Kazakhstan to become WTO's 162nd member

/By AzerNews/

By Aynur Karimova

The negotiations on Kazakhstan’s joining the World Trade Organization have been completed and the country will become the 162nd member of the organization.

This statement was made by Kazakh President Nursultan Nazarbayev in an address to the country’s people posted on his official website on June 22.

“All the major economies of the world have recognized Kazakhstan as a country with a favorable investment climate, pursuing the trade policy in line with international law,” Nazarbayev said.

He also noted the WTO membership opens up new horizons for the country’s economy and provides the national enterprises with an access to foreign markets, and the customers with a wide range of goods and services.

“Today, 90 percent of our trade accounts for the WTO member countries. Therefore, this decision is very important for us,” the president added.

Kazakhstan, the largest economy in the Central Asian region, first submitted its application for the WTO membership in 1996. The country previously attempted to conclude its WTO negotiations in 2013, but accession talks failed.

Again in 2014 efforts were thwarted after WTO representatives explained that Kazakhstan would have to resolve discrepancies between Kazakhstan's bilateral market access agreements with WTO members.

Kazakhstan's geographic location also paves the way for the country's membership at this trade organization. Located in the heart of the Eurasian continent, Kazakhstan could serve as a transit route from East to West and from South to North. The country has been developing its railways and roads in recent years with an aim to become a center along major trade routes.