Ukraine became 152nd member of WTO
Ukraine’s trade simultaneously improved with 151 world countries
On May 16 of the year 2008, Ukraine became the full-fledged 152nd member of the World Trade Organization. The Protocol on Ukraine’s joining the Marrakech Agreement on creating WTO, ratified by the Verkhovna Rada on April 10 of 2008, joined into force on May 16.
According to the Ukrainian Ministry of Economics, by estimates of experts, Ukraine’s joining WTO will lead to growth of the population’s welfare by 3%, with the growth of the GDP dynamics up to 2%.
The cumulative influence of the Ukraine’s joining WTO upon the branches of the national economics will be positive.
Since the moment of Ukraine’s joining WTO, the country will enjoy the biggest assistance in the trading space from all the WTO member countries, that is, Ukraine’s trade will simultaneously improve with 151 world countries, which carry out more than 95% of the world trade. Besides, tariff restrictions on the access of Ukrainian commodities on markets of WTO member countries will reduce.
The biggest export growth is expected in agriculture, chemical industry and metallurgy.
Ukraine began the process of joining WTO as early as in 1993.