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Elvira Nabiullina (L), Russian Economic Devt Minister, and Pascal Lamy, WTO Director-General show their satisfaction after the signing of the accession of the Russian Federation to the WTO, Geneva, 16 December 2011. EPA/BGNES
Russia has formally been admitted into the World Trade Organization after an 18-year wait.
Russia's bid was approved Friday at a WTO conference chaired by Nigeria's finance minister Olusegun Aganga.
Russia has been the only member of the Group of 20 leading world economies and the so-called BRICS emerging countries — Brazil, Russia, India, China and South Africa – still outside the 153-nation WTO.
Its admission will be sealed early next year after ratification from the Russian Duma, which will make Russia liable to WTO rules for international trade and settling disputes.
Russia's membership takes effect 30 days after it notifies WTO that the Russian Duma has ratified the move.
Experts have pointed out that WTO membership would provide a boost for Russia's heavily state-managed economy by giving outside investors more confidence because the nation would be subject to international trade rules.
"The EU has high expectations of Russia as a responsible partner able to respect rules," EU trade chief Karel De Gucht told the WTO, as cited by international media.
Russia's WTO accession is supposed to be a boost for its biggest trading partner, buying 52% of Russia's exports. Russia is the third-biggest customer for EU exports, after the USA and China.
Russia's WTO membership is expected to quickly increase EU exports by some EUR 4 B a year, EU trade officials say.
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A Russian An-26 military transport aircraft has crashed in Crimea, killing all 29 people on board, according to information released by the country’s defense ministry and cited by Russian state media
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Audio recordings allegedly capturing conversations between Russian Foreign Minister Sergei Lavrov and Hungary’s Foreign Minister Péter Szijjártó have been leaked to the media
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Moldovan President Maia Sandu has formally enacted legislation withdrawing the country from the Commonwealth of Independent States (CIS), marking a decisive step in Chisinau’s gradual disengagement from Russian-led structures
The European Public Prosecutor’s Office (EPPO) has carried out a series of coordinated investigative actions across several countries, including Bulgaria and Romania, as part of a probe into suspected large-scale fraud involving EU funds
A fragile ceasefire between the United States and Iran has coincided with escalating tensions over the Strait of Hormuz, where Iran has moved to tighten control over one of the world’s most critical maritime routes
US President Donald Trump has sharply criticized NATO allies over what he described as their unwillingness to support Washington during the war with Iran, following a two-hour meeting with Secretary-General Mark Rutte at the White House
Lebanon has declared a national day of mourning after one of the deadliest days in recent months, with at least 254 people killed and more than 1,165 injured in Israeli strikes carried out shortly after the announcement of a US-Iran ceasefire
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