Russia has agreed to slash tariffs, get rid of industrial subsidies and allow foreign companies greater access to its domestic market in a big overhaul of the economy ahead of its entry into the World Trade Organisation, expected next year.
On Thursday Moscow completed 18 years of negotiations for entry into the trade body. The deal is expected to get final approval from WTO trade ministers in December, setting Russia up for formal membership from 2012.
The most important concessions offered by Russia, according to experts, are in market access for foreign service sector companies and banks. These concessions were eagerly sought by European Union states.
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