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.
