16 years ago Lithuania acceded to the World Trade Organization
On 31 May, it turned 16 years since Lithuania acceded to the World Trade Organization, then becoming 141st Member of the WTO. Now the WTO unities 164 states and custom territories. WTO membership means participation in the multilateral rules-based trade system, members of which implement their trade policies in accordance with the WTO Agreements (currently there are about 60 agreements and decisions of the WTO in force) and commitments accepted upon accession. Thus, clear, transparent and predictable trade conditions are established between WTO members. Furthermore, WTO members - big and small on equal terms – have a possibility to solve trade disputes arising between them by the means of a very effective WTO dispute settlement mechanism.
