- Global trade ministers approved Russia’s bid to join the World Trade Organization, giving Prime Minister Vladimir V. Putin a victory on the international stage at a time of rising domestic opposition to his hold on power.
- The W.T.O. sets the rules governing global commerce and provides a forum for resolving disputes. Membership ends the anomaly of having Russia, a leading oil and natural gas exporter as well as a permanent member of the United Nations Security Council, outside the world trade system.
- The Swiss brokered a deal between Russia and Georgia earlier this year that removed the last obstacle to Russia's accession.
- Georgia had tried to block Russia's WTO entry since the two countries fought a short war in 2008.
- Russia was by far the biggest economy yet to join the global trade body.
- It is also the last member of the Group of 20 major economies to join, after China gained membership in 2001.
- Business environment
- The 153-member WTO provides a forum for international trade liberalisation agreements, which it polices - deciding when rules have been breached and when retaliatory trade sanctions can be imposed.
- The removal of trade barriers is likely to stimulate greater and more diversified trade between Russia and the rest of the world.
Russia and WTO timeline
- 1993 Russia applies to join the General Agreements on Tariffs and Trade (Gatt)
- 1995 The Gatt is institutionalised as the World Trade Organization (WTO)
- 1998 Russia suffers a major financial crisis
- 2000 US President Bill Clinton backs Russia's WTO bid in a speech to the Russian parliament
- Vladimir Putin succeeds Boris Yeltsin as Russian president
- 2001 China joins the WTO after 16 years of talks
- Russian membership talks intensify
- 2002 The US and EU recognise Russia as a market economy, removing a major hurdle to WTO membership
- 2004 EU gives formal backing to Russia's application
- 2006 US formally backs Russian membership
- Georgia threatens to veto after Russia imposes a trade blockade on it
- 2008 Brief Russian military invasion of Georgia
- President Putin questions the benefits of joining the WTO
- 2010 EU reaffirms support for Russian membership
- 2011 Russia reaches an agreement with Georgia in November, opening the way for its accession in December
