Cape Verde gains veto rights as WTO's 153rd member
22 Jul 2008 22:53:44 GMT Source: Reuters
(Corrects designation of lobster in 6th paragraph) GENEVA, July 23 (Reuters) - An African nation of 427,000 people won veto rights at the World Trade Organisation (WTO) on Wednesday, in the middle of tense, high-stakes negotiations over a new global treaty. Cape Verde, a 10-island archipelago off the west coast of Africa, became the WTO's 153th member on the third day of talks between leading economies over how to cut import tariffs and export subsidies with the aim of clinching a basic deal. The WTO's members must reach consensus in all areas of the Doha round talks -- which cover trade in agricultural and industrial goods, as well as cross-border services -- for the long-sought pact to conclude. That veto power gives developing countries huge sway in the WTO, unlike in international bodies such as the World Bank whose decision-making boards are dominated by rich nations. As a new member of the WTO, Cape Verde will be exempt from most of the undertakings agreed to by other members. The former Portuguese colony was once a trading centre for African slaves and now has a service-dominated economy, including a budding tourist sector. Its exports include clothes and seafood such as lobster and tuna. (Reporting by Laura MacInnis)
