Russia’s WTO Entry Reaffirms Economic Reform Course – Shuvalov

Author: us-russia
Comments: 0
Category: News
Russia’s WTO Entry Reaffirms Economic Reform Course – Shuvalov
Published 26-10-2012, 07:35
By joining the World Trade Organization (WTO), Russia has reaffirmed its course on the modernization of its economy and liberalization of its trade with other countries, First Deputy Prime Minister Igor Shuvalov said.

Speaking at a ceremony to mark the 60th anniversary of the Eastern Committee of German Economy on Thursday, Shuvalov said Russia’s next step in the same direction would be the accession to the Organization for Economic Cooperation and Development (OECD).

"If everything goes according to plans, we are hoping that Russia will finalize negotiations on the accession to this [OECD] organization by 2014,” he said.

Russia officially joined the WTO on August 22 as the protocol on its accession to the Marrakesh Agreement, the foundation document for the world trade club, entered into force.

The document, which was signed in Geneva on December 16, 2011 after 18 years of negotiations, made Russia the global trade body’s 156th member.

As part of its accession, Russia has initiated a number of measures designed to open up its economy, including tariff reductions on a range of industrial goods and measures to liberalize the Russian services sector, including phased liberalization of the Russian financial and professional services sectors.

The World Bank estimates that Russia's WTO membership will boost the country’s GDP by 3.3 percent annually for the first three years, with that figure likely to increase later.

Comments: 0
Category: News
Experts' Panel
Are the U.S. and Russia...
The Sunday, February 24 edition of Russian state television’s...
Are the U.S. and Russia...
Top
popular in the journal
RUSSIAN FEDERATION SITREP 14 MAY...

RUSSIAN FEDERATION SITREP 14 MAY...

RUSSIA AND COVID. Today’s numbers: total cases: 250K; total deaths: 2305; tests per 1 million: 42K.Russia has done six million tests (second after USA); among ...
More than a thousand people in 40...

More than a thousand people in 40...

On April 24, more than 1,000 people in 40 countries were able to watch the live broadcast of the International Space Bridge dedicated to the 75th anniversary of the Elbe ...
Victory in Europe Day: These...

Victory in Europe Day: These...

From Coca-Cola to Nestle, some of the most iconic American brands eagerly took part in the Nazi experiment.
RUSSIAN FEDERATION SITREP 28 MAY...

RUSSIAN FEDERATION SITREP 28 MAY...

RUSSIA AND COVID. Latest numbers: total cases 379K; total deaths 4142; tests per 1 million 66K. Russia has done 9.7 million tests (second after USA); among ...
Чья Победа?

Чья Победа?

Андрей Шитов — о том, почему в мире не утихают "войны памяти"