Russia and EU resolve disagreements about joining WTO

[News_Editor]

Russia and EU resolve disagreements about joining WTO

2010-11-25 04:03:44 GMT+7 (ICT)

BRUSSELS (BNO NEWS) -- Russia on Wednesday announced it resolved all disagreements with the European Union (EU) in regards to its accession to the World Trade Organization (WTO).

"We have resolved all issues, in line with the U.S. position and Russia has no obstacles from the EU now," First Deputy Prime Minister Igor Shuvalov said, Russian media reported.

The announcement indicated that Russia, the largest economy still outside the 153-member WTO, may join the EU-backed body that regulates world trade sometime in 2011. However, there are still some issues that have to be resolved in the coming months.

"This is the final stage of our accession negotiations. Talks with the United States in recent months had largely settled differences that had been impossible to solve for years," said Russia’s Economic Development Minister Elvira Nabiullina.

Russia has been negotiating WTO membership for 17 years, although the average accession period is only five to seven years. The U.S. backing for Russian membership injected new momentum into Russia’s bid in September.

EU trade chief Karel De Gutch said that Russian export duties remain a stumbling block in the negotiations. Russia’s export duties on lumber drive up the cost of inputs for European manufacturers such as the Nordic timber and paper industries.

Under WTO rules, candidate countries must reach bilateral agreements with any existing member that wants one, as well as with a working party representing the entire membership. Russia will hold negotiations with the working party in December and in early 2011.

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