WORLD_ Russia cleared to join WTO after 18 years

Russia cleared to join WTO after 18 years

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. Photo: AFP

By Alan Tovey
7:07PM GMT 16 Dec 2011
3 Comments

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.


Related Articles

.Vladimir Putin 'would lose honest presidential election', says former Russian PM - 17 Dec 2011
.Michael Kors hits the US stock exchange - 16 Dec 2011
.The sad death of multi-lateralism makes way for a sinister trend - 15 Dec 2011
.India closer to opening doors to foreign retailers - 23 Jul 2011
.London living costs on the rise - 09 Jul 2011
.How much will your shopping cost in some of the world's most expensive cities - 09 Jul 2011


"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 the multilateral trading system, cementing the WTO's status as a truly global organisation. This will bring benefits to the UK economy as well as to Russian consumers and businesses by lowering prices and easing trade."

UK exports to Russia totalled £3.45bn in 2010 according to UKTI data and trade between the two nations is growing at an average of 21pc a year.

However, Russia has gained some notoriety as being an unpredictable country to deal with, most famously with TNK-BP chief executive Bob Dudley, now the boss of BP, having to flee the country in 2008 after a row with the joint venture's Russian partners over his stewardship of the business.

A spokesman for the Department for Business, Innovation and Skills said: "We hope that Russia plays a constructive role on the WTO committees and groups with full transparency to resist global protectionism and strengthen multilateral trade."

***

3 comments


mascmen7
Today 05:40 PM
What took so long when other nations do not have to jump thru 87 hoops. Russia is still a third world nation with missiles and lots of brand new military hardware. They are on a war schedule churning out new military goods such as super silent subs every 10 days.



hlfbyd
Yesterday 05:30 AM
Nothing to do with Russia offering to bail out Euro to tune of 12 billion euros then?? Which it will demand more ownership of infrastructure (eg likes of Centrica). Would you do business with these characters (Putin and his sidekicks) ??


______ snoekie
Yesterday 07:36 PM
NO!

__________

What do you think ?

Các anh chị nghĩ thế nào, có ý kiến phê bình gì qua bài viết "Russia cleared to join WTO after 18 years" và 3 ý kiến phê bình từ "3 Comments" của độc giả ?


Chân thành cám ơn Quý Anh Chị ghé thăm "conbenho Nguyễn Hoài Trang Blog"
Xin được lắng nghe ý kiến chia sẻ của Quý Anh Chị trực tiếp tại Diễn Đàn Paltalk: 1Latdo Tapdoan Vietgian CSVN Phanquoc Bannuoc .
Kính chúc Sức Khỏe Quý Anh Chị .


conbenho
Tiểu Muội quantu
Nguyễn Hoài Trang
19122011
___________
CSVN là TỘI ÁC
Bao che, dung dưỡng TỘI ÁC là đồng lõa với TỘI ÁC