Cape Verde is expected to join the World Trade Organization in December, according to State Secretary of the Economy, Growth and Competitiveness Jorge Borges.

The issue was debated in this week’s Council of Ministers meeting, at the end of which Jorge Borges assured that most of the multilateral and bilateral negotiations have been concluded and that the adherence process will be completed by the end of this month. As such, said Borges, “Cape Verde may be accepted during the WTO meeting in December.”

Cape Verde made a formal request to join the WTO in 1999, and the following year a work group was formed to follow the process. Five negotiation meeting have taken place since 2004, with a good deal of progress having been made this year, which leads Cape Verdean authorities to believe the country will join the organization by the end of 2007.

In addition to multilateral negotiations, Cape Verde has already established bilateral accords with the European Union, Brazil, the United States and Japan, and an accord with Canada is on its way to being negotiated.

Membership in the WTO is considered a guarantee of security for foreign investors, and Cape Verde will be able to access addition support in the realm of good governance and modernization, in addition to the harmonization of laws with those practiced on the international market. “The idea is to expand economic reforms in order to create a more competitive economy,” said Jorge Borges, adding that Cape Verde is seeking to create an economy with competitive advantages in key areas.

The WTO is an international organization created in 1995 with 151 member countries that supervises accords on trade regulations. At the beginning of this month, Cape Verde signed a bilateral accord with the European Union for access to the European market, a step considered fundamental for the country’s entrance into the WTO.

The accord will allow Cape Verde to commercialize its products on the European market with competitive import tariffs - below 40% for agricultural products and close to 30% for non-agricultural products.

Source: A Semana