On February 5, 2008 the General Council of World Trade Organization (WTO) made the announcement that the WTO has accepted Ukraine’s membership in the WTO. Ukraine will have to ratify the deal by 4 July, 2008 and would become a WTO member 30 days after ratification.

“Ukraine’s WTO membership will strengthen the multicultural trading system and provide this country with a stable and predictable trade environment that will boost its growth and prosperity. I am particularly please to welcome the WTO President Victor Yushchenko, whose personal commitment to this country’s accession was a major factor in the successful outcome to these negotiations”, stated Director-General Pascal Lamy of WTO.

Ukraine applied for WTO membership in 1993, and the Working Party, headed by Canada for many years, concluded the negotiations on January 25, 2008. The General Council approved the Working Party report, the market access schedule on goods and services, the General Council Decision and Protocol of Accession on February 5, 2008.

Ukraine, with a population of 46.6 million and a gross domestic product estimated by the World Bank at US$06 billion, became the largest former Soviet state to join the trade group to date.

After 4 years of negotiations, membership in the WTO represents a coming of age for trade relations in Ukraine. The deal is expected to lift living standards and wages, improve social standards and increase investment in Ukraine. This deal paves the way for talks on creating a trade zone with European Union.