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21 Nov, 2006 08:36

More details released of Russia's WTO deal with U.S.

More details released of Russia's WTO deal with U.S.

Russia's Economics Ministry has outlined the terms of the agreement with the U.S. on accession to the World Trade Organisation. Moscow has agreed to cut tariffs on a range of goods and to open its market to U.S. meat.

Tariffs on civil aircraft sales, leased aircraft and civil aircraft parts will fall. Russia will abolish those on imports of high technology. It will also enforce intellectual property rights.

On financial services, Russia has agreed to foreign ownership of banks, securities firms and insurance companies. However, foreign banks still won't be allowed to open branches, but insurance companies will, but only when Russia officially joins the WTO.

The final stage before Russia's accession to the WTO – multilateral talks – should take about six months.