Russia joins World Trade Organization (WTO)

Russia has finally joined the World Trade Organization (WTO) after long negotiations and 18 years of talks. Russia is the last of the G20 to join the WTO after China gained membership in 2001. Russia's formal accession to the World Trade Organization (WTO) was finally approved on Friday 16th December in Geneva, Russian Economic Development and Trade Minister Elvira Nabiullina said there will be no losers in the win-win game.

Russia, its Bric Partners, Trade Partners the WTO and the global economy as a whole will all benefit from Russia's membership is the general long term view amongst analysts. Some Russia Industrial sectors will find conforming to the WTO difficult but in the long-term Russian Industry and Business will benefit.  

It's expected that the Oil and Gas, Chemicals and Transport sectors in Russia will see the biggest benefits at the start and other industry’s will see the WTO benefits grow gradually over time.