Russia in the WTO: a view from the United States. Part 2

By adopting a new term, the WTO, Vladimir Putin will have a greater influence on international economic relations.

"Accession to the WTO is the country's main event, as it lays the foundation for stable and predictable economic growth," said WTO Director General Pascal Lamy, adding: "WTO membership is expected to bring broader access to world markets and attract some $2 trillion in foreign investment to the world's ninth-largest economy. The World Bank estimates that Russia's new status will boost GDP by $162 billion a year, contributing to a 25% increase in personal income.
Russia's membership will "... speed up the modernization of the Russian economy and provide more business opportunities for both Russian and European companies," said Karel De Gucht, European Commissioner for Trade.
According to a report by Capital Ekonomics, Russia's economy is still slowing. Growth at the beginning of the third quarter was 3%, versus 5% in the first quarter.

Based on foreign press for ForTrader.org