• Thinking strategically

    Do policymakers actually consider improving trade performance, asks Geoffrey Chapman.

  • Power problems

    It's an iron law: no electricity, no modern economy, says Leopold Scholtz.

  • M2M money train

    SA's biggest mobile operators have found a new revenue stream, says Gugu Lourie.

Data provided by iNet BFA
Loading...
See More

Russia WTO membership passes final hurdle

Jul 18 2012 12:00

Related Articles

Russia's highest court backs WTO entry

Russia considers greater contribution to IMF

Russia to ratify agreement to join WTO

WTO: Protectionism gaining ground

WTO warns growth in trade to shrink

China braces for rare earths WTO case

 
Moscow - The Russian upper house of parliament on Wednesday passed the bill ratifying Russia's entry into the World Trade Organisation (WTO), the final legislative step required before President Vladimir Putin signs it into law.

The Federation Council voted overwhelmingly in favour of joining the world trade body, bringing Russia to the verge of finally joining the organisation after 18 years of often bitter negotiations.

The upper house approved the bill with 144 votes in favour and three votes against and no abstentions, following its passing by the State Duma lower house last week. The accession will become Russian law 30 days after Putin signs the measure.

Economists have long argued that Russia needed to join the WTO as it was the only major global economy outside the body - following China's membership in 2001 - and the government hopes accession will stimulate growth.

But the membership has also been controversial, with some-medium sized firms expressing concern that they will be put out of business by being unable to compete against imports made cheaper by a reduction in customs tariffs.

*Russia is on the footsteps of joining the WTO, follow the latest news on your social network feeds on Fin24's Twitter, Facebook and Google+ pages.
wto  |  vladimir putin  |  russia
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Expanding your business requires capital and banks have stringent lending criteria in place.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...