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Russia looks for joint entry to WTO with Belarus and Kazakhstan

Published: 13 June, 2009, 09:49

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TAGS: Investment, Russia and the global economy, Economy, Finance


A three-country block of Russia, Kazakhstan and Belarus will start the process of WTO accession next week in Geneva. The three CIS neighbours will form a customs area before seeking entry to the organization.

No nation has ever entered the WTO within an existing customs space. Experts say doing so will take more time.

In June, Russia partly banned dairy product imports from Belarus and meat imports from Kazakhstan, meaning that before starting WTO negotiations, the three countries will have to sort out their own trade relationships, according to Aleksey Portansky, Head, of the Information Office on Russia’s WTO accession.

“It’s necessary to establish good relations to finish trade wars between the two countries and after that to complete the customs union.”

While some are puzzled why Russia has opted for ties with countries less advanced on the road to WTO accession, others say it’s simply not in hurry to join. Chris Weafer at Uralsib says Russia is reluctant to open its markets, fearing a surge of imports which could kill off some inefficient Russian industries.

“There was a danger with this new U.S. President and Europe that there could have been an acceleration on the part of the West to admit Russia to the WTO. Frankly that would not suit Russia at all at this time. I definitely see this move as a protectionist measure from Russia to protect itself from WTO.”

Russia's Prime Minister supports a bit of a healthy protectionism in the short term.

“We will be pursuing deeper integration of our countries into the world economy on favorable for us terms. I think this decision is well-timed, especially in during the financial crisis, when many hi-tech producers try to supply to the third countries at dumping prices. We leave the WTO entry as our strategic goal.” 

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11.06.2009, 18:06 2 comments

Russian companies look to buy up globally

Gazprom says it’s received an offer to buy a stake in Slovenia's largest fuel retailer Petrol while the nation's economy minister refuses to sell it. Last month Russia’s Sberbank bought into Germany’s carmaker Opel.

15.06.2009, 10:08

Sliding global visitor numbers add to gloom for hotels

The number of tourists and visitors to Moscow is down, reflecting hard times faced by the global economy. Annually, tourism brings about 7% of the city's income, and despite the downturn more rooms are needed.

Garry June 15, 2009, 02:10
0

What is the point of the WTO? When members of the WTO still organise free trade agreements amongst themselves... it has long been a goal of Russia to join, but then it has long been a goal of many members to keep Russia out. Foreign trade for Russia seems better served by country to country negotiations as they have been so far. The WTO will just create more ropes to tie up Russian national interest and benefit other WTO nations.

Biloxi June 14, 2009, 13:28
0

Now, in heavens' name why would a country as smart as Russia want to trade their wealth for nothing more than poisons and technology ... AND, clearly, to the detriment of their nationals (people, natural resources, country's wealth, health and happiness, etc.)?! Every human being who can read as an earthling, now understands the whole sordid truth, THE agenda of every single GLOBAL ACRONYM cleverly concocted by the miscreants who think of these evil ideas in order to do what it is they have done for centuries: play Satan on earth. Jesus said something about not allowing the devil to tempt him - hence get behind, or something such as this. Russia, enough is enough now is it not? "Bolshevism from Moses to Lenin" ??? CAVAT EMPTOR!