An application by Iran to join the World Trade Organization will be brought up before the governing council of the financial body this week. The council will have to decide whether to endorse Iran’s application, or alternatively to create a working panel to screen the application process.
Commentators say that Iran’s application, which was added to the council’s agenda at the insistence of Egypt, is unlikely to be accepted, mainly because it is opposed by the United States. Iran first asked to join the WTO in 1996, but because of the US opposition, its application was never even been discussed.
In the unlikely event that Iran’s application is approved, the country would then begin the convoluted process of amending its laws to comply with WTO regulations. — (Albawaba-MEBG)
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