Russia gets WTO green light

Russia secured the final approval yesterday to join the World Trade Organisation after 18 years of trying.

The WTO’s 153 members gave their second and final approval for Russia’s membership bid, ushering in the last major economy outside the trade club.

The Russian Parliament will have until June 15 next year to ratify the accord and bring it into force.

Moscow’s lead negotiator Maxim Medvedkov had said earlier that he expected the deal to be ratified “next year”.

“This is clearly a historic moment for the Russian Federation and for the rule-based multilateral system after an 18-year marathon,” said Pascal Lamy, director-general of the WTO.

“What you have to know about marathons is that the last mile is the worst and toughest and the best moment is when you cross the finishing line, which is what we are doing today,” he said.

Describing the accession as a win-win for both the WTO and Russia, Mr Lamy said it “accords the quality WTO label” on Russia and with the membership the trade body would cover 97 per cent of world trade.

Making a reference to the storm over Geneva, Russian First Deputy Prime Minister Igor Shuvalov welcomed the accession saying: “The storm is a sign of change for the better.”