On Wednesday, Comoros officially became the 165th member of the World Trade Organization after a 17-year negotiation process.
WTO Director-General Ngozi Okonjo-Iweala expressed her pride in adding Comoros as the newest member, noting that the nation’s inclusion will bring a significant new perspective to the global trading system. She commended Comoros for its dedication to WTO principles and its readiness to align with its regulations.
The Comoros, an archipelago of three islands with approximately 850,000 residents, joins the ranks of 35 other least-developed countries within the organization.
Approval Granted for Comoros’ WTO Membership
In February at the WTO’s 13th ministerial conference in Abu Dhabi, members endorsed Comoros’ accession.
The path to WTO membership involves detailed negotiations with all existing members, each of whom can block a new entrant, making the process often lengthy.
The latest countries to join the WTO were Afghanistan and Liberia in 2016, while Kazakhstan and the Seychelles became members in 2015. Currently, 23 countries are in the process of accession, with East Timor’s membership set to start on August 30, following approval in February.
Economic Advantages for Comoros
Comoros President Azali Assoumani, who rose to power in a 1999 coup, highlighted in Abu Dhabi that joining the WTO would significantly benefit the nation’s economy, supporting both public and private sectors as well as consumers. He noted that this membership would enhance trade diversification and integration into broader economic systems.
Additionally, the Comoros has officially accepted the WTO Agreement on Fisheries Subsidies, a 2022 agreement that bans subsidies for illegal, unreported, or unregulated fishing.
Addressing Overfishing Issues
The agreement also restricts subsidies for fishing in overexploited stocks and unregulated high seas, with flexibility provisions for developing nations.
So far, 56 WTO members, including the EU, US, China, and Russia, have ratified the agreement. For it to take effect, it must be accepted by two-thirds of the WTO’s 110 members.
