A guideline to restructure national economy

Foreign Minister Toomas Hendrik Ilves signed Estonia_s accession package with the World Trade Organisation (WTO) in Geneva, which is the last step for Estonia to become a full member of the WTO after domestic legislation is brought into agreement with WTO requirements. At the signing ceremony Foreign Minister Ilves called the WTO a multinational forum that stood for economic liberty and rule of law in international trade. "Estonia has been an observer to this organization since 1994 and a participant of the Information Technology Agreement since 1997. Five years of intensive negotiations are over and now we have the opportunity to fulfil the responsibilities as well as to enjoy the benefits of a full-fledged member of this distinguished organization," said Mr. Ilves. "The rules of world trade, their application and implementation have been a guideline for us to restructure our own economy. Moreover, the process of negotiations has taught us to share and to be committed to the principles valued by the 134 members of the WTO. As these rules will apply in one more country, a contribution to the further development of international trade relations has been made," said Mr. Ilves in his address. Mr. Ilves said that economic and especially trade ties connect Estonia with most of the countries represented in WTO. "As trade is in the forefront of globalization it is often the most intensive form of a small country_s international relations..." said the Foreign Minister. Estonia will officially become a WTO member 30 days after the Riigikogu ratifies the accession package and informs the WTO of this fact.