22 Aug 2012

Russia now member of WTO

10:21 pm on 22 August 2012

Russia has formally become a member of the World Trade Organisation, after 18 years of often acrimonious negotiations.

In order to join the WTO, Russia agreed to reduce import tariffs on goods including food and cars and relaxed controls on overseas companies entering its financial and telecoms sectors, the BBC reports.

Russia had been the only major economy outside the WTO since China joined in 2001.