into force, two-thirds of WTO members — now 110 members — must formally accept the protocol.<\/p>\n","protected":false},"excerpt":{"rendered":"
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