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Welcome to the WTO, Russia

WTO approves Russia as member (photo: wto.int)

The World Trade Organization finally lets Russia into the club.

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After 18 years of negotiations, the WTO ministerial conference in Geneva last week adopted Russia´s terms of entry, thus paving the way for Russian membership in the trade organization.

However, it will still be some months before the Russian membership is formalized. The Russian State Duma will spend 220 days on its assessment and subsequent ratification of the agreement. Then, another 30 days will pass before the country becomes a full-fledged member.

The WTO accession is a victory for President Dmitry Medvedev who has had the membership as a top priority all through his presidency. In a statement issued in connection with the Ministerial Conference, the President highlighted the key role of the organization in world economy.

Today it is important not to allow the globablization of local and regional crisises, [but] to continue steps on the liberalization of the economy on the basis of clear and unified rules, develop a just and efficient trade system, strengthen multilateral international institutes”, the President underlined.

The WTO ministers in the conference greeted Russia´s entry.

This is a historic moment for the Russian Federation and the rules-based multilateral trading system. After an 18-year marathon, the finish line has been crossed. This is a double win for Russia and the WTO”, Director-General Pascal Lamy said in a press release from the organization.

”To the Russian Federation I say: we count on you to exercise leadership. To become an active player of the WTO”, he added in a separate statement.

Under the accession deal, Russia agrees to undertake a series of important commitments to further open its trade regime and accelerate its integration in the world economy. With its membership, Russia is committed to pursue a transparent and predictable environment for trade and foreign investment.