AlHijjah 7, 1432, Nov 3, 2011, SPA -- Russia is on the verge of ending its 18-year wait to join the World Trade Organization after accepting a trade deal with Georgia, the last big obstacle to membership of a club that will seal its integration into the global economy, according to Reuters. Russia's accession will be the biggest step in world trade liberalisation since China joined a decade ago, making its $1.9 trillion economy more attractive to investors 20 years after the collapse of the Soviet Union. After nearly two decades of tortuous negotiations with the 153-member club, Russia's last challenge was to reach a deal with Georgia to stop its entry being blocked by the former Soviet republic with which it fought a short war in 2008. President Dmitry Medvedev said Russia had accepted the terms of a compromise deal proposed by Tbilisi via Swiss mediators on monitoring mutual trade, and Georgian President Mikheil Saakashvili hailed the deal as a "diplomatic victory". Medvedev said he hoped to have the "good news" of Russia's WTO membership tied up by the end of the year. Georgia, which does not have diplomatic relations with Moscow, said the agreements for Russia's bid should be all ready by Nov. 10. This is the date for a meeting of a WTO working group which can then draw up a final document for approval by WTO trade ministers in Geneva on Dec. 15. Entry also needs the approval of Russian parliament, which is likely before an election next March that is expected to return Prime Minister Vladimir Putin to the presidency. -- SPA
