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You're reading: Russia joins WTO after 18 years of talks
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Analysts and politicians hope that Russia,
which has long proven a formidable market to foreign investors because
of its byzantine bureaucracy and protectionist tariffs, would be
transformed by its entry into the WTO. Russia is one of the last major global economies to enter the group, which has long included other developing nations like China.

While
consumers here will benefit from the lower cost of imported goods, some
worry that struggling industries long coddled by state subsidies, such
as agriculture or the automobile industry, will suffer from foreign
competition.

Russians often complain
about the burdensome cost of Western-imported consumer products, which
range from refrigerators to jeans. With its entry into the WTO, the
country will cut its average import tariff by 5.9 percent, making those
imports cheaper.

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