Russian fears over WTO membership
Economists predict some locally owned businesses will suffer losses as lower trade barriers boost foreign competition.
Published On 22 Aug 2012
After two decades of negotiations, Russia has joined the World Trade Organisation.
The lower trade barriers that come with membership will open up new opportunities for foreign businesses. Russian leaders say ordinary consumers will benefit as well because it will lead to lower prices.
But economists predict the move will have a negative economic impact for some Russian businesses due to increased foreign competition.
Al Jazeera’s Melissa Chan reports from the southern city of Krasnodar.
Source: Al Jazeera