Cape Verde Becomes The WTO's 153rd Member

by Ulrika Lomas, for LawAndTax-News.com, Brussels

25 July 2008

On 23rd July 2008, the WTO welcomed Cape Verde as its newest member, after nine years of accession negotiations.

“I am very pleased to welcome Cape Verde as a new member. This new membership will strengthen the multilateral trading system. Being part of the WTO will enable Cape Verde to continue its integration into the world economy,” announced Director-General Pascal Lamy.

The terms of membership, which include the Working Party Report for Cape Verde's Accession, the Protocol of Accession, and the Schedules of Cape Verde's commitments on Market Access for Goods and Services, were adopted by the WTO at the General Council in December 2007.

Cape Verde ratified its accession package on 23rd June 2008 which was the final step in the accession process before it could officially join the WTO.

Under WTO rules, a country becomes a member 30 days after national ratification.

Cape Verde is an archipelago located in the Atlantic Ocean off the west coast of Africa. It was a Portuguese colony until its independence in 1975.

Since 1991, the country has pursued market-oriented economic policies, facilitating foreign investment, fostering the private sector through privatisations, developing tourism, light manufacturing industries and fisheries.

Cape Verde has also developed its transport, communications and energy facilities.

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