03.01.2012
Negotiations regarding Russia’s World Trade Organization membership have been concluded, record breaking 18 years after they were initiated.
The WTO Secretary of State conference, held in Geneva on the 15th – 17th of December, will officially approve Russia as a member of the WTO. The membership has to be ratified by the Russian Duma which is estimated to happen within the next eight months.
The Finnish Foreign Trade Secretary of State, Alexander Stubb estimates that Russia’s WTO membership is important to Finland, both financially as well as politically mainly due to the lowering of customs charges and trade barriers being diminished. The notion of politically motivated customs charges will be eradicated and the structure for handling possible dispute situation will become clear. It is estimated that Finnish companies will benefit from Russia's membership about 300 millions euros annually, when compared to the current situation. (Source: www.kauppapolitiikka.fi, Talouselämä, 15.12.2011)