On May 31, Lithuania officially became the 141st member of the World Trade Organisation (WTO) after six-year long negotiations. Lithuanian President Valdas Adamkus signed a final protocol on WTO membership in Geneva on December 8, last year. The Lithuanian Seimas ratified 28 WTO treaties and other legal documents on April 24, this year.
WTO membership provides Lithuania's trade regime with stability and reliability. These are important factors to our trade partners and investors. Lithuania's trade policy becomes more transparent and easier to forecast. The country becomes more attractive to foreign investments. Membership in WTO opens to Lithuania markets of 140 countries along with a status of most favoured nation and non-discrimination principle.
WTO is not only a complex of trade rules but also an effective supervision of their observance, since the organisation has a system for the solving of arguments, allowing even the smallest WTO member to defend its interests. WTO membership will provide Lithuania with an opportunity to participate having influence to the processes of globalisation and speed up its integration into the world economy, thus will contribute to the development of the Lithuanian economy.