Dumma Russia's parliament ratifies entry into WTO this is after 18 years of talks, Russia is set to join the World Trade Organization.State Duma, the lower house of Russian parliament, voted on Tuesday to ratify a protocol on Russia’s accession to the World Trade Organization (WTO).The protocol was supported by MPs of the ruling United Russia party, while the opposition voted against the document.
Russia signed a protocol on accession to the world trade club on December 16, 2011 after 18 years of talks and had to complete the ratification process by July 23 to avoid the need to renegotiate the entire agreement.
The Russian opposition has claimed on many occasions that Russia’s accession to the WTO was detrimental to Russia’s national sovereignty and security and could ruin whole sectors of the domestic economy.
“Our country is totally unprepared for WTO entry and is doing so on unfavorable terms," Communist leader Zyuganov wrote in mid-June in an official letter to the government urging rejection of the protocol.
Russia’s Constitutional Court on Monday ruled legitimate the country’s WTO accession protocol following a challenge by the oppositio
The Duma country's lower house ratified the agreement on Tuesday. The bill is expected to clear the upper house by July 23rd, and then signed by President Vladimir Putin.The move will allow Russia, the largest economy outside the WTO, to join the organization as early as next month.
Russia first submitted its membership bid in 1993. But trade disputes with the United States and the EU over agriculture, energy and other industries hampered its entry. The war with Georgia in 2008 was also a factor.
Russia will be obliged to cut its cap on tariffs in phases from the current average of 10.3 percent to 7.1 percent.
Foreign countries expect that Russia's entry into the WTO will lead to expanded trade and an improved investment environment for their business.