Russian lawmakers ratify WTO entry

July 10, 2012 16:37

MOSCOW - Russian lawmakers voted on Tuesday to ratify accession to the World Trade Organization, bringing the world's largest country into the club that sets global trade rules after a tortuous 18-year negotiating marathon.

The lower house vote, carried by a majority of 30 votes, seals Russia's entry to the WTO under a deal reached last December that will oblige Moscow to cut import tariffs and open up key sectors of its economy to foreign investment.Russia's $1.9 trillion economy, the world's ninth largest, will become the WTO's 156th member 30 days after ratification.

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