Russia, EU sign memorandum on Russias accession to WTO.

By bne IntelliNews December 8, 2010
The EU and Russia on Tuesday finalised a deal enabling Russia's accession to the World Trade Organization (WTO), European Commission President Jose Manuel Barroso has said. The memorandum was signed by Russian Economic Development Minister Elvira Nabiullina and European Commissioner for Trade Karel De Gucht in Brussels several hours before the opening of the E.U.-Russia summit. Russia is to still hold multilateral talks on accession to the WTO. Russia could complete the process of joining the WTO by the end of 2011, De Gucht said after signing the memorandum. In early October, head of Russia's delegation for the WTO talks Maxim Medvedkov said that negotiations on the WTO accession with the EU were going to be completed in several weeks. Medvedkov earlier estimated that Russia's membership in the WTO and all necessary procedures might be complete by 2012, while FinMin Alexei Kudrin estimated that Russia would join the WTO in 10 months. Completion on negotiations on WTO accession with USA and China was announced at the end of September. Russia is the only major economy not being a part of the WTO, holding negotiations to join the organization since 1994.
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