12.15.14

Seychelles’ Membership approved by WTO

Posted in International Organisations, Seychelles offshore jurisdiction at 6:59 pm by Robert Klien

Following the adoption of its terms of entry at the General Council meeting on December 10, Seychelles’ Accession Protocol was officially signed. The document was signed by World Trade Organization (WTO) Director-General Roberto Azevêdo and Seychelles’ Minister of Finance, Trade, and Investment Pierre Laporte.

In his speech, Azevêdo expressed his gratitude to the Government of Seychelles for this “historic achievement” and for sending “a clear signal to all its trading partners that it is ready to engage fully in the multilateral trading system and in the global economy”. He said that “Seychelles’ accession is another sign of the continued importance of the multilateral trading system.”

To reply, Laporte declared that “WTO membership will bring immense benefits to our economy, from businesses to consumers. The Seychelles’ Government and its people have been looking forward for so long to be part of this international family.”

Seychelles originally applied for WTO membership in 1995. The jurisdiction completed its accession negotiations on 17 October 2014, when the Working Party adopted the accession package, ad referendum.

Seychelles has until June 1, 2015, to ratify the deal, and will become a WTO member 30 days after it notifies the WTO Director-General that it has completed its domestic ratification procedures.

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