The government has not suspended its efforts to join the World Trade Organization, WTO but is moving forward cautiously. This was shared by the industry, commerce and employment minister during Friday’s Meet the Press session. The country has resumed works to finalise its accession to the WTO last year after a 15-year hiatus.
Bhutan has been in the process of negotiating its accession to the WTO for many years but has not completed the process as of now. The country began its accession talks in 1999, but the process has been slow due to several factors, including the country’s desire to protect its unique economic, cultural, and environmental characteristics while opening up to global trade.
In August last year, the previous government revealed that it has approved the country’s accession to the World Trade Organisation.
During the monthly press meet on Friday, the minister stated that the government is reviewing laws to meet WTO standards, raising awareness, building capacities on WTO-related issues, and working with the WTO Secretariat for technical support.
Namgyal Dorji, Industry, Commerce, and Employment Minister said “Before proceeding with discussions on joining the WTO, we must carefully evaluate its advantages and disadvantages concerning the Gelephu Mindfulness City. We are currently consulting experts on this matter.”
The minister also said that the government is in discussions with Thailand to establish free trade and plans to initiate talks with Nepal as well.
“If we consider our experiences, having separate discussions with each country requires significant costs, time, and expertise. Therefore, becoming a WTO member could simplify trade and eliminate the need for individual negotiations.”
Meanwhile, the minister said some of the challenges of becoming a member of WTO include aligning domestic policies with WTO rules, exposure to international markets may challenge local industries, and compliance and obligation cost for institutions.
Kinzang Lhadon
Edited by Kipchu
