Earlier today, the World Trade Organization announced the entry of Vanuatu and Russia into the WTO. From the WTO:
“’Both accessions show that joining the WTO remains high on the countries’ agendas since trade can bring a predictable and stable basis for economic growth. This is especially important as the world goes through troubled times and continues to suffer from one of the worst global economic crisis in memory. Joining the WTO is a sign of confidence in the organization and in what it can deliver for its members’, said WTO Director-General Pascal Lamy.
From the date of accession, the Russian Federation has committed to fully apply all WTO provisions, with recourse to very few transitional periods. On average, the Russian Federation will apply a final bound tariff for 7.8% for goods and has made specific commitments on 11 services sectors.
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. Vanuatu will apply an average final bound rate of 39.7% and has made specific commitments on 10 services sectors. The services sector has been growing and now accounts for three-quarters of Vanuatu’s GDP.”
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