Cape Verde signed a bilateral market access accord Wednesday with the European Union. The accord will give Cape Verde the possibility to commercialize its products on the European market with preferential tariffs and will facilitate the country’s entrance into the World Trade Organization, the entity regulating economic activities around the globe.

In practical terms, this is seen as yet another important step toward Cape Verde’s ambition to become a member of the World Trade Organization. European Commerce Commissioner Peter Mandelson affirmed Wednesday in Brussels that the EU was proud to be “the first of the WTO’s members to sign a bilateral market access accord with Cape Verde.” “I’m confident that Cape Verde’s ascension to the WTO could be concluded by the end of the year,” he said.

Cape Verde’s application to join the World Trade Organization was made in November 1999, with negotiations having begun in 2004. At that time, Praia made its first offers in terms of products and services and since then, according to the EU, Cape Verde has made solid progress in terms of fulfilling its obligations as far as WTO regulations are concerned.

With this accord, Cape Verde commits to appling tariffs of under 40% to agricultural products and of close to 30% to non-agricultural products coming from the European Union.

An EU communiqué says that Cape Verde will also make commitments in a number of other sectors fundamental to attracting investments and constructing the infrastructures needed for the country’s development and growth, including information technology and related services, telecommunications, finances, construction, distribution, travel, tourism, the environment and transportation services.

The European Commerce Commissioner hopes that Cape Verde’s example will help other underdeveloped countries aspiring to join the World Trade Organization.

Source: A Semana