Russia to Become WTO's 156th Member Wednesday

World | August 22, 2012, Wednesday // 09:28|  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 is to officially join the World Trade Organization (WTO) on Wednesday.

The protocol on Russia's accession to the Marrakesh Agreement, the WTO's founding agreement, was signed in Geneva on December 16, 2011, after 18 years of negotiations.

Russia's Federation Council, the upper house of the Russian Parliament, ratified Wednesday the protocol for the country's accession to WTO in July 2012.

According to the World Bank, the admission will give Russia an additional 3.3 percent of GDP annually for the first three years, with the figure likely to increase later, RIA Novosti has pointed out.

Russia was the last major economy that was not part of the global trade group.

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Tags: Russia, World Trade Organization, WTO, Duma, Federation Council, trade


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