Seychelles becomes 161st member of World Trade Organisation
Seychelles, an archipelago of 90000 inhabitants became the 161st member of the World Trade Organization (WTO). It is one of the smallest nations among the WTO members.
This approval by WTO ended Seychelles 20-year long wait to become a member of WTO since it had applied for WTO membership in May 1995.
Seychelles also became the 33rd government to accede to the rules-based multilateral trading system through Article XII negotiations since the WTO was established in 1995.
The President of Seychelles, James Michel had signed the legal instrument for the island nation to the WTO on March 25, 2015 a day after the accession protocol was ratified by the Seychelles National Assembly.
As per the WTO rules, the 30-day countdown to its WTO membership was activated on March 27, 2015 and Seychelles officially became a WTO member on April 26, 2015.
It should be noted that the Protocol of Accession was signed by former Seychelles’ Minister of Trade, Finance and Investment Pierre Laporte and WTO Director General (DG) Roberto Azevedo.
Categories: Business, Economy & Banking