Verkhovna Rada passes last bill for WTO entry

On Dec. 13, 2006, the Verkhovna Rada passed the last of 21 bills needed to create an adequate legal framework for Ukraine’s entry into the World Trade Organization (WTO). Out of 442 MPs registered in the session room, 363 voted for the bill entitled “On the export customs duty on scrap metals, scrap non-ferrous metals, and semi-finished products with further utilization.”

Javier Solana even congratulated Viktor Yanukovych on this landmark event, calling it an important achievement in Ukraine’s relations with the EU and its integration into world economic structures.

“I have no doubt that Ukraine will be in the WTO before Russia. Today we are ahead of schedule,” said Petro Poroshenko, member of Our Ukraine.

There is one nuance, however: Ukraine still has not signed treaties with Kyrgyzstan and Taiwan on providing mutual access to commodity and services markets.

How will Ukraine benefit from WTO membership? Among other things, it will enable Ukraine’s participation in international trade policy making and more active and efficient cooperation with other international organizations. Moreover, WTO membership sends a positive signal to investors and signifies reliability of Ukrainian legislation, its transparency, predictability, and conformity to international norms.

FROM THE HISTORY OF THE ISSUE

Ukraine declared its intention to join the WTO in December 1993. Two years later bilateral negotiations were launched. At one time President Viktor Yushchenko said that there was no doubt that the negotiations would be successful, and treaties with these countries would be signed in time. If all forecasts are correct, Ukraine will be able to join the WTO already in early 2007. A total of 48 countries are represented in the working group reviewing Ukraine’s application to the WTO. Over the last 12 years the group has had 16 official meetings.

The WTO has 149 member countries that receive 70 percent of Ukraine’s exports and represent 95 percent of the world trade turnover.