Politicians welcome Russia's accession to the WTO

Russia has six months to ratify the WTO accession treaty.

Philipp Rosler, Germany's economy minister, said in Berlin that Russia's accession to the WTO would "benefit Germany, Russia, the WTO" because it would create a more stable environment for doing business with Russia.
Kirill Dmitriev, head of the Russian Foundation for Social Initiatives, said that WTO membership would boost Russia's economy (up to 10 %) over the next five years and help overcome the European financial crisis.
Russia has agreed to cut duties, get rid of industrial subsidies and allow foreign companies to enter the domestic market.
The most important concession made by Russia, according to experts, is access to the market for foreign service companies and banks.
The Kremlin agreed that in the first years after the accession, foreign telecommunications companies would no longer be restricted 49% capital in Russian enterprises, and foreign banks would be allowed to establish subsidiaries, with no restrictions on foreign capital participation in individual Russian banks.
However, Dmitriev warned that Russia and its trading partners still have a lot of work to do to bring their legislation in line with their obligations. He noted, in particular, that the U.S. should repeal the Jackson-Vanik amendment. Anatoly Chubais, head of Rusnano, said the move effectively "brings Russia back to the civilized world.

According to the foreign press for ForTrader.ru