WTO membership key to success: Russian minister

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WTO membership key to success: Russian minister

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Membership of WTO will lead to more competition, which is the key to success, says Russian minister.

17 December,2011 01:47 pm

Russias economic development minister said the countrys membership of the World Trade Organisation (WTO) would strengthen competition, which was the key to success for the Eurasian country and the rest of the world.The WTO approved Russias membership application earlier on Friday, after an 18-year wait since its original submission.WTO Director General Pascal Lamy said the entry of Russia into the world economy was a success for all sides.Russia was the largest world economy outside the WTO and its entry is a double-win. A win for WTO members and a win for Russia, he said.The accession of Russia, with its $1.9 trillion economy, will be the biggest step in world trade liberalisation since China joined the WTO a decade ago, sealing its integration into the world economy two decades after the collapse of the Soviet Union.Russias economy minister, Elvira Nabiullina, said membership was integral to economic expansion for all members.For us, accession to the WTO is a new reality, but we feel that the Russian economy is in pretty good shape to be able to react to the challenges of competition. WTO membership strengthens competitiveness and this is the key for success. It means that our enterprises and operators will produce better quality goods and sell it with better prices, he said.After 18 years of negotiations with the 153-member club, Russias last challenge was to reach a deal with Georgia to stop its entry being blocked by the former Soviet republic with which it fought a short war in 2008.Russia signed a Swiss-brokered deal with Georgia in November.