20 May 2024
Wednesday 31 May 2017 - 14:15
Story Code : 263190

'Iran, largest non-WTO member economy in world'

May 31,The Iran Project A faculty member of the Institute for Trade Studies and Research says Iran has the largest economy and foreign trade out of the World Trade Organization (WTO).

Giving a scientific lecture titled Goods talks and Iran's membership in the World Trade Organization on Wednesday, Mohammad Rasti stated that Iran is the largest non-WTO member economy in the world.

Due to the failure of Doha Round talks and the willingness of some major countries to get out of the WTO, Irans membership is of great importance for the organization and it is expected that most of the members, except a few ones, welcome Tehrans joining the WTO, Rasti added.

Iran applied for WTO membership in 1996 but its application was vetoed by the US. In 2005, Washington agreed to allow a limited membership for Iran in the organization as part of a possible nuclear deal.

Then, the process of full membership started but it has not finished yet and there are still several steps of this multi-year process ahead until Iran can join WTO as a full member.

Iranian Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh said earlier in 2106 that the conditions created after the lifting of the sanctions would make it necessary to speed up efforts to join the WTO, and called on members to help expedite the process.

Since the nuclear agreement, countries such as Switzerland and Oman have pressed for forming a special committee of the WTO to address Irans request of entering the world trade body.
Your Name
Your Email Address