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Russia’s WTO membership dream coming true

in International Business

Russia’s WTO membership dream coming true

Russia’s Lower House of parliament has approved the country’s entry into the World Trade Organization.

Russia was denied membership due to human rights concerns and business disputes in the region. It was finally allowed to join under a deal reached with the WTO in December last year after 18 years of negotiations.

However, some Russian politicians had opposed membership due to some of the requirements from WTO which included cutting tariffs on some imported goods, something Russia’s government thought there was no immediate way to recover the lost revenue.

The membership will be finalized after President Vladimir Putin signs the bill passed by the Upper House.

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