Russia and WTO

World Trade Organisation (WTO). According to an official spokesperson from the Russian Ministry  Affairs, on 23 July the Government of the Russian Federation notified the WTO that Russia had completed all the internal procedures required to assume membership, including the ratification of the Marrakesh Agreement, dated 15 April 1994, which established the WTO and which was signed in Geneva on 16 December 2011.

In accordance with the rules, Russia’s accession to the WTO took place 22 August 2012, the thirtieth day after that notification was given. The possible effects of Russia’s accession to the WTO are yet to be fully analysed; however, preliminary forecasts are obviously contradictory – ranging from extremely negative to exceptionally positive. The probable and less desirable consequences, as a rule, will most likely be as a result of the inertia exhibited by Russian firms when it comes to increased competition on the Russian market, an expected and unavoidable phenomenon once the barriers to accessing foreign goods and services are lowered. The positive and welcome developments that will follow Russia’s accession to the WTO will for the most part be as a result of the increased efficiency of various economic processes, including increased foreign trade, expansion of export markets in terms of access to Russian goods, and motivation to increase the competitiveness of Russian goods and services.