Russia in the WTO? ..... ALMOST!

"EU backs Russia's entry to World Trade Organization"

Russia has be a process of "accession" into the WTO for about 17 years.... and it looks like its finally making ground! The EU, Russia's largest trading partner and one of the largest members of the WTO, came to terms with Russia at the Brussels Summit this week after Russia agreed to lower it's export taxes on timber and other Asian materials. This is big news because Russia must have the support of the 153-countries in the WTO in order to be accepted into it.

As the WTO is one of the most influential and large supranational trade organizations in the world, I think it's a very smart move for Russia to finally lock in. Russia, a relatively new industrialized democracy, must continue to take steps towards globalization and cooperation with other major powers in order to continue its growth as a nation, as an economy, and as a global influence.