Foreign trade news
and changes in legislation

Director-General Pascal Lamy today welcomed ratification by the Russian government of the country’s accession to the World Trade Organization and said he looked forward to Russia taking a seat next month at the table of trading nations.

Russian President Vladimir Putin signed into law 21 July Parliamentary legislation bringing Russia’s trading laws into compliance with the international standards set under the WTO. The presidential approval follows passage of accession implementation legislation 18 July by the Federal Council, the upper house of Parliament and by the lower house, the Duma, on 10 July. Today, Russia officially notified the WTO Secretariat that the ratification process was completed thereby clearing the way for the country to become the organization’s 156th member on 22 August.

“It has been a long road to reach this destination but today, Russia has cleared the final hurdle and on 22 August it will take its rightful place at the table with family of trading nations, becoming the WTO 156th member. I look forward to Russia joining us next month,” said Mr. Lamy.

In 2011, Russia was the world’s ninth largest exporter, shipping $522 billion in goods and $54 billion in services to its trading partners. Last year, Russians imported $323 billion in goods and $90 billion in services.

Russia’s terms of membership, including the Working Party Report for Russia’s Accession, the Protocol of Accession were adopted by the WTO at the eighth Ministerial Conference on 15-17 December 2011.

www.wto.org, 23 July 2012