DILI, 09 april 2024 (TATOLI) – The Government of Timor-Leste, through the Council of Ministers approved the draft Resolution for the National Parliament Proposal, presented by the Vice Prime Minister, Coordinating Minister of Economic Affairs and Minister of Tourism and Environment, Francisco Kalbuadi Lay, to ratify the Protocol of Accession to the World Trade Organization (WTO).
On february 26th, the Government of Timor-Leste, through Vice Prime Minister Francisco Kalbuadi Lay, signed the WTO accession protocol with the Director of this organization, Ngozi Okonjo-Iweala, during the 13th WTO ministerial conference held in Abu Dhabi, United Arab Emirates.
Accession to the WTO is a crucial step towards boosting economic reforms in Timor-Leste. It marks a significant advance in trade liberalizing, integrating into the global economy, and facilitating access to international markets.
Timor-Leste officially became a full member of the World Trade Organization (WTO) at the WTO’s 13th ministerial meeting, in Abu Dhabi, on february 26.
The Protocol of the Accession of the Timor-Leste to WTO was signed at the end of the ceremony.
Timor-Leste has been granted WTO observer status since 2016, and the country keeps working to take another step towards fulfilling the membership terms to become a full member of the organization.
Timor-Leste submitted its application for accession to the WTO in november 2016 as part of a broader national trade strategy to integrate the country further into the world economy to promote economic growth and development.
Timor-Leste’s WTO accession process started on december 7, 2006, through the establishment of the Working Group.
The World Trade Organisation (WTO) is the only international organization that regulates international trade activities.
WTO was founded in 1995 and its existence is based on an agreement whose objective is to help producers of goods, exporters, and importers in each of the member countries to carry out their commercial activities in accordance with international rules, guaranteeing security and transparency.
Journalist: José Belarmino De Sá
Editor: Filomino Martins
