Ukraine accedes to WTO

Ukraine accedes to WTO The Ukraine on Tuesday became the 151st economy to accede to the World Trade Organization.
   The former Soviet republic has been negotiating its terms of accession since December 2003. To complete its accession bid, Ukraine had to complete bilateral market access negotiations as well as multilateral negotiations on a WTO Working Party Report and Protocol of Accession with nearly 50 WTO members.
   Last year, Ukraine passed more than 40 laws and additional regulations to implement WTO agreements, including conforming changes to its regime on import licensing, export taxation, intellectual property rights protection, sanitary and phytosanitary measures, standards, subsidies and customs procedures.
   The Bush administration welcomed Ukraine's membership to the WTO.
   'The terms of accession are substantial, forward-looking, and demonstrate Ukraine's commitment to global trade based on market forces, transparency, and rule of law,' said U.S. Trade Representative Susan Schwab in a statement. 'For the United States, the inclusion in the WTO of such a large, fast-growing economy will benefit U.S. businesses, workers, farmers, ranchers, and consumers.'