WTO entry a big change for Russia

The Russian Duma approved the country's membership in the World Trade Organisation on Tuesday. 18 years after Russia submitted its application, the WTO voted in favour of Russian accession in December. WTO membership means huge changes for Russia from which Finland also stands to gain, writes the liberal tabloid Iltalehti: "This agreement will bring permanent changes for Russia. Certainly, they will only become visible with time, but they will be felt in every economic transaction, including in those sectors of the Russian domestic market subject to international competition. ... For Finland, Russia's WTO membership, if it goes through, will create a transparent Russian market that respects international rules. The estimated savings through the reduction of import duties and other costs amount to 300 million euros per year. That's a bonus that can clinch really big deals. In all sectors exports will be easier, cheaper and more stable."

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