Vanuatu has completed its ratification procedures for accession to the World Trade Organization.
Its WTO membership is expected to increase the country's integration into the global economy, and in turn to facilitate growth, long-term development, and poverty reduction in Vanuatu, which is a Least Developed Country (LDC).
26 July 2012: Vanuatu has officially notified the World Trade Organization (WTO) that it has ratified its accession package, including terms of membership, thus becoming the 157th member of the WTO. Vanuatu has fully agreed to all WTO provisions, and is not requiring any transitional period except in intellectual property and the publication of trade information. It will become a full-fledged member of the WTO on 24 August 2012.
WTO Director-General Pascal Lamy said he expects Vanuatu’s membership to increase the country’s integration into the global economy, and in turn to facilitate growth, long-term development, and poverty reduction in Vanuatu, which is a Least Developed Country (LDC).
The WTO General Council approved Vanuatu’s accession package in October 2011, following a 16-year negotiation process that concluded in May 2011.
Five other Pacific Island countries are already WTO members: Fiji, Papua New Guinea, Samoa, Solomon Islands and Tonga. [WTO Press Release]