A protocol on accession was signed on December 17, 2011 and came into effect on Sunday.
WTO membership will help Montenegro solve a number of problems. It should strengthen efforts to reduce the cost of living, increase consumer choice in goods and services, boost foreign trade and combat corruption, a Finance Ministry statement said.
WTO membership will also send a positive signal to foreign investors because "Montenegro will be recognized as a destination where internationally accepted trade regulations are respected," according to the statement.
In order to achieve higher cohesion in global economic policy, the WTO cooperates with the World Bank and the International Monetary Fund (IMF). The only countries in southeast Europe that have not yet become WTO members are Serbia and Bosnia and Herzegovina.