WTO approves Yemen's membership after marathon negotiations
Yemen won admission to the World TradeOrganization (WTO) on Wednesday after 13 years of negotiations, making its entry into the global trade club a formality early next year.
WTO Director-General Roberto Azevedo said at the accession ceremony held in Indonesian resort island Bali that as part of the 9th WTO Ministerial Conference, Yemen's presence makes the organization stronger.
Yemen first applied for joining the WTO in April 2000, and now has one month to ratify its membership and could become the WTO's 160th member at the beginning of next year afterLaos and Tajikistan this year.
As the 35th of least developed country (LDC) members,Yemen potentially benefits from theaccession by boosting its domestic reform and promoting development, the chief of WTO said.
Yemen, a traditional Middle East country with a GDP of 58 billion U.S. dollars, exports fuel and mining products and imports agricultural products and manufactures.
Yemen's foreign trade totaled 20.6 billion dollars in 2012, the WTO data shows. The country's main trading partners are China, the United Arab Emirates and the European Union.
- Dec 04, 2013