Last week, Russia passed a key hurdle in its effort to join the World Trade Organization (WTO). Moscow reached agreement with Washington, the lone major trading power with which it had not concluded a deal, on the terms of Russia's entry into the global trade body. The deal does not mean that Russia can now join the WTO: The new Democrat-led Congress must approve the terms, and Moscow must still reach separate agreements with other WTO members. While WTO membership focuses on trade, political issues may yet dominate those discussions.

Russia has sought to join the WTO since the collapse of the Soviet Union. Negotiations began some 13 years ago. It is the last major economy to remain outside the group. Membership confers a stamp of approval on member governments, facilitating trade, development and investment. Even though most economists agree that Russia, because of its industrial structure, will not benefit as much as some countries — China, for example — President Vladimir Putin has made membership a priority, believing rightly that participating in future trade negotiations increases his country's leverage and influence.

Joining the WTO requires both multilateral and bilateral agreements with member nations. Japan has already concluded its negotiations with Russia. The United States was the last major economy with which Moscow had not reached a bilateral accord. The key obstacles to agreement included protection of intellectual property rights (IPR) and the liberalization of the country's financial sector.