We Accept You, One of Us - Russia Joins the W.T.O.

Russia will be smiling on Friday, as the country's bid to join the World Trade Organization proved to be successful. According to the

, the news gives Russian Prime Minister Vladimir Putin a victory at, “a time of rising domestic opposition to his hold on power.” The article states that, “The Nigerian trade minister, Olusegun Olutoyin Aganga, struck a gavel to announce that the

trade ministers' meeting here had agreed to accept the bid. Because the organization operates by consensus, Russia had to first reach bilateral agreements with 57 of its current 153 members to secure their support.” “This result of long and complex negotiation is favorable both for Russia and for all our future partners,” President Dmitri A. Medvedev said in a statement read to the conference by Deputy Prime Minister Igor Shuvalov. According to

, Indian Prime Minister Manmohan Singh welcomed Russia's entry into the WTO, though he “voiced concern over the current Indo-Russian trade volume of USD nine billion being far below its potential.” Further, “Singh said at a time of a global economic slowdown, when traditional engines of growth are in difficulty, the Indian and Russian economies can be natural partners in reviving growth, creating infrastructure and generating surpluses.”

similarly said that, “Russia has been working to join the WTO since 1993. The last remaining obstacle for its entry has been Georgia, which has refused to approve Russia's entry ever since the two countries fought a brief war in August 2008 when Georgia attacked South Ossetia to bring it back under Tbilisi's central control. After the war, Russia recognized the independence of South Ossetia and another ex-Georgian republic, Abkhazia.” Boeing Charman and CEO Jim McNerney released a statement welcoming Russia, saying, “Russia is one of the world's major economies—and the largest that's not yet part of the WTO—so this is welcome news for the global economy, and especially for citizens of the United States and Russia. The Russian market is an important one for our company and other U.S. exporters, and we're excited about the prospects for increased trade and jobs, and enhanced global cooperation.” For traders, opening up another country to the WTO can only be good news. It will be interesting to see who will profit most, but below are some ideas. If you would like to be alerted to WTO updates as they come out in real-time, signup for a

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