Russia formally joins the World Trade Organization.

On 21 July, 2012 the Russian Federation Council ratified the protocol of 16 July, 2011 "On the Accession of the Russian Federation to the Marrakesh Agreement about Establishing the World Trade Organization on April 15, 1994".

The protocol states that Russia will undertake all obligations under the Marrakesh Agreement about Establishing the WTO. Additional terms of membership, as agreed during the negotiation process, are reflected in the list of concessions and obligations on access to goods and services market.

The obligations of the Russian Federation on access to goods market include: export, import duties, the volume of trade-distorting support for agriculture, tariff quotas and export subsidies. The minimum and maximum duty rates and the level of annual decline are documented in the tariff agreement, as well as the transitional period when the final reduction of duties should be implemented.

The transitional period for liberalizing market access is 2 - 3 years, and 5 - 7 years for sensitive goods.

The protocol will enter into force on the thirtieth day following its adoption by the Russian Federation.

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