earticle

영어

Russia is the only big trading nation that is outside of the World Trade Organization (WTO). The WTO covers around 96% of world trade. With Russia’s accession to this organization, the multilateral trading system will take a step forward to become a truly ‘universal’ trading system. As one of the largest economies in the world, Russia had no choice but to go down a long and thorny path towards its accession to the WTO through demanding negotiations and tough screening procedures. The WTO accession process consists of three stages such as application, the Working Party process, and finalizing procedures, the first two of which Russia has reportedly completed. Being a WTO member has both pros and cons for the Russian economy. On the one hand, Russia will have better access to foreign markets, but on the other it will have to adapt to a new competitive environment and challenges from increasing import flows. Only the correct and wise policy of using the opportunities from the global trading system can help Russia overcome difficulties that may arise after its accession to the WTO. This paper concludes that with Russia as a full-fledged WTO member, Korea may expect improved market access, more transparent and predictable behavior of the Russian government with respect to trade issues, as well as gain momentum towards negotiation of a free trade deal.