Ukraine became the 152nd Member of the World Trade Organisation on 16 May, following 14 years of negotiations over the country’s terms of entry into the global forum.
To meet the requirements of its accession package, Kiev has implemented a range of economic reforms, including amending more than 50 domestic laws and promising to enact further changes in future. Trade experts believe that the reduction in trade barriers that will accompany Ukraine’s entrance into the WTO will primarily benefit the country’s agricultural, chemical and metal exports.
The official signing of the accession package by Ukraine President Viktor Yushchenko and WTO Director-General Pascal Lamy occurred in early February. Last month, the country’s accession was approved by an overwhelming majority of the Ukrainian parliament.
Russia, Ukraine’s primary trading partner, is the only major world economy that has yet to join the WTO. The accession of Ukraine prior to Russia means that the smaller country will now have greater influence in the controversial negotiations over the terms of Moscow’s entry into the global trade forum. Indeed, Ukraine will now have the power to veto Russia’s WTO membership.
In a gesture of goodwill, however, Ukrainian President Viktor Yushchenko has promised that Ukraine will not use its new status as a WTO Member to hinder Russia’s bid, which has been in negotiations for nearly 15 years. To the contrary, some observers believe that Kiev may have a vested interest in seeing Russia be bound by WTO rules.
“Ukraine becomes latest WTO member,” AGENCE FRANCE PRESSE, 16 May 2008; “Ukraine joins WTO, forcing economic reforms and opening new trade channels,” ASSOCIATED PRESS, 16 May 2008; “Ukraine enters the WTO,” Prensa Latina, 16 May 2008.