Bhutan likely to join WTO by 2009

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THIMPHU, June 11 (PTI): Bhutan is likely to join the World Trade Organisation (WTO) by 2009, but the country will not immediately open up its financial and services sectors completely, trade officials have said.

Bhutan has so far agreed to open up 54 of 155 services and all of 5,820 goods with fixed maximum duty rates, including all agricultural items. However, these numbers may change after some final discussions.

The country will now have 152 countries as potential trading partners.

A WTO negotiation team of key ministries left last Saturday to the WTO headquarters for preliminary talks, however, the final decision on joining the body will be taken by the national assembly.

"The opening up of the service sectors, however, is not uniform and all foreign companies will have to have Bhutanese partners, with maximum equity limited to 70 per cent to a minimum of 49 per cent," said trade director and deputy WTO negotiator, Sonam P Wangdi.