Georgia, like all WTO members, has an effective veto on Russia’s membership, and it is the last to agree. Its offer of a compromise deal was the climax of a long negotiation, overseen by Swiss mediators, about how to handle trade through two breakaway regions of Georgia that are loyal to Russia.
Russian negotiator Maxim Medvedkov said Russia would give its response by early next week.
For Russia, which has strong exports of oil and gas, the benefits of WTO membership may be slow to materialize, though the World Bank estimates it could increase Russian GDP by 3.3 percent in the medium term.
Advocates of membership say Russian consumers will benefit and Russia will have to become more efficient, making good on the government’s mantra of diversification by putting the oil-dominated, state-led economy on a diet of rule-based openness.
Source: www.reuters.com