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| Russia set to become WTO member after 18 years of talks | |
| (40 minutes later) | |
| Russia is finally set to join the World Trade Organization (WTO) on Friday at a ceremony in Switzerland, after 18 years negotiating its membership. | |
| The Swiss brokered a deal between Russia and Georgia earlier this year that removed the last obstacle to Russia's accession. | The Swiss brokered a deal between Russia and Georgia earlier this year that removed the last obstacle to Russia's accession. |
| Georgia had tried to block Russia's WTO entry since the two countries fought a short war in 2008. | Georgia had tried to block Russia's WTO entry since the two countries fought a short war in 2008. |
| Russia is by far the biggest economy yet to join the global trade body. | Russia is by far the biggest economy yet to join the global trade body. |
| The WTO provides a forum for international trade liberalisation agreements, which it polices - deciding when rules have been breached and when retaliatory trade sanctions can be imposed. | The WTO provides a forum for international trade liberalisation agreements, which it polices - deciding when rules have been breached and when retaliatory trade sanctions can be imposed. |
| The deal with Georgia hinged on international monitoring of trade along the mutual borders of Abkhazia and South Ossetia. | The deal with Georgia hinged on international monitoring of trade along the mutual borders of Abkhazia and South Ossetia. |
| The two provinces have broken away from Georgia and are recognised as independent states by Russia. | The two provinces have broken away from Georgia and are recognised as independent states by Russia. |
| The formal signing ceremony has been added onto the end of a summit on Thursday between President Dmitry Medvedev and European Union officials in Brussels. | |
| At the summit, an adviser to Mr Medvedev indicated that Moscow may be willing to provide $10bn-20bn to the International Monetary Fund, towards possible rescue deals for troubled eurozone governments. |