Kazakhstan formally becomes new WTO member

With negotiations harking back to 1996, the World Trade Organisation (WTO) formally accepted on Monday Kazakhstan's bid to become the body's new member.

Following the official acceptance event which was attended by Kazakh President Nursultan Nazarbayev, WTO Director General Roberto Azevedo said that this was "an historic moment for both WTO and Kazakhstan."

This rang especially true as the accession process was described as challenging at times, with nearly 20 years of negotiations taking place before the membership terms agreed upon last month were finally adopted.

Kazakh Foreign Minister Erlan Idrissov iterated how the central Asian nation, which used to be among the lower economic ranks of the Soviet Union, has been on the road of development and reform since it gained independence in 1991.

"The economy has grown almost twentyfold since independence," he said, adding that the country will be able to further its economic ambitions thanks to its new WTO membership.

Idrissov mentioned how the latter will facilitate the introduction of new practises and standards while diversifying the economy and enhancing national and international interconnectivity.

He also stated that WTO membership will enhance Kazakhstan's private and SME sectors, while opening new markets and increasing the flow of Foreign Direct Investment (FDI).

According to the Kazakh official, it will furthermore consolidate important relations with the European Union, which is the country's first trading partner, as well as increase trade dialogue with the United States and other central Asian countries.

Kazakhstan will become WTO's 162nd member once official signing and ratification protocols are completed. Endit