GENEVA, July 17 (Hina) - Croatia on Monday became the 137th member of the World Trade Organisation after signing an admission protocol in Geneva today, thus completing a seven-year-long process of accession to one of the world's most
important organisations. WTO's head council at today's session with a two-third majority reached the formal decision to adopt an integral final report on Croatia's admission, simultaneously inviting the Croatian government to sign the protocol. After the session, the admission protocol was signed by Croatia's Economy Minister Goranko Fizulic, with attendance by WTO managing director Mike Moore. Croatia's accession was welcomed on behalf of WTO's head council by the chairman, Norwegian Ambassador Kare Bryn. The signing of the protocol is followed by ratification at the Croatian national parliament, which should be done in the September sessions. The Croatian gove
GENEVA, July 17 (Hina) - Croatia on Monday became the 137th member
of the World Trade Organisation after signing an admission protocol
in Geneva today, thus completing a seven-year-long process of
accession to one of the world's most important organisations.
WTO's head council at today's session with a two-third majority
reached the formal decision to adopt an integral final report on
Croatia's admission, simultaneously inviting the Croatian
government to sign the protocol.
After the session, the admission protocol was signed by Croatia's
Economy Minister Goranko Fizulic, with attendance by WTO managing
director Mike Moore. Croatia's accession was welcomed on behalf of
WTO's head council by the chairman, Norwegian Ambassador Kare
Bryn.
The signing of the protocol is followed by ratification at the
Croatian national parliament, which should be done in the September
sessions. The Croatian government then briefs the WTO Secretariat.
Thirty days later, the admission protocol should officially come
into force.
Upon its entry to the WTO, Croatia is to adjust tariff rates for some
industrial products and services with the world solutions. During
the talks on Croatia's bids to join this organisation, Croatian
negotiators managed to get a longer transitional period for the
adjustment - from two to five years for certain industrial products
and from two to seven years of the transitional period for
agricultural produce and foodstuffs.
Zagreb has assumed the obligation to decrease tariffs, gradually
and in line to the agreement, each year. This means that after five
years of th adjustment, an average nominal tariff rate for
industrial products should fall from the current 10 percent to some
5.34 percent in the beginning 2005. After the completion of the
adjustment for agricultural produce and foodstuffs, the current
tariff rate of 33.7 percent should drop to 16.4 percent in 2007.
The first step in this decrease has been made recently with
Croatia's adoption of a new act on tariffs. The act came into effect
on 1 July this year. Since then the tariff rate has fallen to average
6.35 percent for industrial products. A cut in the tariff rate of 30
percent for the agricultural and food products (including fish) to
the average 21.1 percent will become effective as soon as Croatia is
officially admitted to the WTO as a full member country and this
will probably happen in October.
(hina) mm ha/ms