🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Russia to pursue WTO talks with neighbours in mind

Published 10/01/2009, 12:06 PM
Updated 10/01/2009, 12:09 PM

* Russia will pursue WTO talks

* Russia sees political, no technical obstacles to union

By Lidia Kelly

MOSCOW, Oct 1 (Reuters) - Russia will pursue talks on joining the World Trade Organization while preserving accession rights of a customs union of former Soviet republics, a senior economy ministry official said on Thursday.

"This means that their mandates would not be recalled, and this will allow each country, in case of successfully finishing their negotiations, independently join the WTO," Andrei Slepnev, deputy economy minister told journalists during a briefing.

Slepnev said the customs union could "without rushing" finish membership negotiations in the next 1-1/2 to 2 years. "There are no technical obstacles to finish the negotiations," Slepnev said. "Political ones -- that's another matter."

Russia is the only country of the Group of 20 major developed and developing economies that met last week in Pittsburgh that does not belong to the WTO. It is also the world's largest economy outside the 153-member group.

Russia has been in accession talks with the WTO since the early 1990s. Early in the summer, the talks suffered a significant setback when Prime Minister Vladimir Putin said that his country is interested in joining the organization only in concert with Belarus and Kazakhstan.

SOFTER STANCE

After months of talks halted, Russia softened its stance, showing new interest with First Deputy Prime Minister Igor Shuvalov's visit to Washington last month for talks with U.S. officials. But uncertainty on the form of the talks remains.

U.S. Trade Representative Ron Kirk said during Shuvalov's visit that the United States supports Russia's individual accession [ID:nN21262978].

On Thursday, Slepnev said that the negotiations will be continued in a "synchronised" manner with Belarus and Kazakhstan, especially when it comes to tariffs.

He added that the customs union commission in Kazakhstan has decided to take Russia's commitments to the WTO as a basis for negotiations.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.