Vanuatu, a small island nation in the South Pacific is set to become the 154th member of the World Trade Organisation. The panel overseeing Vanuatu's membership talks adopted on 2 May 2011 the final accession package of tariff and rules-related commitments. Once the WTO's General Council approves the accession package in its next meeting, Vanuatu will have six months to complete the ratification. Following which Vanuatu will become the member of the World Trade Organisation.
Vanuatu's objective was to conclude its accession before the UN Least Developed Country Conference, scheduled from 9-13 May 2011.
Vanuatu's accession to the WTO is a sign of confidence in the organisation and the multilateral trading system at a time of turbulence for the trading round and the WTO.
Russia and Algeria are the two main trade economies outside the WTO.
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