The World Trade Organization has given its second and final approval for Russia's membership in the trade body after a record 18-year quest to join.
The 153-nation global trade body approved by consensus Russia's application for membership on Friday, giving a boost to the ailing economy of its biggest trading partner, the European Union.
"The ministerial conference so agrees," said Olusegun Aganga, Nigeria's Trade Minister, who is chair of the eighth WTO ministerial conference. The decision was taken mid-way during the three-day meeting in Geneva.
The Russian parliament will have up to June 15 next year to ratify the accord and bring it into force.
The deal is expected to quickly increase EU exports by some 4bn euros ($5.45bn) a year.
Under the deal, Russians can buy European-made goods at far lower prices and sell its oil and gas more efficiently.....
Until now, Russia has been the only member of the Group of 20 leading economies still outside the WTO.Read the rest at Al Jazeera
Another step forward toward a global economy and tighter political integration and international interdependence as a consequence.