(MENAFN) The Kremlin announced that Russia has inked the protocol to join the World Trade Organization (WTO), reported AP.
The Kremlin said that President Vladimir Putin has inked the protocol; only a week after the parliament endorsed the pact.
The step is expected to enhance foreign investment in the country and boost Russian businesses; however, they will be negatively affected by the low import duties and caps on subsidies, which are a condition of joining the organization.
It is worth noting that Russia had been the biggest economy outside the WTO.
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