Accession
of Laos to add another LDC to WTO roster
WTO
members formally approved Laos’ accession protocol on 26 October, leaving
domestic ratification as the last remaining step before it can join the
organisation. Once it accedes, the small Asian nation - formally known as the
Lao People’s Democratic Republic - will be the sixth least developed country
(LDC) to finish negotiations to join the trade body since 1995.
Samoa
and Vanuatu were the most recent LDCs to join the WTO, with both of their
memberships taking effect this same year.
Despite
being one of the most impoverished countries in the region, the small Communist
nation has posted strong economic growth in recent years, with the Asian
Development Bank projecting earlier this month
that Laos’ GDP growth for 2012 would hit a rate of 7.9 percent. The growth
largely stems from a natural resources boom, specifically in hydropower and
mining. However, Laos still struggles with being strongly dependent on a few
industries, and faces high transport costs due to being landlocked.
The
struggles Laos faced during its 15-year accession process - both in
negotiations with current members, and in the reforms it has had to make at
home - was referred to by various officials at Friday’s General Council
meeting.
Tajikistan
in final accession stages
Tajikistan,
meanwhile, had its accession terms approved on 26 October by the Working Party
tasked with its membership negotiations, leaving General Council approval in
December and subsequent domestic ratification as the only pending steps in the
process. The small former Soviet economy began its efforts to join the
Geneva-based organisation in 2001.
Tajikistan’s
progress in its accession is “a sign of solid confidence in the WTO and in the
multilateral trading system,” Lamy said on Friday. “Accession to the WTO will
firmly integrate Tajikistan into the global economy and the global trading
system, providing an open, transparent, and non-discriminatory environment.”
Under
the negotiated membership terms, Dushanbe has committed to joining the
Information Technology Agreement - a plurilateral
deal under the auspices of the WTO whose product coverage some members are
looking to expand - upon its accession to the global trade body.
The
Central Asian country has also pledged to apply to join the Government
Procurement Agreement - another plurilateral deal
under the WTO - within a year of its accession.
WTO
members, meeting in their capacity as the General Council in December, are
expected to formally sign off on Tajikistan’s accession terms at that time.
Tajikistan will then have until 7 June 2013 to ratify the deal; it will become
a full member 30 days after notifying the WTO of ratification.