Russia Officially Joins the World Trade Organization: What it Means for American Businesses and Workers

August 23 – After 18 years of negotiations, on August 22, Russia officially joined the World Trade Organization (WTO) as the 156th member. The WTO provides a set of rules for international trade that all members agree to comply with. In addition, the WTO has a formal dispute resolution process that a Member can use if it believes that another Member has violated its WTO obligations.   As a result of Russia’s membership in the WTO, American businesses, farmers, ranchers and service suppliers could have new market opportunities in one of the world’s largest and most vibrant economies. Currently, as Ambassador Kirk stated, American companies will not be able to enjoy the full benefits of Russia’s WTO membership. That is why the Administration is working closely with Congress to secure legislation terminating the application to Russia of the Jackson-Vanik amendment, which currently precludes permanent normal trade relations with Russia. When adopted, legislation authorizing PNTR with Russia will provide American businesses, workers, farmers, ranchers and service suppliers the same opportunity to enjoy the full benefits of Russia’s WTO Membership that their counterparts in other WTO Members have now.   Russia is currently our 31st largest export market. In 2011, the U.S. exported over $8 billion in goods to Russia, up 38% from 2010. The top export categories were machinery, vehicles, and aircraft. Agricultural exports to Russia totaled $1.2 billion, making Russia the 19th largest Agricultural export market.   For a more in-depth view of how Russia’s accession to the WTO will benefit America’s economy, please visit our website atwww.ustr.gov/russia.