News24

Thousands protest Russia's entry into WTO

2012-07-01 19:25

Moscow - More than 1 000 people waving communist and imperial flags have protested in central Moscow against Russia's upcoming entry into the World Trade Organisation.

Russia's parliament is expected to vote 10 July to ratify the agreement on WTO membership, which took nearly two decades to negotiate.

Once Russia joins WTO, it will be subject to its rules for global trade and settling disputes.

European Union and US officials predict it will lead to greater exports to Russia.

The organisers of Sunday's protest say the result of WTO membership will lead to the collapse of tens of thousands of Russian factories and the loss of tens of millions of jobs.

Supporters of WTO membership say it will boost Russia's economy in the long run by giving more confidence to foreign investors.