(MENAFN- Brazil-Arab News Agency (ANBA)) São Paulo – Comoros and Timor-Leste are new members of the World Trade Organization (WTO). They were formally approved by the institution on Monday (26) at the 13th WTO Ministerial Conference (MC13) in Abu Dhabi, United Arab Emirates. They bring the total number of WTO members to 166.
In her address, WTO Director-General Ngozi Okonjo-Iewala celebrated the efforts that Comoros, an Arab country in Africa, and Timor-Leste, a former Portuguese colony in Asia, put in to implement reforms.
“Here at MC13, the WTO is welcoming its first new members in almost eight years: Timor-Leste and Comoros. We celebrate the hard work they have put in, and the beneficial but challenging reforms they have implemented at home. Both countries are least developed countries, and we are excited to see them reap the gains of membership as they become new members of the WTO,” said Okonjo-Iweala.
President Azali Assoumani of Comoros (pictured with the WTO's director-general) said the accession to the WTO is“immensely” beneficial for the country's entire economy, for public and private enterprises, and for consumers.“It will contribute to our country's trade diversification and partnership efforts, to its integration into regional, continental and global value chains,” he said.“Through WTO accession, my country will achieve its objectives.”
A partner in the implementation of economic reforms, the International Monetary Fund (IMF) had published a report on the economy of the Arab country in December 2023.
According to the fund, Comoros face a challenging deteriorating deficit on account of strong import demand and elevated international fuel and food prices. Despite that, Comoros met most of the structural benchmarks of the IMF agreement, reduced inflation, and saw a rebound in economy and public investment projects. The fund forecasts that Comoros' GDP will grow by 3.5% this year.
The WTO's director general said that many more countries are seeking to access the WTO, including a“sizeable contingent” from the Arab world. Comoros and Timor-Leste will bring the total number of WTO members to 166.“We look forward to adding to that number in the years ahead,” said Director-General Okonjo-Iweala. One of them is Libya. During the ministerial conference, Muhammad Al Hawaij, Minister of Economy and Trade of Libya, told UAE state news agency WAM that his country is in discussions to progress from“observer” status to full membership, highlighting the need for various stages and steps.
Translation by Guilherme Miranda
©Giuseppe Cacace/AFP
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