By Claire West

Secretary of State for Business, Vince Cable, has spoken following Russia’s accession to the World Trade Organisation (WTO).

Following President Putin’s signing of the Russian Federation’s Protocol of Accession to the WTO, Cable said it will be good for the UK and global economy.

“The UK welcomes President Putin’s signing of the Russian Federation’s Protocol of Accession to the WTO which completes their ratification process to join the WTO," Business Secretary, Vince Cable, said.

“Russian membership is a big vote of confidence in the WTO as a truly global organisation. We are confident that membership will be good for both Russia and for the WTO. It will also be good for the UK and global economy by making it easier for firms to do business in Russia and by bringing Russia fully into the ambit of the WTO’s mechanisms for ensuring openness and predictability in world trade. Improving the business climate in Russia will be key to its prospects for attracting foreign investment.

“The UK is keen to strengthen our existing trade relationship. UK exports to Russia were £4.78bn in 2011, an increase of 39% on 2010. We look forward to working closely with Russia in the context of the WTO with the goal of supporting further trade liberalisation to our mutual benefit.“