Russia's Upper House of Parliament Ratifies WTO EntryWorld | July 18, 2012, Wednesday // 12:42| views
Elvira Nabiullina (L), Minister of Economic Development of Russia and French Pascal Lamy, World Trade Organization (WTO) Director-General show their satisfaction after the signing of the accession of the Russian Federation to the WTO, during the 8th Minis
Russia's Federation Council, the upper house of the Russian Parliament, ratified Wednesday the protocol for the country's accession to the World Trade Organization (WTO).
The document now needs to be signed by President Vladimir Putin and will enter into force 30 days after that, making Russia the WTO's 156th member after 18 years of attempts to join the body.
The protocol on Russia's accession to the Marrakesh Agreement, the WTO's founding agreement, was signed in Geneva on December 16, 2011, RIA Novosti reminds.
The ratification means that Russia, as a WTO member state, will undertake to comply with the obligations of the Marrakesh Agreement.
The transition period for liberalizing access to Russia's markets is 2-3 years and 5-7 years for markets requiring more protection such as the automotive industry and agriculture, agricultural machinery production and the light industry.
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