Seychelles joins the World Trade Organization
05 May, 2015
On April 26th of 2015, The Seychelles became the 161st member of the World Trade Organization. The negotations, which finally let up to full WTO membership, had lasted for twenty years. The process of becoming a WTO member is unique to each applicant country. Most complete it after circa five years.
The WTO ensures that global trade commences in predictable, free and smooth ways. It lays a common legal ground for the member-nations. The rules of the WTO currently govern around 97 % of all world trade. Through free trade among the member states, the standard of living and the economic growth rates rise.
The President of Seychelles, James Michel, signed the Instrument of Acceptance of the country's Accession Protocol on the 25th of March, 2015, confirming the membership terms.
Its membership was described by Minister of Finance, Mr. Jean Paul Adam, as a "major step forward in the trade integration of Seychelles into the rules-based multilateral trading system and the global economy."
"Seychelles shall now have access to the markets of all 160 WTO members. WTO membership ensures that Seychelles will contribute to on-going multilateral negotiation processes to ensure that we can create more opportunities for wealth creation and prosperity while also defending the countries' approach to development."
He further said the following:
"Since 2008 our approach in trade is to take into consideration the specificities of our economy, leaving space for our local sectors such as agriculture, tourism and other local productions to flourish".
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