Ministry of Economic Development of the Russian Federation Elvira Nabiullina and WTO Director-General
Pascal Lamy hold a placard after a signing ceremony on Russia's accession to the World Trade Organisation
Posted on 12/16/2011 8:07:40 PM PST by bruinbirdman
Russia has won approval to join the World Trade Organisation (WTO) after 18 "marathon" years of talks to gain entry to the 153-member club.
Ministry of Economic Development of the Russian Federation Elvira Nabiullina and WTO Director-General
Pascal Lamy hold a placard after a signing ceremony on Russia's accession to the World Trade Organisation
The world's 11th largest economy now has six months to ratify its membership after being given the go-ahead on Friday at a meeting of the trade body in Geneva
Russian President Dmitry Medvedev said in a statement: "This result of long and complex talks is good both for Russia and for our future partners."
Welcoming the former Soviet nation into the club, Pascal Lamy, WTO director-general, said: "This is clearly a historic moment for the Russian Federation and the rule-based multilateral system after an 18-year marathon. The accession of Russia to the WTO will cement the integration of the Russian Federation into the world economy and will bring greater certainty to business operators and trading partners."
Once Russia joins, the WTO will account for 97pc of global trade. After applying in 1993, the country's membership was delayed by having to secure 87 deals on access to goods and services with other nations, as well as the controversial Russian-Georgia conflict. Georgia was the last country Russia secured an agreement with, clearing its entry. Only China took anywhere as long to join, at 15 years.
Vince Cable, the Business Secretary, said Russia's membership would end an anomaly and would confirm the WTO's importance on the world stage.
"As supporters of Russia's desire to join the WTO, we welcome this long-awaited decision," Mr Cable said. "Russia is the last major economy still outside the WTO and its accession will be a boost to
(Excerpt) Read more at telegraph.co.uk ...
....after 18 "marathon" years of talks to gain entry to the 153-member club... The world's 11th largest economy now has six months to ratify its membership...
In a few more years Russia will be completely reclaimed by forest anyways
Wooden you know.
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