The Ministry of Commerce and Industry in Liberia has described the Liberian economy as market-base.
The ministry said the prices of country’s two major exports – Iron ore and Rubber, have dropped to over fifty-percent of the market price, causing serious problem for the mining sector in Liberia.
Addressing to reporters Wednesday, December 22, 2015 at the Ministry of Information on Capitol Hill during its weekly press briefing, Commerce Minister Axel Addy asserted that Liberia being part of the global market, there was an urgent need more to revamp the economy in the wake of the prevailing situation.
According to Mr. Addy, Liberia’s decision to joins the World Trade Organization or WTO was to concentrate on three key areas, including Market Assess on goods and Access to Services , indicating that it would take Liberia eight years to complete its accession into the WTO . Last year, Minister Addy, in Geneva, Switzerland, underscored Liberia’s firm commitment to joining the multilateral trading system of the World Trade Organization by 2015.
He said with support from members of the WTO Secretariat and other partners, Liberia has accelerated preparations for its second Working Party meeting, adding that Liberia remains engaged with its partners, and was making several reforms on the domestic front.
The minister noted that the country, as a post-conflict Least Developed Country, acknowledges that it has many challenges ahead, emphasizing that the Liberia must diversify its exports away from rubber and iron ore which currently make up 95- percent of its export earnings.
He said Liberia also needed to find jobs for its youthful population and build their capacities to be the competitive destination for investors, saying this is why the country relies on WTO members’ continued support and partnership for its accession to the WTO.
He said Liberia believes in the values the multilateral trading system brings to its members, as well as its potential to contribute to the transformation of economies to reduce poverty around the world.
He noted that Liberia looks forward to serving as a committed and active member, strengthening and safeguarding the multilateral trading system. In 2007, the Government of Liberia applied to the WTO, expressing its intention to become a member of that august body, as well as formulate its initial offers for goods and services in the coming months, as a basis for further negotiations with the organization’s members.
He noted that Liberia will also carry out couple of reforms to put its trading environment in line with the WTO Agreement.
By Lewis S. Teh-Edited by George Barpeen