WTO formally accepts Kazakhstan as new member

Geneva (AFP) - The World Trade Organization on Monday formally accepted Kazakhstan's bid to join the body, ending nearly two decades of negotiations that the WTO has called among the most difficult in its history.

Meeting at its headquarters in Geneva, the WTO General Council approved the membership terms finalised last month.
After the formal approval, WTO Director General Robert Azevedo described the protracted accession process as "very challenging".
But, he said, talks moved quickly once the government in Astana made clear that it was finally serious about WTO membership.

Kazakhstan's President Nursultan Nazarbayev -- who has led the resource-rich nation for the past quarter century and was recently re-elected with more than 97 percent support -- was on hand to witness the formal acceptance by the council.
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The Bolashak oil plant on the Kashagan offshore oil …
The Bolashak oil plant on the Kashagan offshore oil field near Atyrau in Kazakhstan on June 30, 2012 …

Kazakhstan began WTO accession talks in 1996, but negotiations were repeatedly stalled, in part because of Kazakhstan's membership in the Russia-led Eurasia Economic Union.

Kazakhstan has also agreed to lower import tariffs and to make greater efforts to promote foreign investment.
Once the formal ratification process is complete, expected by the end of the year, Kazakhstan will become the WTO's 162nd member.