Editing Economy of Bhutan (section)

== Membership of economic organizations and agreements ==
In terms of trade, Bhutan is a member of the [[South Asian Free Trade Area]] (SAFTA) and the [[Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation]] (BIMSTEC) and the [[South Asia Subregional Economic Cooperation]] (SASEC).<ref name=":27">{{Cite journal |last=Penjore |first=D |date=2004 |title=Security of Bhutan: walking between the giants |url=https://core.ac.uk/download/pdf/1323138.pdf |journal=Journal of Bhutan Studies |volume=10 |pages=108–131 |via=Cambridge University Press}}</ref><ref>{{Cite web |title=Bhutan {{!}} International Investment Agreements Navigator {{!}} UNCTAD Investment Policy Hub |url=https://investmentpolicy.unctad.org/international-investment-agreements/countries/23/bhutan |access-date=2024-05-01 |website=investmentpolicy.unctad.org}}</ref><ref>{{Cite web |title=South Asian Free Trade Area (SAFTA) {{!}} LDC Portal – International Support Measures for Least Developed Countries |url=https://www.un.org/ldcportal/content/south-asian-free-trade-area-safta |access-date=2024-04-29 |publisher=United Nations}}</ref> Bhutan is also a member of the pan-Asian [[Asia Cooperation Dialogue]] (ACD), and the [[Asian Development Bank]].<ref>{{Cite web |title=Asia Cooperation Dialogue |url=http://www.acd-dialogue.org/membership-bhutan.html |access-date=2024-04-29 |website=acd-dialogue.org}}</ref><ref>{{Cite web |last=Asian Development Bank |date=12 July 2023 |title=Bhutan and ADB |url=https://www.adb.org/where-we-work/bhutan |access-date=1 May 2024 |publisher=Asian Development Bank}}</ref>

Bhutan first applied to join the WTO in 1999 and as an applicant, was quickly granted observer status<ref name=":0">{{Cite web |title=Bhutan's Long Journey into the World Trade Organization |url=https://thediplomat.com/2024/01/bhutans-long-journey-into-the-world-trade-organization/ |access-date=2024-05-01 |website=thediplomat.com}}</ref> Beyond that, ascension proceedings at the WTO have been much delayed and periodically put on pause, largely stemming from concerns and considerations of the Bhutanese government itself.<ref name=":0" /><ref>{{Cite web |title=Govt says no to WTO for now |url=https://thebhutanese.bt/govt-says-no-to-wto-for-now/ |access-date=2024-05-02 |website=The Bhutanese}}</ref><ref name=":1">{{Cite journal |last=Wangchuk |first=Karma Tshering |date=2021-03-09 |title=Bhutan and India's Free Trade Agreement (FTA) and the World Trade Organization (WTO): A Critical Appraisal |url=https://journal.rtc.bt/index.php/rigtshoel/article/view/61 |journal=Rig Tshoel – Research Journal of the Royal Thimphu College|volume=4 |issue=1}}</ref><ref>{{Cite journal |last=Mancall |first=Mark |title=Bhutan's Quadrilemma: To Join Or Not To Join The WTO, That Is The Question |url=https://himalaya.socanth.cam.ac.uk/collections/journals/jbs/pdf/JBS_09_05.pdf |journal=Journal of Bhutan Studies |publication-date=2003 |volume=9 |issue=5 |via=Digital Himalaya}}</ref> The Bhutanese government approved ascension to the WTO in April 2023, at least partly hastened by the country's upcoming graduation from the UN-defined '[[Least developed countries|least developed country]] (LDC) category.<ref name=":2">{{Cite web |title=Opinions vary as Bhutan's graduation from LDC Status amid joining WTO |url=https://thebhutanese.bt/opinions-vary-as-bhutans-graduation-from-ldc-status-amid-joining-wto/ |access-date=2024-05-01 |website=The Bhutanese}}</ref><ref>{{Cite web |date=13 December 2018 |title=Graduation of countries from the least developed country category; Resolution adopted by the General Assembly on 13 December 2018. |url=https://documents.un.org/doc/undoc/gen/n18/439/93/pdf/n1843993.pdf?token=YZdyzNKt08pWDMKXEr&fe=true |access-date=1 May 2024 |publisher=United Nations}}</ref> Under WTO rules and processes, ascent of a country with LDC status comes with some leniency in certain requirements, more relaxed timeframes for compliance, and additional support;<ref>{{Cite web |title=World Trade Organization (WTO ) {{!}} LDC Portal – International Support Measures for Least Developed Countries |url=https://www.un.org/ldcportal/content/wto#:~:text=WTO%20members%20offer%20LDCs%20greater,also%20benefit%20from%20institutional%20support. |access-date=2024-05-02 |publisher=United Nations}}</ref> so, whilst the loss of LDC status, as happened in December 2023, was a reflection of Bhutan's success and development progress, it also meant much further delay in WTO ascension (that is, ascent after the loss of LDC status) would make the journey through to full WTO member status even harder.<ref name=":1" /><ref name=":2" /><ref>{{Cite web |title=Bhutan graduates from LDC status {{!}} Department of Economic and Social Affairs |url=https://www.un.org/development/desa/dpad/2023/bhutan-graduates-from-ldc-status/ |access-date=2024-05-01 |publisher=United Nations}}</ref>