Russia entry into WTO ratified: reports
SAN FRANCISCO (MarketWatch) -- After 18 years of negotiations, Russia's lower house of parliament, the State Duma, has ratified the nation's entry into the World Trade Organization, according to news reports Tuesday. The bill needs to be signed by President Vladimir Putin and would become law 30 days later, according to BBC News. The Duma voted 238 to 208 to pass the bill, with one abstention, the news agency said. Russia first applied for membership in June 1993, and the WTO approved its membership in December 2011. "The changes of trade conditions will not be immediate as Russia got a transition period to adjust to new rules," said Julia Tsepliaeva, a chief economist at BNP Paribas, in a note. "We welcome the process and expect sizable gains from the entry in the medium term, in particular further economic liberalisation." Following the news, Russia's RTS index was up 1% at 1,366.48. Year to date, it's trading 1.1% lower.
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