WELCOME RUSSIA TO WTO !!!

After 18 years of pursuit, Russia has become the 156th member of the World Trade Organization. Although many Russians claim that the accesion will hurt sectors of the domestic economy and even undermine national sovereignty and security, the entry will benefit Russia. In the short term, Russia is not likely to get immediate benefits from the accession and certain sectors of the economy may suffer pains as the country has to gradually lower its average tariff ceilings. Its budget revenues could also see a considerable drop. But in the long run, Russia's WTO entry will elevate its all-round economic competitiveness, facilitate its economic restructuring and transformation of growth patterns, and ultimately realize its ambition of ascending to one of the world's top five economies. The accession is also expected to help attract more foreign capital and advanced technology to Russia, boost its trade and investment, promote industrial reform, and accelerate the formation of a transparent and open market environment.

For the world, Russia's accession is seen as a big advance in world trade liberalization. The country's status as a major economy will inject new vitality into the WTO. Being one of the BRICS countries, Russia's accession will also change the power of balance within the WTO to a certain extent by helping coordinate stands of BRICS in the Doha Round negotiations and safeguard the interests of emerging economies.

Russia and other WTO members, now under the same rules, will enjoy numerous opportunities to expand their trade, investment and cooperation. The accession is also expected to facilitate the process of resolving Russia's possible trade disputes with other member nations.