MOSCOW, July 24 - RAPSI. Russia will become a full member of the World Trade Organization on August 23, the Economic Development Ministrys Trade Negotiations Department head Maxim Medvedkov told the PRIME business news agency.
He confirmed that Russia notified the WTO on Monday that it had completed the ratification procedure for the accession protocol signed in Geneva in December.
Therefore, in 30 days' time Russia will finally join the WTO, he said.
According to a July 21 Kremlin press release, President Vladimir Putin signed the federal law "On Ratification of the Protocol on the Accession of the Russian Federation to the Marrakesh Agreement Establishing the World Trade Organization of April 15, 1994."
The law was adopted by the parliament's lower house on July 10 and endorsed by the senators on July 18.
Russia will undertake all obligations under the agreement as a WTO member state. The transitional period for liberalizing market access is 2-3 years generally, and 5-7 years for sensitive goods.
The accession protocol incited a host of disputes in the business community and in parliament. An appeal was filed with the Constitutional Court, requesting that the court check whether Russia's accession to the WTO complies with the Constitution.
The applicants believed constitutional procedure was violated during the protocol's submission for ratification. They also held that some of the protocol provisions are unconstitutional.
