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.

Author: Julia Alieva

Tags: WTO Russia WTO entry Russian business   

Next Previous

You might also find interesting:

Blocking the Nord Stream-2
The Government of Ukraine Reported about the Seizure of the Assets of the Russian Gazprom
Alexander Lukashenko said that Russia Initiated Trading Battles
SPIEF 2018: Digitalization an Engine for Growth and Inclusive Development
The FIFA President Called Russia a Truly Football Country

Comment on our site

RSS   twitter   facebook   submit

Bookmark and Share


search on the map
International Competition for Young Pianists in Brussels  Moscow  Film Festivals  Serebryanyi Ruchei  Russian Monuments  fountain  Russian Literature  Pet Shop Boys  Sochi 2014  Toy Map of Russia  Samara  Russian Museums   Advertising Constructions  Rosneft  Science Fiction  Archeology  Centro  Exhibitions in Moscow  Russian Cinema  St. Petersburg  Concerts in Moscow  Yoshkar-Ola  TNK-BP  education and training  Mercedes-Benz Fashion Week Russia  Trash  All-Russian State Institute of Cinematography  Russian history  Skolkovo  Tchebarkul Meteorite  Saint Petersburg Opera Theatre  Nikolay Gogol  Russia  Artur Fonvizin  Railway Stations  accommodation in Russia  corruption  GULAG  Concerts in Saint Petersburg  Dymkovo  Russian Railways  Republic of Bashkortostan  Russian mobile networks  Russian business  Murmansk Region  Russian Music Instruments   Russian Metro  Russian tourism  Russian Photographers  Monuments of Architecture 

Travel Blogs
Top Traveling Sites