Russia Joining the WTO will be a boast for Russia and its Bric Partners

With Russia's accession to the World Trade Organization (WTO) on December 16 2012 is a further boost to the growing trade with Russia and its Bric Partners Brazil, China, India and South Africa.

"Russia's accession to the WTO will be a catalyst for development and cooperation among BRICS members," said Russian Economic Development and Trade Minister Elvira Nabiullina after the deal was signed.

It's expected that now Russia has joined the WTO this should help facilitate the BRICS group and coordinate their cooperation in Doha Round negotiations to achieve a balanced result for each of  the BricPartners.

Now that Russia is a member of the WTO its expect that China Russia's biggest Trade Partner will have the most to gain as this will not only boost trade between the two BricPartner countries as the two countries will trade with each other under the same rules within the WTO but increase trade with all their BricPartners.
Trade between two giant neighbors Russia and China has increased by 39.6% within the last year and now totals $35.9 billion U.S. dollar's of Bilateral trade. Trade between the 2 countries is back up to its pre crisis levels and is expected to increase by between 30 to 35% in 2012.

Once the WTO agreement was completed in November, Russia's chief WTO negotiator Maxim Medvedkov, who is also the head of the Trade Negotiations Department within the Russian Ministry of Economic Development, stated that the country's joining of the bloc would expand Russia-China economic and trade cooperation under the same WTO rules.
To enter the WTO, Russia has completely changed the system of technical regulations to work out and use new and normative technical standards, adopted a new customs code and changed the customs administration system and considerably revised laws on veterinary, Phyto-sanitary and other measures, Medvedkov said.
BricPartner believes that the reforms that Russia will implement to meet the requirement and the rules of the WTO will lead to better business opportunities for Russia and China and their fellow Bric Partners. Russian Business will need to learn these rules fast but with the experience for Russian business following bureaucracy within Russian they have ever chance of succeeding and successfully trading with their Brics Partners and the other G20 and WTO countries.

If Russia has any Trade disputes with its BricPartners and Other countries then these arguments can now be settled with and in accordance with WTO regulations so business will be more fluid between Russia and its Trade Partners.

After the accession Russia will start to lower its average tariff ceiling to 7.8 percent from its current 10 percent, with the agricultural tariff down from 13.2 percent to 10.8 percent and the industrial products' tariff slipping from 9.5 percent to 7.3 percent. Once Russia fully restructures its custom system then this will help trade flow easier between Russia and China and its Bric Partners, so in all it will be profitable for all of the Trade Partners.