Minister Stubb: Russia’s WTO membership good for Finland
Press release 277/2011
22 October 2011
Russia’s membership of WTO, the World Trade Organization, is a good thing for Finland, says Minister for European Affairs and Foreign Trade Alexander Stubb. Russia's WTO membership negotiations have progressed favourably, and the EU–Russian negotiations have reached consensus on questions involving investment activities in the motor vehicle sector as well as issues linked with the implementation of the agreement on export duties on roundwood reached last year.
The aim is to confirm Russia's membership at the WTO ministerial meeting in December. Membership should formally enter into force soon after Russia's ratification of the accession agreement.
Russia's WTO membership, expected to take place within the next few months, is a very positive thing from the perspective of both Finnish business interests and the Finland-Russia and EU-Russia bilateral cooperation, said Minister Stubb. Russia is Finland’s largest foreign trading partner.
WTO membership improves the export and other economic opportunities of Finnish companies in Russia, among other things, by reducing the customs duties levied by Russia on imports and exports and by increasing the predictability and transparency of the measures applied by Russia. Any contentious issues, such as unjustified barriers to trade, can be solved more effectively within the WTO framework.
WTO membership will also create a basis for deeper bilateral trade cooperation and trade liberalization between the EU and Russia.
Prior to Russia’s accession to membership of the WTO, Russia and Georgia should find common ground concerning border control issues pertaining to Abkhazia and South Ossetia. Active negotiations on this topic are being held, with the Swiss Ambassador to the WTO acting as mediator.
Additional information: Antti Timonen, Press Attaché to the Minister for European Affairs and Foreign Trade, mobile tel. +358 40 590 7231, [email protected], Ilkka Saarinen, Head of the Unit for Market Access, mobile tel. +358 40 847 2405, [email protected]