On August 23rd, 2012 Russia became the 156th member of the World Trade Organization (WTO) As a result, Russia is expected to lower import taxes and open its market to international competition.
An article in the Moscow Times suggests that Russia should use the WTO membership as a signal to its business community and international investors. (www.themoscowtimes.com, July 18, 2012)
Typically, Russia has received much less foreign investment than many other big emerging markets due to its tariff walls and onerous customs clearance procedures. (www.economist.com, July 14, 2012). Russia’s economy needs the diversification brought about by external investors, and greater adherence to stable rules will help in attracting them.
According to Office of the United States Trade Representative, Russia’s membership in the WTO will bring significant commercial opportunities for U.S. exporters in several sectors, such as agriculture, high-tech products, services, and retailing. (www.ustr.gov)