“Russia formally joins the ranks of the World Trade Organization today, after more than 18 years of negotiations, but few analysts expect its membership in the world’s biggest free trade club to produce quick economic miracles. Russia becomes the last of the world’s major economies to join the world trade body. Until now, it was the only member of the G20 countries still outside the WTO. It has the world’s ninth biggest economy, worth $1.8 trillion US annually,” a CBC online news article wrote today. The article continued, “Over time, Russia is clearly hoping its WTO membership will give it the same economic boost China enjoyed after it joined the WTO in 2001. But with an export economy that is dominated by commodities, Russia is not likely to witness the same explosive growth that China’s low-cost manufacturing-based economy experienced.” Read the full article here. | Raymond Matt, CFP, CLU, TEP, CHS
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