
Add to Favorites \| Editor's Note			Sunday 12th of November 2006 11:35:47 PM

Russia paves way for WTO entry

by Bithika Khargarhia - November 11, 2006 - 0 comments

The United States and Russia on Friday announced that they had reached a bilateral deal that clears the way for the latter to join the World Trade Organisation, ending years of brawl between the two former-rivals.

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[quote=Bithika Khargarhia]<div class="flexinode-body flexinode-1"><div class="flexinode-textarea-1"><div class="form-item">
 <p>The United States and Russia on Friday announced that they had reached a bilateral deal that clears the way for the latter to join the World Trade Organisation, ending years of brawl between the two former-rivals.</p>
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 <img alt="Russia paves way for WTO entry" src="http://www.themoneytimes.com/filess/WTO_0_sm.jpg" /><br /><a href="http://www.themoneytimes.com/filess/WTO_0.jpg">Get original file (8KB)</a>
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 <p>The agreement that covers tariffs on agricultural and industrial goods, access to Russian financial markets, and Moscow's protection of intellectual property rights comes as a major step in Russia's 12-year bid to join the powerful 149-nation body that establishes the world's international trade rules. </p>
<p>US President, George W Bush and his Russian counterpart Vladimir Putin are expected to sign a formal agreement next week in Moscow, marking Russia's arrival as a full member of the global system nearly two decades after the collapse of Communism. Both Presidents are scheduled to attend the Asia-Pacific Economic Cooperation Forum summit in Hanoi, Vietnam. </p>
<p>However, terms of the agreement were not unveiled.</p>
<p>"We have an agreement in principle and are finalizing the details," said U.S. Trade Representative Susan Schwab, the chief U.S. negotiator in WTO talks with Russia. "This agreement will mark an important step in Russia attaining membership in the WTO."</p>
<p>"It is a clear indication of Russia's efforts to participate fully in and benefit from the rules-based global trading system. We came close to completing our work in July, but needed more time to conclude a strong commercial agreement that will be of benefit to both our countries," she said.</p>
<p>The United States has been the last WTO member to reach a bilateral accord with Russia. The World’s largest country, Russia has conducted 13 years of complex negotiations with Washington over its access to the WTO. The major conflicts centralize on Moscow's reluctance to grant access to U.S. meat products and Washington's concerns about Internet and video piracy in Russia. </p>
<p>Earlier, Russia had expected that an agreement could be reached before Putin hosted the Group of Eight summit of leading industrialized nations in St. Petersburg in July. Those talks, however, got failed and then Russia decided it would keep major U.S. oil companies out of a multibillion-dollar natural gas development project in the Barents Sea, a move analysts linked to the WTO deadlock.</p>
<p>Russia is the world's only major economy that does not belong to the WTO. </p>
<p>Agreement with the US is however key to the WTO acceptance of Russia, bur it still needs endorsement from Georgia and Moldova, both of which were hit hard by Russia's decision to ban wine exports from their countries earlier this year.</p>
<p>These countries could further delay any final deal on WTO membership, which is expected to take place next year, while Russian officials have said they want to join in 2007.</p>
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