On August 22, Russia became the 156 th official member of the World Trade 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 of about 918 billion USD each year from tariff incentitives.

Meanwhile, the World Bank asserts that the entry will help the country attract an investment equivalent to 3 percent of its GDP in the first 3 years. The figure will rise to 11 percent (162 billion USD) after 10 years.

The Russia Ministry of Economic Development affirmed that the removal of barriers in export will create as many as 40,000 new jobs and lower the prices of consumer goods in Russia in the coming 3-5 years and even more sharply in the following years.

For its part, Russia will implement its commitment of decreasing its import tax, gradually reducing and removing the government’s supports to uncompetitive sectors.

Treaty on Russia ’s accession to WTO was ratified on December 16, 2011 in Geneva and approved by the Russia State Duma and Federal Council on July 10 and 18, respectively. It was then signed by President Vladimir Putin on July 21.-VNA