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“I am
very pleased to welcome Cape Verde as a new member. This new membership will
strengthen the multilateral trading system. Being part of the WTO will
enable Cape Verde to continue its integration into the world economy,” said
Director-General Pascal Lamy.
The terms of membership, which include the
Working Party Report for Cape Verde's Accession, the Protocol of
Accession, and the Schedules of Cape Verde's commitments on Market
Access for Goods and Services, were adopted by the WTO at the
General Council in December 2007.
Cape Verde ratified its accession package
on 23 June 2008 which was the final step in the accession process
before it could officially join the WTO. Under WTO rules, a country
becomes a member 30 days after national ratification.
Cape Verde is an archipelago located in
the Atlantic Ocean off the west coast of Africa. It was a Portuguese
colony until its independence in 1975.
Since 1991, the country has pursued market-oriented economic
policies, facilitating foreign investment, fostering the private
sector through privatisations, developing tourism, light
manufacturing industries and fisheries. Cape Verde has also
developed its transport, communications and energy facilities.
Its main trading partners are Portugal,
Netherlands, Brazil, Spain, Italy, the US and France. The biggest
importer to Cape Verde is Portugal (EUR 116.79 million in 2007).
Cape Verde's exports to Portugal were worth EUR 4.41 million in
2007.
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