Vanuatu has formally joined the World Trade Organisation.
“With Vanuatu the WTO receives a least-developed country into the family. Its membership will strengthen the multilateral trading system and provide this country with a stable and predictable trade environment. Vanuatu’s accession brings the WTO one step closer to our goal of universal membership” declared WTO Director General, Pascal Lamy.
In response, deputy Prime Minister Ham Lini said, “This is a happy moment of historical significance for Vanuatu. This accession will bring substantial gains to our country.”
As a result of the accession negotiations, Vanuatu has agreed to further liberalize its trade regime and accelerate its integration in the world economy, while offering a “transparent and predictable environment for trade and foreign investment.”
Vanuatu committed that from the date of accession, it will fully apply all WTO provisions and did not require recourse to any transitional period except on intellectual property and on the publication of trade information.
More details at Pacnews