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20 Apr, 2008 08:57

Russia inches towards WTO membership

Russia taken another step towards joining the World Trade Organisation. Moscow has signed a protocol on completing bilateral talks with the United Arab Emirates.

The deal was signed by Finance Minister Aleksey Kudrin on a working visit to the Gulf state.

“The agreement that has been signed testifies to the parties' intention to develop and strengthen bilateral co-operation in the economic sphere within a multilateral trade system, contribute to more intense mutual trade and closer friendly relations,” Kudrin said after a signing ceremony.         

Moscow has been seeking membership of the WTO since 1993. So far, Russia has concluded bilateral talks with more than 60 states. However, discussions with Saudi Arabia and Georgia still need to be completed before it can join.

Earlier in April the Russian president-elect Dmitry Medvedev said that Russia was ready to enter the world trade club later in 2008.