Wednesday, July 11, 2012
The Russian parliamentary body, the Duma, voted yesterday to approve Russia's accession to the World Trade Organization (WTO), clearing the way for Russia to complete the accession process. The accession package will not be fully ratified until it is signed by Russian President Vladimir Putin. Russia will officially become a member 30 days after that happens. Russia will become the 156th member state of the WTO and is the largest economy not already part of the interantional trade agreement. Once Russia joins, it has committed to reduce its average tariffs approximately 3% and to open up certain industries to foreign competition.