Russia’s Federation Council ratified the protocol on Wednesday for Russia’s accession to the World Trade Organization.
The protocol on Russia’s accession to the Marrakesh Agreement, the foundation document for the WTO, was signed in Geneva on December 16 last year.
Ratification means Russia, as a WTO member state, will undertake to comply with the obligations of the Marrakesh Agreement.
The transition period to liberalization of access to Russia’s markets is two to three years, but this is extended to five to seven years for markets requiring more protection such as the automobile industry and agriculture, agricultural machinery production and light industry.