WTO Accession Means More Investment for Russia - Chamber of Commerce and Industry
Russia's accession to the World Trade Organization (WTO) will enable the country to attract more foreign investment, but it is too soon to talk about he other pros and cons of joining the organization
Nov 23, 2006
Russia's accession to the World Trade Organization (WTO) will enable the country to attract more foreign investment, but it is too soon to talk about he other pros and cons of joining the organization, Georgy Petrov, vice president of the Russian Chamber of Commerce and Industry, told Interfax.
"Nothing will change in the short term, the day after we actually accede. In order to know how things will alter in the medium term we need to know the terms on which Russia is accepted into the WTO, and we don't know those terms exactly," Petrov said.
Those terms will become clear when all of Russia's accession procedures have been wrapped up, Petrov said. Signing bilateral agreements with members of the working party on accession was just the first stage. "Multilateral negotiations still have to take place. They will resolve systemic issues and we don't yet know the outcome of those," Petrov said. "If Russia is able during multilateral talks to negotiate the most beneficial terms and take proper advantage of its rating upgrade, then it will receive definite advantages over the terms for its presence on the world market right now," he said.
Higher foreign investment will mean higher industrial output. Russia will be able to trade hi-tech goods abroad, and more of them, reducing Russia's exposure to energy prices, Petrov said.
"Nothing will change in the short term, the day after we actually accede. In order to know how things will alter in the medium term we need to know the terms on which Russia is accepted into the WTO, and we don't know those terms exactly," Petrov said.
Those terms will become clear when all of Russia's accession procedures have been wrapped up, Petrov said. Signing bilateral agreements with members of the working party on accession was just the first stage. "Multilateral negotiations still have to take place. They will resolve systemic issues and we don't yet know the outcome of those," Petrov said. "If Russia is able during multilateral talks to negotiate the most beneficial terms and take proper advantage of its rating upgrade, then it will receive definite advantages over the terms for its presence on the world market right now," he said.
Higher foreign investment will mean higher industrial output. Russia will be able to trade hi-tech goods abroad, and more of them, reducing Russia's exposure to energy prices, Petrov said.