May 16, Ukraine becomes a full member of the World Trade Organization, ZIK informed. In the 14 years of talks, Ukraine has transformed itself from a Socialist economy to a market one, completed bilateral talks with WTO member states, endorsed about 50 WTO-related laws to adapt domestic legislation to WTO standards, The Ukrayinska Pravda says May 16, 2008.
The protocol on Ukraine accession was signed in Geneva on February 5, 2008. The Ukrainian parliament ratified the protocol April 10, 2008. Then President of Ukraine Victor Yushchenko signed the law on ratification April 16 and the foreign ministry sent a note to WTO secretariat informing it about the ratification.
According to the economy ministry of Ukraine, Ukraine is likely to benefit from its entry by getting better terms of trade with 151 member states accounting for 95% of world trade. WTO membership also cuts tariff restrictions for Ukrainian goods on the markets of WTO member states.
As Ukraine has become a WTO member in May, its membership fee for 2008 will be reduced accordingly. Experts say Ukraine’s accession will produce a favorable effect on Ukraine’s economy as quotas for Ukrainian steel to EU will be cancelled and transit of Ukrainian goods and services will be unrestricted.
Save for the hotel and restaurant business, the services sector will show a stable growth. In addition, state budget revenue from foreign trade will also grow, economy ministry experts say. Exports are expected to increase by 7-10% or by $1.5 to $4 billion.
Thanks to estimated high inflow of foreign investment (between 3 and 5 billion dollars), competitiveness of the Ukrainian economy will grow substantially. Among the risks for Ukraine, the ministry says domestic competition may intensify.
Time To Invest In Ukraine