GENEVA, June 26 (Saba) - Yemen brought the World Trade Organization (WTO) membership to 160, closing the 13-year long chapter of negotiating its accessions terms with WTO member countries.
"I am delighted to welcome the Republic of Yemen as the 160th Member of the WTO," WTO Director General Roberto Azevedo said.
"This is great news for Yemen's economy and therefore for the people of Yemen. It is also a boost for the WTO as we work to deliver the benefits of the agreement struck in Bali last year and redouble our efforts to complete the Doha round of negotiations."
On 27 May 2014, Yemen deposited the "Instrument of Acceptance" with WTO Director-General Roberto Azevedo confirming its membership terms, and activated the 30-day countdown to its WTO membership which became effective on 26 June 2014.
"With Yemen's accession, 97.1% of the global economy now falls under the rules-based multilateral trading system," Azevedo said.
Trade ministers of WTO members officially approved Yemen's accession on 4 December 2013 during the 9th Ministerial Conference in Bali, Indonesia. The Protocol of Accession was signed by Minister of Trade and Industry Saadaldin Abu Talib, and WTO Director-General Roberto Azevedo.
In his welcoming remarks, Azevedo congratulated Yemen for "having taken those hard decisions which are necessary to secure growth, development, trade integration and the extension of the rule of law."
In this process, he added, Yemen has shown "energy, focus and determination to negotiate the terms of its membership over a 13-year period and completed its ratification process in a 174 day-record. Yemen's accession takes the WTO closer to its goal of universality."