World Bulletin / News Desk
Russia's highest court ruled on Monday that a hard-won deal to join the World Trade Organization (WTO) that will oblige Moscow to cut import tariffs and open up key sectors in its economy to foreign investment was in line with the constitution.
The ruling, issued by the Constitutional Court in a unanimous decision from its headquarters in St Petersburg, clears the way for a final parliamentary vote to ratify entry into the 155-member global trade rules club.
That vote will take place on Tuesday with a majority of lawmakers expected to rubber-stamp accession. The original deal was clinched last December after 18 years of often-difficult talks.
Russia, whose $1.9 trillion economy is the largest outside the WTO, would become a full member 30 days after ratification.
The court's ruling quashed a case brought by lawmakers from the opposition Communist and Just Russia parties who had unsuccessfully argued that the ratification procedure and parts of the accession deal were unconstitutional.
Recently elected for a third presidential term, President Vladimir Putin had long appeared ambivalent over WTO entry but warmed to the process after Russia's economy was hit hard by the global recession of 2008-09.
According to a World Bank study, the growth uplift that Russia could expect from joining the WTO could be 3.3 percent over the medium term and as much as 11 percent in the long run.
Under the deal, Russia would gradually cut average import tariffs to 7.8 percent from 10 percent and open up investment in sectors such as telecommunications, while shielding its banking sector from overall foreign control.
Russia managed to protect hefty subsidies to promote its domestic auto industry and negotiated a long transitional period for reducing state aid to farmers.
In a statement, it said this reduction in the tax burden would however lead to a slower drop in the public deficit this year, which it predicts will reach 2.5 percent of GDP -- still below the 3.0 percent limit set by the European Union.
Ryanair said it has agreed to pay the sum for a majority 75-percent holding in Vienna-based LaudaMotion from the former Formula One motor racing champion.
The tech-rich Nasdaq Composite Index dropped 1.8 percent to close at 7,344.24.
CPI’s 12-month rate in February fell from 3 percent, official data reveals
Cement exports have gone up 6.9 percent to reach around 8 million tons, year-on-year, in 2017
BIST 100 rises 0.51 pct; USD/TRY exchange rate drops and EUR/TRY exchange rate stays
Of the major indices, Facebook weighed most heavily on the tech-rich Nasdaq Composite Index, which was down 0.9 percent to 7,411.34 about 20 minutes into trading.
Company to release new commercial and defense products, head of company says
EA19's exports and imports rise 9.1 percent and 6.3 percent, respectively, year-on-year in January
Micro Focus warned in a statement that year-on-year revenues had fallen by more than anticipated since January, sending its shares slumping 55.88 percent to 831.40 pence.
Economy minister: Ankara 'absolutely' against Russia's limit on number of companies importing Turkish tomatoes
Turkey's assets abroad climb 2.1 pct at end of January 2018, compared with end-2017, according to Turkish Central Bank
BIST 100 opens 0.04 pct lower, Turkish lira loses value against foreign currencies
Listed shares in BIST 100 rise 0.01 percent; US dollar/Turkish lira rate climbs over 3.90; EUR/TRY stands at 4.80
Turkey bridges Muslim world and West, according to General Council for Islamic Banks and Financial Institutions
Britain intends to seek free trade deals with its major trading partners once it leaves the EU, as planned, in March 2019.