Liberia becomes WTO member, eyes investment

The 10th World Trade Organization (WTO) ministerial conference that is being held in Nairobi, Kenya on Wednesday formally approved Liberia's membership after eight years of negotiations.

During her opening remarks at the ceremony, Liberian President Ellen Johnson Sirleaf termed Liberia's membership to WTO as "a historic milestone" as the country seeks reconstruction after decades of civil strife and devastation caused by the outbreak of Ebola epidemic last year.

Liberia has become the 163rd WTO member and the 35th least developing country (LDC) to join the trading regime.

Sirleaf reiterated her government's commitment to political and economic reforms to accelerate Liberia's reconstruction.

"In the last twelve years of peace and stability, Liberia enacted fiscal reforms while focusing on ways to lessen the debt burden while increasing domestic savings," said Sirleaf, adding her government had invested heavily in social services like education and health.

Liberia's entry into WTO is expected to attract foreign direct investment in key sectors of the economy.

Sirleaf said her government had created a "conducive environment" to attract investment in energy, transport infrastructure, tourism and agro-processing sectors.

She also said Liberia subscribed to Africa's common position on strengthening a multilateral trading system with binding rules.

WTO Director General Roberto Azevedo said Liberia's membership to WTO was a confirmation of its strategic role in multilateral affairs.

"Liberia has demonstrated its commitment to adhere to our core values like openness, transparency and rule of law despite severe challenges," he said. Endit