Last year’s Occupy movement has influenced public opinion of the World Trade Organisation (WTO) for the worse, but as Russia’s imminent accession shows, the WTO remains a firm force for global economic good.
Russia’s accession in August represents a remarkable achievement in the country’s economic development and a significant opportunity for exporters and investors around the world. Changes brought by conformity to WTO rules will move the Russian economy toward an open trade and investment model of economic growth, shedding its old system of inefficient import-substitution and heavily subsidized industrialization. The World Bank estimates that Russia will gain between $53 and $177bn per year because of WTO membership, reducing poverty and raising the living standards of millions. Read more