Liberia’s Commerce & Industry Minister Axel Addy has underscored Liberia’s firm commitment to joining the multilateral trading system by 2015.

Addressing the General Council of the World Trade Organization (WTO) on Thursday, 24 July 2014 Geneva, Switzerland. Minister Addy said with support from members of the WTO Secretariat and other partners, Liberia has accelerated preparation for its second Working Party Meeting, adding that Liberia remains engaged with its partners and is also making several reforms on the domestic front. Minister Addy said Liberia as a post-conflict Least Developed Country acknowledges that it has many challenges.

The Liberia’s Commerce and Industry Minister said Liberia also needs to find jobs for its youthful population and build the capacity of it young generation to make it a competitive destination for investors.

He said Liberia welcomes the Trade Facilitation Agreement which was recently launched and intended to provide support to developing and least-developed countries. “The Trade Facilitation Agreement represents a needed support to jump start the process of building Least Developed Countries capacity to implement the Trade Facilitation Agreement”, Minister Addy noted.

Minister Addy stated that Liberia looks forward to serving as a committed and active member to ensure the strengthening and safeguarding of the multilateral trading system.

History
In 2007, The Government of Liberia applied to the WTO expressing its intent to become member of the Organization, as well as drafting its initial goods and services offer, as basis for further negotiation with members of the organization. Liberia is also making significant reforms in its trading environment in line with the WTO Agreements.

Liberia submitted its comprehensive Memorandum on Foreign Trade Regime in April 2011, and subsequently in May 2012 Liberia submitted answers to the first round of questions from WTO members. Liberia successfully convened its first Working Party Meeting on July 11, 2012 at the WTO Secretariat in Geneva, Switzerland.

If accepted by the WTO, Liberia is expected to benefit from an improved economic and business environment, including an open market system, access to donor funds and negotiation of tariffs, among others.

The World Trade Organization (WTO) has a current membership of 160. 23 Countries including Liberia have applied for membership to the WTO and are making frantic efforts to become of the World Trade Organization (WTO). The WTO accounts for 96% of world trade.