WTO Approves Russia's Terms of Entry
On December 16, 2011 the World Trade Organization (WTO) Ministers adopted Russia's terms of entry at the 8th Ministerial Conference in Geneva, clearing the final hurdle for their acceptance as a WTO member. Russia has 220 days to ratify the deal and would become a full WTO member 30 days after notifying the WTO of the ratification.
Reforms detailed in the terms of entry include:
Increased market access for goods and services
Reduced tariffs on a wide range of products
Lowering or removal of industrial and agricultural subsidies
Improved protection of Intellectual Property Rights (IPR)
Increased transparency
The WTO is an international organization which deals with the rules of trade between nations based on agreements which are negotiated and approved by member nations and ratified by their respective parliaments.
- A WTO news release is available online at:
http://www.wto.org/english/news_e/news11_e/acc_rus_16dec11_e.htm - A statement from U.S. Trade Representative Kirk is available at:
http://www.ustr.gov/about-us/press-office/press-releases/2011/december/us-trade-representative-kirk-welcomes-invitation
