WTO to examine Yemeni membership application this month
(MEBG) –The World Trade Organization (WTO) is expected by the end of July to start discussing the application of Yemen to join it ranks.
A national committee, which was set up by the Yemeni government earlier this year to oversee negotiations with the WTO, is completing a file on the national economy and the country’s external trade laws.
Yemen is also seeking the help of international consultants for adapting Yemeni laws to the requirements of the WTO and to be ready to participate in the negotiations.
Yemen has already begun an economic reform program with the help of the World Bank and the International Monetary Fund. The country is nearing its goal of stabilizing the oil-dependent economy and is aiming to fight corruption to encourage investment.
The World Bank reported that inflation in Yemen in 1999 stood at 7 percent and has forecast 6 percent inflation for 2000.
The international bodies have reported that economic growth in 1999 was 3.6 percent and it is forecasted to reach 3.9 percent this year. This is lower than figures provided by Yemeni officials.