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Official ceremony of Kazakhstan's accession to WTO scheduled for July 27

27 july 2015, 19:17
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Photo © tengrinews.kz
Photo © tengrinews.kz

The official ceremony of Kazakhstan's accession to the WTO takes place on July 27, 2015, Tengrinews reports citing the Twitter account of the Kazakh Senate Speaker Kassym-Zhomart Tokayev.

"On July 27, the official ceremony of Kazakhstan's accession into the WTO takes place. Today, President Nursultan Nazarbayev arrives to Geneva," Tokayev tweeted. 

On June 22, Nursultan Nazarbayev announced the completion of the procedures of Kazakhstan's accession into the World Trading Organization. "Today the final meeting of the Working Group in Geneva announced that the talks on Kazakhstan’s accession to the World Trade Organization have been completed. This event is of historical importance for us. Kazakhstan will become the 162nd member of the Organization. All the major economies of the world have agreed that Kazakhstan has a favorable investment environment and carries out its trade policy in compliance with international law," Nazarbayev is quoted as saying by Akorda press-service.

The negotiations on Kazakhstan's accession had been going on for 19 years. Kazakhstan submitted its bid January 29, 1996.

According to Rakhim Oshakbayev, there are at least two major benefits for Kazakhstan in becoming an official member of the WTO. "90 percent of our trade is done with WTO members. Now, in case of any trade disputes, our companies will have access to international mechanisms and institutions for settlement of their disputes. Secondly, membership in the WTO is an indicator telling the international community that Kazakhstan observes civilized and internally accepted trade principles. Again, should any trade disputes arise, they (Kazakhstani companies) will be able to appeal to the WTO rules. Our membership in the WTO is an important instrument attracting foreign investments," Rakhim Oshakbayev said.

By Gyuzel Kamalova


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