Ukrainian parliament ratifies protocol on joining WTO
Ukrainian parliament ratifies protocol on joining WTO
KYIV, Ukraine (AP) - Ukraine's parliament has signed off on this ex-Soviet republic's membership in the World Trade Organization.
The ratification Thursday by the Verkhovna Rada means Ukraine will officially become a member of the world's biggest trading club 30 days after it notifies the WTO of the ratification.
Ukraine was formally invited to join on Feb. 5, beating out its main trade partner and neighbor Russia.
That mean Ukraine will effectively get a veto over Russian membership, since all WTO decisions are made by consensus.
Russia is the only major economy still outside WTO.
Ukrainian officials hope WTO membership will open new markets for industrial exports.
Membership also obligates the country to continue economic reforms.
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