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1 Oct, 2010 12:52

Russia and US reach agreement on WTO accession

Russian Finance Minister, Aleksey Kudrin says that Russia and the United States have settled all outstanding issues relating to Russia’s bid to join the WTO.

Speaking at the seventh annual Yalta Forum Kudrin stated that all issue with the United States had been negotiated and that the focus would turn to the general working group in Geneva

"Today I can say that with the US we have settled all issues related to Russia's accession to the WTO. The main burden and the completion of work is now shifted to the working group in Geneva."

The Finance Minister added that negotiations, which have lasted 17 years since Russia’s accession application process began, were given a boost by the commitments of the Russian and US Presidents to completing talks and bilateral issues by the end of September.

"As the presidents of Russia and the United States had agreed talks were supposed to end in September and bottlenecks in our relations with the US removed. I must say that this was supposed to happen before the end of September. We succeeded in doing it yesterday."

On Friday Presidents Medvedev and Obama talked by telephone. During the conversation they confirmed the completion of bilateral talks on Russia’s accession to the WTO.

Business RT spoke with Yaroslav Lissovolik, Head of Research at Deutsche Bank Russia, about the implications of agreement being reached with the United States on WTO accession.