Top > Business > 2006 > November > 2006-11-15

Russia finally expected to join WTO

After 13 long years of excruciating and difficult negotiations between Russia and the USA Russia, currently the world`s biggest non WTO member is finally set to join. Contrary to the fears of many diplomats that the situation would end in a political deadlock until the end of Putin`s term as president, Russia`s ongoing disputes with the US about Meat Import and Piracy that prevented it from joining, seem to have finally been settled by a bilateral agreement reached between Moscow and Washington.

This was confirmed by the head of the Russian Union of Industrialists and Entrepreneurs to the news agency Reuters. He also expressed hope that the agreement could already be finalized by Putin and Bush next weekend. Russia hopes that joining the WTO would give a boost to its slow economy, similar to what it did for China when it joined the organization 5 years ago. It really is a win-win situation for all parties.

The Russian market will be opened up even more as a result of joining the WTO, and Russia will be required to follow a set of rules commonly agreed on by all members. It will also serve as a platform for the global discussion of Russia`s Economic Decisions, maybe critically also its questionable handling of the energy industry. Russia`s joining the WTO is another important step to the full integration of one of the largest nations in the world, and the opening of trade barriers is sure to pay off for the Russian population.