Russia Joins WTO After 18 Years of Negotiations

Aug. 29, 2012 - After 18 years of negotiation, Russia on [August 22] entered the World Trade Organization, which restricts import duties and subsidies in an attempt to create a level playing field for international trade.

Analysts and politicians hope that Russia, which has long proven a formidable market to foreign investors because of its byzantine bureaucracy and protectionist tariffs, would be transformed by its entry into the WTO. Russia is one of the last major global economies to enter the group, which has long included other developing nations like China.

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SOURCE: USA Today