By Ria Novosti
The protocol on Russia’s accession to the Marrakesh Agreement, the foundation document for the World Trade Organization (WTO), enters into force on Wednesday.
The document, which makes Russia the global trade body’s 156th member, was signed in Geneva on December 16, 2011 after 18 years of negotiations.
Russian President Vladimir Putin signed a federal law that authorizes the protocol on July 21.
The Economic Development Ministry said the WTO membership will lower prices for both imported and domestic goods. According to the World Bank, the admission will give Russia an additional 3.3 percent of GDP annually for the first three years, with the figure likely to increase later.
Critics have claimed that Russia’s accession to the WTO is detrimental to the country’s national sovereignty and security and could ruin entire sectors of the domestic economy.