Russia joined the World Trade Organization (WTO) on August 22 as its 156th member, and Vanuatu will join the WTO on August 24 as its 157th member. WTO is an international organization that helps nations work out trading deals and resolve trading issues. One benefit these two countries should see is lower “tariffs”, which are taxes that countries pay in order for the goods to be allowed across the border. Countries such as the United States, China, Brazil, Egypt, Germany, Japan, United Kingdom, and Australia have all been members of the WTO for over 10 years.
Image Credits: WTO for WTO welcome image