Does the WTO help member states improve governance?

Susan Aaronson and M. Rodwan Abouharb

World Trade Review, 2014, vol. 13, issue 3, 547-582

Abstract: On 16 December 2011, Russia gained the approval of 153 other member states to join the World Trade Organization (WTO). During its arduous eighteen-year accession, Russian officials reformed a wide range of laws and policies that could affect trade. 1 Russia made these changes because senior Russian officials believed that improved governance would pay off in greater foreign investment, and that investment in turn would stimulate economic growth. 2 President Vladimir Putin acknowledged ‘countries compete in the attractiveness of their business climate … quality of state institutions and effectiveness of the court and legal system’. Ivan Tchakarov, chief economist at the Russian brokerage Renaissance Capital, asserted ‘By becoming a WTO member, Russia will have to import … rules and regulations that will address the very issues that foreign investors usually complain about, like corruption, the protection of minority shareholders, the independence of the judiciary.’ 3

Date: 2014
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