Russia joins WTO after 18 years of talks
By | Associated Press – 7 hrs agoMisha Japaridze - Vendors wait for customers at a Moscow market, Russia, Wednesday, Aug. 22, 2012.On Wednesday Russia joins the World Trade Organization, 19 years after it first began negotiating entry into
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MOSCOW (AP) — Russia has joined the World Trade Organization, a body which restricts import duties and subsidies to make international trade fair, after 18 years of negotiations.
Consumers
in Russia are expected to benefit from the lower cost of imported
goods, while some industrial sectors, like agriculture or carmaking,
will lose state subsidies, exposing them to foreign competition.
The World Bank estimates WTO membership could increase Russia's GDP by 3.3 percent a year in the next three years.
Russia was formally admitted to the WTO on Wednesday.
The
talks took so long because of Russia's reluctance to drop industry
subsidies and because the U.S. has refused to scrap a law that denies
Russia normal trading relations. Because that law remains, Russia will
keep higher trade tariffs with the U.S. than other countries.
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