WTO World Trade Organisation
The Russian socialist economy is eyeing at membership of the 153-member World Trade Organization (WTO) by the end of December 2011, and the Group of 20 nations support Russia's bid to complete negotiations this year to join the WTO.
The G20 meeting in Paris held that Russia, becoming a part of the WTO, would be welcome by the member nations, who appreciated the progress Russia had made in obtaining membership, and declared to work in coordination to conclude the process by end 2011.
The odds of Russia joining the WTO are high, but the negotiation compliance procedure might slow down the pace. Russia has already made tremendous progress on that front, but two major concerns involve how Russia will synchronize its food, plant and animal import safety rules with global standards, and Russian procedures for investing in the automotive sector.
Russia expects to conclude its negotiations with the United States, the EU, Australia, Brazil and other WTO members on new tariff-rate quotas for imported poultry, pork and beef and take a step further to confirm their active economic participation in trade monitoring and enhancement of related economies as well.
It is a matter of political diplomacy and an effort to bring about economic and political stability with the economy of Russia, as trading with it would offer several advantages for member nations.
The World Trade Organization (WTO) is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948. The organization deals with regulation of trade between participating countries; it provides a framework for negotiating and formalizing trade agreements, and a dispute resolution process aimed at enforcing participants' adherence to WTO agreements which are signed by representatives of member governments and ratified by their parliaments. Most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round (1986-1994).
World Trade Organization - Official Website
The Group of Twenty Finance Ministers and Central Bank Governors (G-20, G20, Group of Twenty) is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank. Their heads of government or heads of state have also periodically conferred at summits since their initial meeting in 2008. Collectively, the G-20 economies comprise 85% of global gross national product, 80% of world trade (including EU intra-trade) and two-thirds of the world population.