Full article on MarketWatch
Russia’s acceptance into the World Trade Organization last month didn’t just mark an end to nearly two decades of negotiations, but opened a door to free up global trade with a nation that is one of the world’s largest oil producers and home to the globe’s biggest natural gas reserves.
And if the impact on the last large economy to join the organization — China — offers any clue, the outlook for Russian trade and its economy has much improved.
On Dec. 16, the World Trade Organization approved Russia’s membership. WTO trade ministers have said Russia’s accession to the organization will bring the nation more firmly into the global economy and make it a more attractive place to do business.
“Russia took 18 years to complete its WTO negotiations, but in the end it walked away with a great deal,” said Martina Bozadzhieva, senior analyst for Central and Eastern Europe (CEE) & Russia at Frontier Strategy Group. “Over the long term, WTO accession will increase the competitiveness of the Russian economy and [foreign direct investment] inflows.”
No related posts.
