Finally! Ukraine Will Be A Member Of World Trade Organization

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Verkhovna Rada of Ukraine (Ukrainian parliament) ratifies protocol on Ukraine’s accession to World Trade Organization (WTO), ZIK informed. The protocol also instructs the cabinet to adapt the country’s economy to WTO standards, Ukrayinska Pravda reports on April 10. Addressing the legislature, Speaker of Ukrainian parliament Arseniy Yatseniuk said, ”The era of cheap foodstuffs is over. Ukraine can play a crucial role in food supplies. Now the problem is how effective Ukraine will be in this area.”
“If we join the WTO we will have to raise our standards. By doing so, we can recover the role Ukraine played before. It was the USSR’s breadbasket. The country can become the one for Europe,” he added.
Comment by ZIK
February 5, 2008, President of Ukraine Victor Yushchenko and WTO General Director Pascal Lamy signed a protocol on Ukraine’s entry in the WTO. Under the WTO procedure, the protocol must be endorsed by the applicant country’s legislature. Following this, Ukraine becomes a WTO member state 30 days after the protocol endorsement.

The World Trade Organization (WTO) is an international organization designed to supervise and liberalize international trade. The WTO deals with the rules of trade between nations at a near-global level; it is responsible for negotiating and implementing new trade agreements, and is in charge of policing member countries' adherence to all the WTO agreements, signed by the bulk of the world's trading nations and ratified in their parliaments.

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