The World Trade Organization (WTO) today announced Russia has cleared a major hurdle in joining the group, meeting all the requirements. The Working Party will now send its accession recommendation to the Ministerial Conference, meeting in mid-December.
The WTO says the Working Party on Russia’s accession, chaired by Ambassador Stefán Jóhannesson (Iceland), agreed, ad referendum, on the terms of the country’s membership to the WTO by adopting the package containing reforms to Russia’s trade regime, and the commitments that Russia undertook to implement as part of its WTO accession.
"This win-win result will bring Russia more firmly into the global economy and make it a more attractive place to do business. For the WTO, it comes as a most welcome deliverable for the upcoming WTO Ministerial Conference and signals anew the relevance and vibrancy of the WTO as an instrument for international co-operation," said Director-General Pascal Lamy.
Reacting to the news, American Farm Bureau Federation president Bob Stallman said he believes this opens the door to increased trade between our nations. "Farm Bureau looks forward to our continued work with the Russian government in expanding U.S. agricultural exports to this valuable and important trading partner and we appreciate the responsibility Russia has accepted as a WTO member. Russia’s joining of the WTO is critical for improving the terms of trade and dispute resolution between the United States and Russia," he said.