Russia finally entered the World Trade Organisation yesterday after 19 years of tortuous stop-start negotiations that meant the country was the last big economy outside the global trade body.
World Bank economists estimate a boon for Russia’s economy of $49bn a year, or about 3 per cent of gross domestic product, over the midterm from the increased competition and greater foreign investment that entry is expected to bring.
But the immediate impact of membership will be less apparent, analysts said, as the US has yet to remove a Soviet-era trading restriction that will keep US companies outside the WTO framework with Russia.
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