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Liberia Close to Becoming WTO Member - Commerce MinisterTuesday, August 11, 2015 > 10:06:00
(All Africa By Wilfred Gortor)
Commerce Minister Axel Addy has disclosed that Liberia's quest to become a full member of the World Trade Organization (WTO) will soon be realized.
Addy disclosed that due to significant efforts made over the years by the country, it will be unveiled as a member of the WTO in December This year at the WTO ministerial conference to be held in Kenya.
Speaking Thursday at the Ministry of Information regular press conference in Monrovia, the Commerce Minister indicated that this will provide Liberia further leverage as a suitable destination for trade and commercial activities.
According to Addy, a WTO membership for Liberia will also enhance the country's economy; attract business opportunities which will lead to the subsequent generation of revenue and the creation of more jobs for young Liberians.
Liberia is the only country in the Economic Community of West African States (ECOWAS) region that is yet to become a member of the WTO, although the country applied for membership since 2007.
The nation could not also be a founding member of the organization in 2005 as it was holding the first democratic elections following a protracted period of civil conflict.
The hosting of the Tenth WTO ministerial conference this year in Nairobi, Kenya also means that Africa will be playing host to the body's sitting for the first time since the organization was founded.
WTO is an organization that supervises and liberalizes international trade.
It regulates trade between participating countries by providing a framework for negotiating and formalizing trade agreements and a disputes resolution process aimed at enforcing participants' adherence to WTO agreements.