The World Trade Organisation makes a tongue in cheek gesture to celebrate Russia getting to the next step in their membership bid.
Russia has effectively wrapped up 18 years of talks on joining the 153 member institution after agreeing terms with the EU.
Cold war adversary Georgia could have vetoed Moscow’s entry but instead accepted a Swiss border proposal, arising from a conflict with Russia in 2008.
Chairman of WTO working group for Russian accession Stefan Johannesson declared:
“The Accession of Russia to the World Trade Organisation is a win win result, it’s a win win situation and as one of the delegates this morning said, it is good news for the gloomy global economy.”
WTO entry could generate 3.3 per cent growth for Russia, eventually rising to 11 per cent according to the World Bank.
Rules to become a member however, focus on investment, rather than trade. Russia has been seen by many as a politically high risk country. Critics will be eager to see how it responds to abiding by a strict, rules based system.
Russia’s overall inclusion will be decided by vote in December.
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