Add to favorite
Subscribe to our Newsletters Subscribe to our Newsletters Get Daily Updates RSS

Russia Officially Joins WTO
23.07.2012 10:48
Russia Officially Joins WTO

Russian President has signed the bill ratifying the country's accession into the World Trade Organization after 18 years of complicated negotiations. Earlier the bill was approved by the State Duma on July 10 and supported by the Upper House on July 18. The measure making Russia the 156th WTO member will come into force within 30 days, roughly on August 23.

      The document stipulates that Russia, as a WTO member state, will undertake to comply with the obligations of the Marrakesh Agreement. In particular, Russia will have to lower import duties, to 7.8% from 10% and open up investment in sectors such as telecommunications. On a contrary, duties on exports will be limited, and foreign service providers will have an easier way to Russian markets.

      But the membership has also been controversial, with some medium-sized firms expressing concern they will be put out of business by being unable to compete against imports made cheaper by a reduction in customs tariffs. The accession's supporters say the quality of goods and services will become better because of international capital flows and business competition.

      Russia has been negotiating about WTO entry since 1996 and was the last big country to be out of that organization. According the recent opinion polls, only 39% of the population welcome Russia’s WTO membership, compared to 59% in May 2003.

Sources: Image:// 

Author: Julia Alieva

Tags: WTO Russia WTO entry Russian business   

Next Previous

You might also find interesting:

Iraqi Delegation Visited the Russian Federation
8 Billion Rubles Will Be Invested In the Domodedovo Airport
Greenpeace USA Did Not Accept Russian Money For Fight With Shale Oil
About 25 Thousand Mexicans Are Planning to Come to Russia For the 2018 FIFA World Cup
Slovac-Moscow Business Forum

comments powered by Disqus

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share

Russian Parliament in Action

search on the map
prodcuts ban  political interest  Painting  Russian Literature  Open-Air Museums  Fairs in Moscow  2014 Winter Olympics  Exhibitions in Moscow  Pyotry Tchaikovsky  hotel networks  Russian laws  Rostov-on-Don  Russian Theater  Ice-cream Shops   Nizhny Novgorod  Aleksey Mikhailovich Tishayshy  Kulikovo Battle Field   Summer Olympics  Russian Actresses  Rostov  Russian gas  Archeopark  corruption  Archeology  Krasnodar  Yuri Gagarin  Russian history  Russian tourism  Sergey Obraztsov International Festival of Puppet Theatres  Russian business  Russian Cinema  Nenets Autonomous Okrug  Gambling Zone  Dagestan  Modern Art  New Year tours  Dolls  smartphone market   Vladivostok  Wrestling  Joseph Stalin  Kirov Region  Russian television  Lipetsk Region  Moscow  Russian painters  Mercedes-Benz Fashion Week Russia  Russian Spacemen  Russian train  Donetsk 

Travel Blogs
Top Traveling Sites