World Trade Organisation (WTO) celebrates 50th Anniversary

Today, the 19th May 1998, the World Trade Organization (WTO) is celebrating the fiftieth anniversary of the operation of the multilateral trading system, formerly known as the GATT. This celebration coincides with the second Ministerial Conference, which is being held in Geneva between the 18-20 May 1998. A delegation led by the Hon. Leo Brincat, Minister of Finance and Commerce, is participating at this Conference.

The WTO and its predecessor GATT boast of impressive achievements in the area of world trade and economic growth. One only has to take note of the fact that between 1948-1997, world merchandised trade rose 14 times and world production increased 5 times. Moreover, tariffs on industrial products have fallen steeply from the typical levels of 40%+ and will average less than 4% in industrial countries by January 1999.

The WTO, which was established on 1 January 1995, enjoys a membership of 132 countries, including Malta and currently has a 'waiting list' of 31 applicant countries.