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 Egyptian stock index was down 5.8 percent in early afternoon.
The pound sterling sees its lowest level against the the US dollar in over 30 years
A subsequent survey that included people of all ages found that somewhat older Americans also are skeptical of capitalism.
California is now the sixth largest economy in the world, surpassing France thanks to a robust state economy and the strength of the US dollar.
Overnight lending rate gets cut by 50 points to 9 percent, while overnight borrowing rate remains unchanged at 7.25 percent
Says 2016 business report 'clear indicator' it is improving its economic record despite fall from 46th to 49th
Turkish Cypriot leader says negotiations on federal system close to completion
Britain votes on June 23 on whether to stay in the 28-member bloc, a choice with far-reaching consequences for politics, the economy, defence and diplomacy on the continent.
1 in 18 families has a member who left Greece after 2010, and 12 pct of new refugees are older than 40
Surplus during Jan.-May period stood at $3.1 billion, says finance minister
Remote, impoverished town expects well-to-do Chinese buyer to spur its fragile economy
Austrian company is to have 75 percent of total stakes of Turkish company after agreement concluded
Apple, Microsoft, Alphabet, Cisco and Oracle hold about $504B, approximately one-third of all corporate cash in the United States
The Fund's head says 'corruption has a pernicious effect on the economy'
Exit would cost average monthly salary for each household, Organization for Economic Cooperation and Development says
Firms to see deterioration in credit metrics as low oil prices impact cash flows