YEREVAN (Noyan Tapan)– "The World Trade Organization is likely to adopt more liberal laws for developing countries and soften terms of export for their products–which is important for Armenia too," the World Bank Yerevan Bureau’s public relations officer Vigen Sargssian said in commenting on the recent Ministerial Conference of the WTO in Seattle. The initiative to soften the restrictions belongs to World Bank President James Wolfensohn.
Wolfensohn particularly said in his remarks that because of the existing export quotas–primarily in agriculture–developing countries annually lose up to $20 billion. Armenia already encounters similar problems when its agricultural produce is exported–mainly in the form of raw produce. Tomato paste–which is in great demand–is exported in the form of semi-finished products.
The Final Document of the Ministerial Conference in Seattle has failed to be adopted and it is hoped that the WB recommendations will be considered at the next conference due in Geneva–Vigen Sargssian concluded.