Russia’s State Duma (Lower House of Parliament), agreed to ratify a Protocol on Russia’s admission to the WTO, signed on 2011 December 16 in Geneva, ending a thorny 18-year negotiation. Russia, the world’s largest country, officially joins the largest commercial “playground” on the planet. According to the Protocol, Russia has to reduce its import tax and open its key industries for foreign investors. Its admission to the WTO will be a momentum for Russia to develop further.
Under Russian law, the country will officially become the 156th member of WTO 30 days after the Duma’s approval.