Russia Joins World Trade Organisation

After 18 years of negotiations Russia has been approved for membership in the World Trade Organisation – WTO. Russia is the largest economy in the world that was not a part of the WTO. Members of the organisation have finally agreed to its accession. Talks on joining the World Trade Organisation have dragged on for 18 years. Russia’s bid for entry had been held up by WTO member Georgia since the two countries fought a war in 2008. Russia hopes to boost exports of minerals, but a large number of domestic industries, such as car makers, will face new competition. Russia also expects food imports will soar and prices will fall as tariffs are reduced. A member of the Russian delegation to the WTO, Anatoly Chubais, says his country is increasingly opening itself up to the world. Read the full article »»»»