Published on 16 December 2011 and republished again
Russia finally joins the World Trade Organization (WTO) on Friday at a ceremony in Switzerland after 18 years of intense negotiations for its membership.
The long-anticipated accession to the WTO will enable Russia to have closer integration with the global trading system and consequently will bring economic benefits to Russia.
The documents of Russia's joining the WTO will be signed on friday evening in Geneva after which Russia becomes the part of 153-strong trade club. Ministerial Conference is the highest decision-making body of the 153-member multi-lateral Organisation, which meets at least every two years.
Russia is the 12th-largest trading nation in the world ($400 billion in exports and $250 billion in imports) and joining WTO will create new market opportunities for Russian businesses.
What it means for Russia --Ending the reputation of risky investment destination it will usher in a new era of transparency as the country will have to introduce new set of mechanisms for business and trade with no political interference .
Countries who will be thinking of engaging with Russia s will see new rules and regulations relating to goods, services and intellectual property rights.
There will be no abrupt changes in rules for business leaders and foreign investors but Russian manufacturing industries will have to increase their efficiency and productivity.No doubt a good news for Russian economy
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