Brussels, 11/12/2014 (Agence Europe) - On Wednesday 10 December, the World Trade Organisation (WTO) General Council approved the accession of the Republic of Seychelles (Indian Ocean) to the WTO, putting an end to the process that was started in 1995 and that was strongly supported by the EU.
During their accession negotiations, the Seychelles concluded 17 bilateral agreements with the WTO (eight on access to goods markets, and nine on access to services markets).
“The EU has strongly supported the accession of the Seychelles and is very pleased to welcome our partner in the Africa-Caribbean-Pacific group as a new member of the WTO family”, said European Commissioner for Trade Cecilia Malmström. She added that the conclusion of a bilateral agreement at the WTO on market access between the EU and the Seychelles in October 2013 had given a boost to the accession process.
The Seychelles will officially become the 161st member of the WTO 30 days after its national parliament ratifies the accession protocol - on 1 June at the latest.
Fisheries and tourism are the pillars of the economy of this 90,000-inhabitant archipelago. The EU is the Seychelles' main trading partner, accounting for 66% of its exports and 33% of its imports. In 2013, the total value of EU goods exported to the Seychelles was €316 million, while imports from the Seychelles amounted to €294 million.
Over 90% of the Seychelles' exports to the EU are fish and fishery products. The EU's main exports to the Seychelles are frozen fish, machinery, electrical equipment, ships and boats.
Bilateral trade in goods is governed by the interim economic partnership agreement signed in 2009 and provisionally applied since May 2012. (EH)