Putin signs Russia's WTO accession protocol

MOSCOW - Russian President Vladimir Putin has signed into law a protocol ratifying the country's accession to the World Trade Organization (WTO), the Kremlin announced here on Saturday.

The bill was approved by the State Duma, or the lower house of the parliament, on June 10 and passed by the upper house on July 18 ahead of its summer break, according to a statement issued by the President's Office.

In light of the Russian law, the country will officially become a member of the WTO 30 days after the parliament's approval and the president's ratification.

In December 2011, the WTO decided to grant Russia its membership, thus ushering in the last major economy outside the global trade club.

The WTO accession has triggered heated debates in Russia, though the country has been seeking it for more than 18 years.

Those against it claim that the move would negatively impact domestic economy, and even undermine national sovereignty and security.

After the WTO accession, Russia will have to gradually lower its average tariff ceiling to 7.8 percent from the current 10 percent, with the agricultural tariff down from 13.2 percent to 10. 8 percent. Tariff for industrial products will also be reduced from 9.5 percent to 7.3 percent.