The WTO, very soon, will have a new
member in its ever growing fold. The membership package for Laos was recently
approved by the General Council of the WTO which signifies that the
negotiations at the WTO level are now over (http://www.wto.org/english/news_e/news12_e/acc_lao_26oct12_e.htm).
Pending ratification through an “Instrument of Acceptance”, Laos is well on its
way to becoming the WTO’s 158th member.
Although in terms of world trade,
the significance of Laos joining the WTO may not be as immense as Russia’s
recent accession, it is definitely significant for the country of Laos
itself. In fact that is the inherent purpose of free trade, where one of the
world’s largest import/export economies (Russia) rubs shoulders with a least
developed country (Laos) for the mutual symbiotic benefit of all.
Laos now needs to use this
opportunity to develop its knowledge and skill base not only to derive maximum
benefits from the WTO but also to counter what can often be intimidating negotiations
and dispute settlements. What is certain, however, is that this is indeed an
interesting future ahead for Laos now and if the proponents of free trade and the
WTO are to be believed a road to upliftment for Laos.
1 comment:
Interesting post. Indeed, the extent of diversity in organisations like the WTO is incredible and something which, I feel, should be supported.
Given the current international climate in which there appears to be an increasing desire on the part of states to 'do their own thing' it really is, as you note, to the benefit of all for countries to collaborate and work with each other.
Just out of interest, I noticed Laos applied for membership of the WTO in 1997. Does it usually take that long to be accepted? Were there any signifcant problems which held up the process? I know for acceptance to the EU it is important to meet certain standards. I assume that is also the case for the WTO.
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