After nearly two decades of negotiations, Russia was formally welcomed into the WTO fold at the Ministerial Conference in December.
In joining the WTO, Russia had to modify nearly 300 pieces of legislation to conform with international trade rules, and agreed to lower tariffs across a number of industrial sectors and to reduce agricultural subsidies on dairy products and cereals.
Russia also made specific commitments on 11 service sectors and on 116 sub-sectors, most notably in the areas of telecommunications, insurance, banking, transportation, and distribution services. In all sectors where commitments have been made, foreign services suppliers will have guaranteed access to the Russian market, and investors will have the right to establish new or to acquire existing providers.
