Russia, US Sign Bilateral Protocol on Russia's Accession to WTO
Russia and the U.S. have signed a bilateral protocol on Russia's accession to the World Trade Organization, ITAR-TASS reported November 19
Nov 20, 2006
The protocol was signed by Russia's Economic Development and Trade Minister German Gref and U.S. Trade Representative Susan Schwab on November 19 in Hanoi, the capital of Vietnam, during the Asia-Pacific Economic Cooperation summit.
The two sides have also signed several supplements to the agreement. In particular, the U.S. has agreed to guarantee that its food product exports to Russia meet international health standards, Gref said. In addition, Russia and the U.S. have agreed to cut customs duties on pharmaceuticals, footwear, clothes, and electronics. Gref also said that Russia planned to cut import duties for automobiles but will not lift them completely.
Russia has also agreed to allow branches of foreign insurance companies access to its market after a nine-year transition period, Gref said. At the same time, foreign banks will not be allowed to directly operate on the Russian market through branch offices, he added.
According to the Economic Development and Trade Ministry, the agreement between Russia and the U.S. covers issues of "fair and predictable mutual trade terms" for industries of utmost importance for the two countries, including agriculture, industrial and agricultural equipment, information technologies (IT), aircraft construction, pharmaceutical and chemical products, and automobile production, as well as financial, telecommunication, distribution, audiovisual, and other services. The agreement also covers intellectual property rights, trade in hi-tech products, and veterinary and phytosanitary control.
Gref added that Russian President Vladimir Putin and U.S. President George Bush agreed during their meeting November 19 in Hanoi to make efforts to lift the Jackson-Vanick amendment to U.S. trade legislation. The Jackson-Vanick amendment was passed in 1974 and restricted trade with countries that limited emigration rights, including the Soviet Union. The amendment is still in force in regard to Russia.
According to U.S. Commerce Ministry, Russian trade with the U.S. was at U.S. $19.34 billion in January-September, up 33.6% on the year.
Russia will now have to reach multilateral agreements with the U.S. and other WTO members within the next seven or eight months and will be able join the WTO sometime in 2007, Gref said.
In particular, Russia will have to sign six agreements, including four on veterinary and phytosanitary measures, one on intellectual property and one on access to cryptographic equipment, Gref said. The Russian government has already drafted and approved the agreements, he added. The Russian parliament will have to ratify the final agreement on Russia's accession to the WTO, Gref said.
Russia has yet to complete bilateral WTO talks with Moldova, Georgia and Costa Rica.
Russia is the largest economy outside the free trade club. It applied to join the WTO in 1993, but only started making a concerted accession effort in 2000.
The two sides have also signed several supplements to the agreement. In particular, the U.S. has agreed to guarantee that its food product exports to Russia meet international health standards, Gref said. In addition, Russia and the U.S. have agreed to cut customs duties on pharmaceuticals, footwear, clothes, and electronics. Gref also said that Russia planned to cut import duties for automobiles but will not lift them completely.
Russia has also agreed to allow branches of foreign insurance companies access to its market after a nine-year transition period, Gref said. At the same time, foreign banks will not be allowed to directly operate on the Russian market through branch offices, he added.
According to the Economic Development and Trade Ministry, the agreement between Russia and the U.S. covers issues of "fair and predictable mutual trade terms" for industries of utmost importance for the two countries, including agriculture, industrial and agricultural equipment, information technologies (IT), aircraft construction, pharmaceutical and chemical products, and automobile production, as well as financial, telecommunication, distribution, audiovisual, and other services. The agreement also covers intellectual property rights, trade in hi-tech products, and veterinary and phytosanitary control.
Gref added that Russian President Vladimir Putin and U.S. President George Bush agreed during their meeting November 19 in Hanoi to make efforts to lift the Jackson-Vanick amendment to U.S. trade legislation. The Jackson-Vanick amendment was passed in 1974 and restricted trade with countries that limited emigration rights, including the Soviet Union. The amendment is still in force in regard to Russia.
According to U.S. Commerce Ministry, Russian trade with the U.S. was at U.S. $19.34 billion in January-September, up 33.6% on the year.
Russia will now have to reach multilateral agreements with the U.S. and other WTO members within the next seven or eight months and will be able join the WTO sometime in 2007, Gref said.
In particular, Russia will have to sign six agreements, including four on veterinary and phytosanitary measures, one on intellectual property and one on access to cryptographic equipment, Gref said. The Russian government has already drafted and approved the agreements, he added. The Russian parliament will have to ratify the final agreement on Russia's accession to the WTO, Gref said.
Russia has yet to complete bilateral WTO talks with Moldova, Georgia and Costa Rica.
Russia is the largest economy outside the free trade club. It applied to join the WTO in 1993, but only started making a concerted accession effort in 2000.