Kazakhstan became 162th member of WTO or World Trade Organization. The agreement was signed between the WTO Director General Robert Azevedo and Kazakhstan president Nursultan Nazarbayev at Geneva. The final accession will be done when the membership agreement is ratified by Kazakhstan Parliament on 31 October 2015.
Advantages for Kazakhstan
- A large share of Kazakhstan’s exports are oil and gas which is 59% of Kazakhstan’s exports but now the second largest exports sector ferrous metals may enjoy more benefit and Kazakhstan may also enjoy cheaper imports in the long-term.
- Being the WTO member Kazakhstan economy will become stronger and more liberal; as its trade was more prominent with post-Soviet states in mid 1990s.
About WTO
- WTO is the only Global International Body that deals with the rules of trade between nations.
- WTO is a separate legal entity.
- WTO is a successor of GATT
- Established on: 1st January, 1995
- Created by: Uruguay Round negotiations (1986-94)
- Membership: 162 countries
- Headquarters: Centre William Rappard, Geneva, Switzerland
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