WTO approves Russia's membership.

By bne IntelliNews December 19, 2011
Members of the World Trade Organization (WTO) have approved the entire package of documents for Russia's membership in the WTO at their conference. The Russian parliament will have up to June 15 next year to ratify the accord and bring it into force. As a WTO member, Russia will push for the implementation of existing rules of global trade and development of new principles of trade between member states to reduce growing risks of protectionism amid the current uncertainty on global markets, EconMin Elvira Nabiullina said. In all, Russia sealed 30 bilateral agreements on market access for services and 57 on access for goods in order to secure the green light from other WTO states. For the overall package, Moscow agreed to cut its tariff ceiling from the 2011 average of 10% for all products to 7.8%. The average tariff ceiling for agricultural products is cut to 10.8% from 13.2% currently, with manufactured goods at 7.3%, down from 9.5%. Russia also agreed to limit farm subsidies to USD 9bn in 2012 and to gradually reduce them to USD 4.4bn by 2018.

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