MOSCOW, July 18 - RAPSI. The Federation Council ratified on Wednesday the protocol on Russia's accession to the WTO, the PRIME business news agency reports.
The protocol on Russia's joining the Marrakesh Agreement Establishing the WTO was signed in Geneva on December 16, 2011.
The ratification stipulates that Russia will undertake all of the obligations under the agreement as a WTO member state.
The transitional period for liberalizing market access is 2-3 years and 5-7 years for sensitive goods.
The document incited a host of disputes in the business community and in parliament. An appeal was filed with the Constitutional Court, requesting that the court check to see whether or not Russia's accession into the WTO corresponds with the Constitution.
The applicants believe constitutional procedure was violated during the protocol's submission for ratification. They have also held that some protocol provisions are unconstitutional.
The Constitutional Court announced on July 9 that it sees no violations of fundamental law in the signing of the protocol on Russia's WTO accession, which has so far not come into effect.