Liberia is now a part of the World Trade Organization (WTO), making it the 35th complete accession process and the 35th Least Developed Countries (LDCs) in the organization.
The admission was effected Wednesday during the 10th Ministerial Conference in Nairobi at a session attended by Presidents Ellen Johnson Sirleaf.
Liberia will be required to present the accession protocol to the country’s parliament for approval.
“Liberia’s WTO accession is a strong, positive and clear signal of its commitment to engaging with the global economy in the framework of the rules-based trading system. The conclusion of this least-developed country accession is a critical win-win for LDCs, Africa and the WTO,” said H.E. Joakim Reiter, Working Party Chairperson.
“The accession package will continue to strengthen the rules of Trade,” he added.
President Sirleaf welcomed the WTO membership as a turning point to her country’s history after 12 years of peace and stability.
She said her country was committed to the WTO principles of fully integrating into the multilateral trading system.
President Sirleaf invited investors to Liberia, saying youth under the age of 25 constituted 60 per cent of the 4.5 million population, guaranteeing availability of labour.
“We appreciate the collaborative effort of our development partners. Liberia fully subscribes to the common African position on strengthening the rule-based multilateral trade system for the Africa that we want. A system founded on the principles of respect, fair and transparent global trade that is of mutual benefit to all,” she added.
