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ArmenPress: ARMENIA TO BECOME FULL-FLEDGED MEMBER OF WTO FEBRUARY 5

YEREVAN, JANUARY 30, ARMENPRESS: Armenian trade and economic development ministry said it had received an official letter from the World Trade Organization’s (WTO) director-general Supachai Panitchpakdi notifying that under the WTO rules Armenia will officially become a full-fledged WTO member on February 5.

Armenia’s long-awaited membership to the World Trade Organization (WTO) had got the go-ahead last December 10 from the organization’s 144 members at WTO General Assembly’s session in Geneva.

Commenting on the final approval of Armenia’s membership Armenian trade and economic development minister Karen Chshmaritian had described it as “the victory of the Armenian nation, the president and government.”

Armenia’s accession to WTO came after six years of negotiations. Armenian parliament has passed recently an extensive set of laws to bring its trading legislation in conformity with WTO rules.

The protocol lays out the terms and conditions for Armenia’s entry, and the package was ratified by the Armenian parliament earlier this year . Under the WTO rules thirty days after the WTO is officially notified of the ratification, the country will bolster the currently 144-strong membership.

“After the declaration of independence, the foreign economic and trade policy of Armenia has been directed towards integration into the world economy, stimulation of exports, attraction of investments and intensification of the cooperation with international organizations,” Armenian prime minister Andranik Margarian had said addressing the WTO session.

Armenia’s gross domestic product (GDP) growth rate in 2002 was 12.9 percent. Minister Chshmaritian said Armenia’s joining to WTO will give a strong boost to attraction of foreign investments, vital for advancing the country’s economy. “Potential investors will not have to come to Armenia on a fact-finding trips as the WTO membership is a guarantee that Armenia can provide a business environment that is in line with international trade norms,” he said.

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