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Long road ahead for Iran’s bid to join World Trade Organization

If it wants to join the World Trade Organization, Iran will face many hurdles and has to take some painful measures.
World Trade Organization (WTO) Director-General Roberto Azevedo attends a news conference on the launch of the World Trade Report 2015 in Geneva, Switzerland, October 26, 2015. The benefits of a treaty that will cut red tape at borders and standardise customs procedures are much larger than previously thought and could add $3.6 trillion to annual global exports, the World Trade Organization (WTO) said in a report on Monday. REUTERS/Denis Balibouse   - RTX1T975

TEHRAN, Iran — “Now that years of intensive negotiations have finally cleared all the misunderstandings around Iran's nuclear activities, we are taking the next step toward integrating more deeply into the global economy. … Finalizing WTO membership is therefore a priority for the Iranian government,” said Industry Minister Mohammad Reza Nematzadeh at a ministerial meeting of the World Trade Organization (WTO) in Nairobi late last year.

Unlike the UN Security Council, in which only the five permanent members wield veto power, any decision at the WTO must be approved by all member states. This means that even the objection of a single state effectively results in a veto.

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