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The Senate of Kazakhstan (the upper house of Kazakhstan's parliament) has ratified a Protocol on the accession of the Republic of Kazakhstan to the Marrakesh Agreement Establishing the World Trade Organization (WTO), which was signed by the parties on July 27 this year, Russian information agency TASS reported.
It is noted that after the ratification of the document by deputies, it has to be signed by the president. The decision on the country's admission to the WTO will come into force one month after the organization receives notice of ratification. Kazakhstan will become the 162nd member of the WTO.
In his address to the nation on June 22, President of Kazakhstan Nursultan Nazarbayev recalled that negotiations on the country's admission to the WTO had lasted for 19 years.
"We have managed to reconcile the requirements of the WTO and the EEU [Eurasian Economic Union], while also taking into account our national interests," the head of state said.
Read alsoWTO confirms Ukraine’s extra import duty complies with WTO regulationsHowever, he said that along with the benefits of joining the organization, there will also be enhanced competition. All producers will have to comply with the world standards, Nazarbayev added.
Read alsoReuters: Ukraine's oil refinery turns to Kazakh crudeWorld Trade Organization is an international organization established with the goal of supervising and liberalizing international trade between participating countries. The WTO provides a framework for negotiating and formalizing trade agreements, and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements signed by representatives of member governments.