The Office of the U.S. Trade Representative announced on November 10, 2011 that the Working Party on the Accession of the Russian Federation to the World Trade Organization (WTO) agreed to adopt the terms and conditions for Russia's accession to the WTO.
Bloomberg Businessweek reported that, under the terms, Russia would gradually cut its average tariff ceiling for manufactured goods to 7.3% from the current 9.5%, and duties on farm products will drop to 10.8% from 13.2%. On average, the final tariff cap on Russian goods would fall to 7.8% from the current 10%.
According to the WTO, Russia exported more than $400 billion in goods in 2010. Imports were valued at almost $249 billion. Trade in services such as transportation and travel amounted to $114 billion.