Russia Agrees to Join World Trade Organization
After 20 years of negotiations, Russia will be the 156th country to join the World Trade Organization (WTO) on Aug. 24. That same day Vanuatu will become no. 157.
From the date of accession, the Russian Federation has committed to fully apply all WTO provisions, with recourse to very few transitional periods. On average, the Russian Federation will apply a final bound tariff for 7.8% for goods and has made specific commitments on 11 services sectors.
“Both accessions show that joining the WTO remains high on the countries’ agendas since trade can bring a predictable and stable basis for economic growth. This is especially important as the world goes through troubled times and continues to suffer from one of the worst global economic crisis in memory. Joining the WTO is a sign of confidence in the organization and in what it can deliver for its members”, said WTO Director-General Pascal Lamy.
