According to a press release from the World Trade Organization, the WTO approved Ukraine for membership this week.
To listen to the English interpretation of the speech Ukrainian President Victor Yushchenko gave at the WTO meeting, click here.
Russia is now the world’s last major economy left out of the trade organization.
As Ukraine has beat Russia to the finish line in this race, it will hold veto power over Russia’s membership.
According to an article in the New York Times, WTO member country Georgia has already threatened to use its veto power to force Moscow to lift its ban on imports of Georgian wine.
But according to the article, Ukraine plans to support Russia’s membership bid so the WTO can mediate the two countries’ disputes over trading milk, steel and sugar.
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1 Breakaway Republics of Georgia Declare Independence // Mar 8, 2008 at 10:43 pm
[…] Russia should not forget, however, that Georgia holds veto power over Russia’s possible future membership in the World Trade organization. [see previous entry] […]
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