The Russian Federation Council has ratified Russia's World Trade Organization (WTO) accession protocol.
During a Federation Council session on Wednesday, the law 'On the Ratification of the Protocol of Russia's Accession to the Marrakesh Agreement on the Establishment of the World Trade Organization of April 15, 1994' was adopted.
Yabloko party founder Grigory Yavlinsky believes that, with the current situation in Russia's economy, accession to the World Trade Organization (WTO) would benefit only some of its industries rather than the economy on the whole.
"I have concerns that, while some industries and some owners in these industries will surely grow, I certainly do not have such confidence in relation to the economy on the whole," Yavlinsky said in a commentary circulated by the Yabloko press service on Wednesday.
"Everything should have been done very cautiously and in the interests of the country's entire economy and wellbeing on the whole rather than individual industries," he said.
"The raw mineral industries will benefit most of all. And the agricultural machinery building, machinery building in general, and the agricultural sector will face the greatest risks. Competition that will appear because of imports will reduce the volume of domestic production because they [domestic producers] will be losing competition due to quality of their products," Yavlinsky said.
At the same time, Yavlinsky expects that "the Russian business on the whole will benefit."
"Nothing new will be happening this year," Yavlinsky said. "However, the changes that will occur within the next 7-8 years will be quite significant," he said.
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