World Bulletin / News Desk
Yemen has resolved a months-long spat with Ukraine that had threatened to derail its bid to join the World Trade Organization, the WTO said on Thursday.
The agreement puts Yemen back on course to join the world trade body as early as the end of 2012. That would make it the 159th member after Russia and Vanuatu, which will both become members in August, and Laos, which is finalising entry terms.
Every new WTO member has to bring its own laws into line with WTO standards and agree to open trade to satisfy every existing member. That gives every member an effective veto on new joiners.
WTO spokesman Keith Rockwell said Ukraine had agreed terms with Yemen, enabling the WTO's working party on Yemen's accession to hold a final meeting in late September. The wider WTO membership will then approve Yemen's membership package and send it back to Yemen for ratification.
Ukraine's tough demands on Yemen had caused friction at the WTO, where some diplomats saw its stance as going against the grain of a new push to make it easier for poorer countries such as Yemento join.
Three senior WTO diplomats were helping to facilitate the negotiations between Yemen and Ukraine, but Ukraine warned them earlier this month not to interfere in its sovereign right to negotiate withYemen and to demand lower trade barriers.
Ukraine's insistence on wringing concessions out of Yemen had mystified many WTO diplomats, since it does very little trade with the Arab country.
It had also earlier held out against Laos' membership, but the two sides reached a deal at the start of June.
The WTO has lurched from one disappointment to another over the past decade as it tries to find a balanced trade deal that all its members, now numbering 160, could support.
Saudi Oil Minister Ali al-Naimi said he expected the oil market "to stabilise itself eventually" but did not comment on talks with Russia held on Tuesday
Ergun Olgun, the Turkish Cypriot negotiator, said their own exploration would continue and even accelerate if Greek Cypriots pressed ahead with their plans to allow multinationals to exploit the area.
The decision to devalue the naira, according to analysts and central bank figures, appears aimed at saving the country's dwindling foreign reserves
Oil market watchers are divided on the outcome of OPEC's meeting in the Austrian capital. Predictions range from a large production cut to revive prices, to a small reduction, or none at all
The proliferation of smugglers' routes into Bolivia shows how difficult it is to eradicate illegal mining without better coordination across frontiers.
Falling crude prices are fueled by slowing global growth and increased supply.
Ukraine's leading banks said most of their loans to Crimean individuals and businesses were now delinquent.
Deputy Energy Minister Jaime Himende said that "Mozambique has great hydroelectricity potential, and recently they have taken some bold steps to use renewable resources efficiently"
Obama, who hosted Modi in Washington in September, will in January become the first U.S. president to visit India twice, completing a remarkable warming in the relationship
The combined damage inflicted on Russia's economy by Western sanctions and falling oil prices totals about $140 billion.
PM Mahlab said that Egypt eyes sustainable growth to improve the living conditions of Egyptians, noting that the Egyptian economy is currently recovering.
The French economist calls for redistribution of global wealth, which he says is too concentrated in the hands of the few.
Bank cites high financing costs and financing difficulties as challenges that need to be addressed to sustain growth.
Smuggling is denying Tanzania some 80 percent of receipts accrued from the precious gemstone
The Africa initiative will create "one huge free-trade union" allowing foreign investors in Egypt to more easily reach 260 million consumers from South Africa to Ethiopia.