On August 22, Russia became the 156 th official member of the WorldTrade Organisation (WTO) after 18 years of negotiation.
According to the Organisation of Economic Cooperation and Development(OECD), Russia ’s WTO accession will bring the country a benefit ofabout 918 billion USD each year from tariff incentitives.
Meanwhile, the World Bank asserts that the entry will help the countryattract an investment equivalent to 3 percent of its GDP in the first 3years. The figure will rise to 11 percent (162 billion USD) after 10years.
The Russia Ministry of Economic Developmentaffirmed that the removal of barriers in export will create as many as40,000 new jobs and lower the prices of consumer goods in Russia inthe coming 3-5 years and even more sharply in the following years.
For its part, Russia will implement its commitment of decreasingits import tax, gradually reducing and removing the government’ssupports to uncompetitive sectors.
Treaty onRussia ’s accession to WTO was ratified on December 16, 2011 in Genevaand approved by the Russia State Duma and Federal Council on July 10and 18, respectively. It was then signed by President Vladimir Putin onJuly 21.-VNA