It took 18-years worth of requests but Russia finally managed to gain acceptance into the World Trade Organization (WTO).
The vote of confidence by the organization is expected to help the countries economy and the economy of their top trading partner, the European Union.
According to the Associated Press the latter could boost exports by $5.2 billion per year. The acceptance will also require that Russia follow tightly monitored Geneva-based trading rules and marks the last of the G20 nations to join the 153-nation group.
In describing the occasion trade representatives from the U.S. said Russia’s admittance, “represents a great cause for celebration” and that it will be “good for all members of the WTO.”
Being accepted into the WTO required several important steps by Russian lawmakers including dropping their tariff ceiling by 7.8% and forming a bilateral agreement with one-third of the organization’s members.
The bilateral agreement proved to be the toughest decision for the country and was only met after they reached an agreement with Georgia during a Swiss-moderated meeting. Georgia had been blocking Russian’s attempts to join the WTO since the two countries went to war with one another in 2009.
As part of Russia’s agreement a neutral nation will monitor trade with Georgia.
Following news of the countries acceptance Russian journalists immediately began attempting to shake up the agency, suggesting that Russian be added to the organizations three official languages English, French and Spanish.
Do you believe that Russia’s acceptance into the WTO will have long-last positive economic effects for the country and their trading partners?