Posted on August 22, 2012
Russia's formal accession to the World Trade Organization (WTO) has finally been approved by the Russian Parliament and President.
Russia's membership in WTO will bring benefits for all Russia's trade partners. It will create a more stable framework for doing business with the $1.9 trillion oil-rich economy because foreign investors will have more confidence due to Russia's compliance with the same international trade rules. Intellectual property protection and enforcement will also be raised to new heights in full conformity with WTO's dispute settlement mechanism.
Apart from changes in the economic environment, our foreign partners will directly benefit from lower trade barriers, including custom duties and other state fees. As far as intellectual property is concerned, all state tariffs will be brought in line with international practice. The existing gap between the rates for Russian inventors and foreign ones will be abolished.
Russian market becomes more and more interesting for our foreign partners, and we are confident that intellectual property protection, as one of the key factors of success, will see a new rise.