Kazakhstan to join WTO

After nearly 20 years of negotiations, the World Trade Organization and Kazakhstan have completed accession talks and the agreement will now go to the WTO General Council for formal approval.    The Central Asian nation of Kazakhstan has completed accession talks with the World Trade Organization, according to a statement from WTO.
   The former Soviet republic has been negotiating with WTO since February 1996, the longest accession process to date, to become the organization’s 162nd member country. Kazakhstan’s accession package will now go to the WTO’s General Council for formal adoption.
   “The conclusion of Kazakhstan’s accession is a tribute to the untiring efforts of the Government of Kazakhstan, as well as to the WTO and its Members,” said WTO Director General Roberto Azevêdo. “The high quality of the accession package will accelerate Kazakhstan’s integration into the global trading system and provide a boost to Kazakhstan’s economy for years to come.
   “I particularly want to congratulate President Nazarbayev and Minister Aitzhanova for their key role in concluding these negotiations,” Azevêdo added. “As President Nazarbayev has said, it is an ‘historic’ moment. I look forward to welcoming Kazakhstan as a Member of the WTO very soon.”
   Zhanar Aitzhanova, Kazakhstan’s minister for economic integration, echoed those comments, “We are ready for the next steps to be made together with [the WTO] and domestically towards the membership in this organization. Our goal is to participate at the 10th Ministerial Conference in Nairobi as a full-fledged WTO Member.”
   The National Foreign Trade Council (NFTC) and the U.S.- Kazakhstan Business Association (USKZBA) likewise welcomed the completion of accession talks between the WTO and Kazakhstan.
   “Yesterday’s formal approval of Kazakhstan’s accession package marks a historic moment for the country and its people,” said Bill Reinsch, president of NFTC. “For U.S. businesses, Kazakhstan’s accession represents real reforms and presents evidence that steps are being taken in Kazakhstan to improve the business and investment climate, making it a more welcoming place to do business.”
   “The completion of this process will lead to increased trade and investment opportunities for Kazakhstani businesses that will benefit consumers not only in Kazakhstan but in all WTO-member countries,” added Sarah Frese, executive director of USKZBA. “As a nation with numerous natural resources that provide the potential for long-term economic growth and proven leadership in the Central Asia region since its independence in 1991, Kazakhstan is sure to be a strong addition to the international organization.”
   Kazakhstan exports an estimated $78 billion annually, roughly 38.25 percent of its gross domestic product, with top export goods including oil and mineral fuels, iron and steel, according to figures from NFTC. Currently, the United States ranks as Kazakhstan’s fifth largest import partner with an estimated $2 billion in imports.