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WORLD

Montenegro becomes WTO member

30.04.2012 [14:31]
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Baku, April 30 (AZERTAC). Montenegro became a full-fledged member of the World Trade Organization (WTO) on Sunday which was one the country’s most important priorities.

The Montenegrin Finance Ministry has announced that Montenegro became the 154th WTO member.

A protocol on Montenegro’s accession was signed on December 17, 2011 and came in effect on Sunday.

The WTO membership will allow Montenegro to solve problems in a constructive manner, reduce cost of living, allow better choice of goods and services, increase in the foreign trade and help combat against corruption.

It is also expected that the WTO membership will be a positive signal to foreign investors because “Montenegro will be recognized as a destination where internationally accepted trade regulations are respected”.

In order to achieve higher cohesion in global economic policy, the WTO cooperates with the World Bank and the International Monetary Fund (IMF) and together they represent a basis of the modern multilateral system, the ministry added in the statement.

The only countries of southeast Europe that still are not WTO members are Serbia and Bosnia-Herzegovina.

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