Ukraine Joins WTO
Ukraine today became a member of the World Trade Organization, ending some 15 years of talks.
The accession ceremony held in Geneva, attended by President Yushchenko, marks the beginning of a new era for the Ukrainian economy. The country will assume full membership 30 days after the agreement’s ratification by parliament.
From then on, Ukrainian companies will have better access to foreign markets, while multinationals will be dealing with fewer barriers in the Ukrainian market.
It’s a two-way street that teems with opportunities as well as threats. Some experts believe this street may help Ukraine extract certain first-mover advantages from Russia. As a WTO member, Ukraine may have a say in Russia’s accession talks.