Russia has won admission to the World Trade Organisation, after 18 years of haggling over terms and conditions.
Friday’s ceremony in Geneva marks Moscow’s full integration into the global economy, two decades after the Soviet Union collapsed.
The WTO will also bring standard business practices and more transparency into the domestic market according to Russian economist and analyst Ivan Tchakarov.
“Russia will import certain rules and regulations that will improve the overall business climate, that will improve the issue of corruption, improve how minority shareholders are treated and these are the very issues that you usually hear foreign investors complaining about in Russia,” he said.
No complaints are likely from Russian motorists. An end to high taxes on imported cars should cut their price by up to 10 percent.
Vowing to exchange his Russian car for a foreign-made motor if he ever has the money, Moscow motorist Rusatm Nusuyev, 27, simply said “‘Our cars are not good.”