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Russia and US reach agreement on WTO accession
Published: 01 October, 2010, 16:52
Edited: 03 October, 2010, 09:42
TAGS: Markets, Russia and the global economy, Big deal, Finance
Russian Finance Minister, Aleksey Kudrin says that Russia and the United States have settled all outstanding issues relating to Russia’s bid to join the WTO.
Speaking at the seventh annual Yalta Forum Kudrin stated that all issue with the United States had been negotiated and that the focus would turn to the general working group in Geneva
"Today I can say that with the US we have settled all issues related to Russia's accession to the WTO. The main burden and the completion of work is now shifted to the working group in Geneva."
The Finance Minister added that negotiations, which have lasted 17 years since Russia’s accession application process began, were given a boost by the commitments of the Russian and US Presidents to completing talks and bilateral issues by the end of September.
"As the presidents of Russia and the United States had agreed talks were supposed to end in September and bottlenecks in our relations with the US removed. I must say that this was supposed to happen before the end of September. We succeeded in doing it yesterday."
On Friday Presidents Medvedev and Obama talked by telephone. During the conversation they confirmed the completion of bilateral talks on Russia’s accession to the WTO.
Business RT spoke with Yaroslav Lissovolik, Head of Research at Deutsche Bank Russia, about the implications of agreement being reached with the United States on WTO accession.
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I get bloody depressed reading the comments on RT do you never smile or have something positive to say why do you all have a chip on your shoulder about America and the West i am just an ordinary guy and i bear no ill will towards Russia or the Russian people. America and the West is here to stay so get a life and get over it.
Who delayed the Russian admission to the US founded WTO? US itself, until it extracted every possible concession from Russia. The same scenario was executed on China and Vietnam. On the other hand, how long will the WTO last? As long as NATO? What happened to globalization and free markets will be happening to WTO. Evderybody for himself or the US will take you down with its sinking ship.
@ George Lowe, it may be more that the pessimists here fear history will repeat itself. Echoes of the Cold War and earlier imperial shenanigans still reverberate in the comments section of various news blogs when they are not really admitted in the mainstream news broadcasts or on the front page. I am American too and I wonder what good the WTO will do for Russia. There will be benefits but also costs. I hope it works out for them.