Voice of Russia: What will Russia gain by joining WTO?

[pampango]

http://english.ruvr.ru/2010/12/21/37371170.html

At the end of the outgoing year Russia is rejoicing at the thought that it really has a very good chance of joining the World Trade Organization (WTO). The Russian authorities say that this may happen by summer of next year. This country has beaten all records, waiting for its bid to be satisfied.

As you know, Russia first applied to join the organization in 1993 – actually, before the WTO came into being. What existed at that time was only the General Agreement on Tariffs and Trade (GATT). The World Trade Organization was set up in 1995, to simplify international trade and to regulate trade and political relations between states.

Though a number of businessmen have fears that Russia’s membership in the WTO may trigger numerous bankruptcies, there’re pluses in it too. Some experts believe that Russia’s WTO membership may lead to the lowering of prices not only on imported but also on domestic goods. Foreign investors will find it much easier to make their way into the Russian market, which, in its turn, will lead to the growth of competition in all branches and to the general drop in price.

Today the World Trade Organization unites 153 countries. They account for more than 92 per cent of the world trade. The former Soviet republics, including Kyrgyzstan, Georgia, Ukraine, Armenia, and the Baltic countries, are already the WTO members. Russia is the only member of the G20 outside the WTO. Let’s be hopeful that the efforts of so many years will not be in vain and that Russia’s membership in the WTO will prove useful for the development of its economy.