The World Trade Organization Introduces Its Two Newest Members
The World Trade Organization just announced the two newest members of their Government Procurement Agreement — New Zealand and Montenegro. These countries can now participate in the bidding process of government contracts in the 49 countries that are part of the World Trade Organization. There are also several other benefits to being members of the organization, and more countries are expected to join soon.
The Government Procurement Agreement negotiates procurement activity around the world valued over $1.7 trillion. It is expected to grow as more countries join the World Trade Organization. To join, countries must prove that their national procurement legislation is compliant with the rules of the Government Procurement Agreement. They must also agree to participate fairly and follow all of the rules. The list of rules for the Government Procurement Agreement is lengthy and publicly available to view.
The rules of the Government Procurement Agreement are constantly evolving. New Zealand and Montenegro are the first countries to join the World Trade Organization’s Government Procurement Agreement since April 2014 when the rules were revised. There is a growing interest from countries around the world in joining the organization because it opens up all sorts of trading opportunities. The Agreement was first introduced in 1994 and has seen several revisions since then. The newest revision in April is gaining lots of interest around the world.
Membership in the Government Procurement Agreement helps countries better cope with the sluggish economy around the world. Members enjoy both export gains, a wider selection of goods, and lower prices. Joining the Government Procurement Agreement means that both New Zealand and Montenegro will be able to do business on a global level and improve their national economies. The World Trade Organization plans to keep on growing and add more members to the Government Procurement Agreement.
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