New Round of WTO talks eye January 2010 accession
Published: 24 November, 2008, 08:50
Edited: 09 March, 2010, 01:07
Prime Minister Putin's reversed his opposition to the World Trade Organization by backing a new round of accession talks which start on Monday. But negotiators have admitted that in the first years Russia will give WTO members more than it gets.
If Russia wants zero-tariff trade with the WTO's 153 members, Washington is demanding the Kremlin first privatize state giants. The WTO says Russia must also slash its $6 Billion in annual soft loans to farmers, and Baltic members, which get up to 80% of their timber from Russia, want wood export duties slashed.
Altogether, in the first few years of membership at least, Moscow stands to lose more than it gains, according to Vladimir Tkachenko, one of Russia’s WTO Negotiators.
“Members of WTO will gain, Russia will probably have to give.”
But the global financial crisis has switched Russia's mindset. In August Vladimir Putin mulled dropping WTO talks. But Russia can no longer afford to ignore the long-term benefits of more trade and cheaper consumer prices. And the Kremlin now sees the WTO as a tool to boosting Russia's world power in the turmoil, according to Yaroslav Lissovolik, Chief Economist at Deutsche Bank Russia
“This is also an opportunity for Russia to further boost its global role and participate more actively in the building of a new economic world order that's being built right now.”
Russia's negotiators now eye membership on January 1 2010. Prime Minister Putin has already said he'll block planned increases in timber export tariffs.
Russian finance guru dies at 51
New road agency to free up Russia’s transport routes
President meets magnates over dinner to discus financial crisis
24.11.2008, 07:25
Petrobras to continue emerging market energy rise despite credit crunchThe rising cost of capital and slumping global consumption threatens some of the world’s largest companies. Brazil’s Petrobras may have problems raising $600 Billion it needs to explore its newly discovered offshore oil fields. |
24.11.2008, 09:08
Interview with Andrey DenisovBeing the world’s biggest economy the U.S. can contribute the most to remedying international finances, but all nations must do their best – said Russian Deputy Foreign Minister Andrey Denisov, following the APEC conference in Peru. |
Russia beware! The WTO is a biased undemocratic organization of nations that limits America’s ability to act in its own best interest. Since entering the WTO in 2001, trade with China alone has resulted in the loss of 2.3 million jobs through 2007. Beyond the quantifiable numbers of economic hardship in America, the WTO is inherently wrong for other reasons. The organization remains indifferent to issues of workers rights, child labor and environmental protection standards. The organization has little to no transparency as all of its hearing are closed to the public. It is no wonder then that we lose nine out of every 10 trade disputes brought before the body. The WTO has come to represent the most efficient form of colonization the world has ever seen - reaping all the benefits with no downsides of occupation. The corporate agenda of the organization has destroyed the developing economies of the world, exploiting cheap resources and giving them little in return. Learn more at http://economyincrisis.org/