Russia’s WTO membership to go through
Press release 308/2011
10 November 2011
Russia’s acceptance as a member of WTO, the World Trade Organization, is virtually assured. The present members of the WTO and Russia reached agreement on Russia’s membership in negotiations in Geneva.
Minister for European Affairs and Foreign Trade Alexander Stubb is satisfied with the solution that was reached. “Membership is good for Finland, the EU, Russia and the international economy. Membership removes the trade barriers encountered by Finnish companies and makes Russia a more stable and predictable trade partner. At the same time, Russia continues the country’s commitment to the base of joint international trade regulations with the EU. Finland will benefit very much from this, thanks to the country’s locations and good contacts with Russia.”
Negotiations on Russia’s WTO membership have been underway for 18 years. The negotiations have progressed swiftly in the past year. In the final stages, the negotiations focused mostly on three issues: investment incentives for the car sector; implementation of commitments concerning the export duties on softwood; and the border control dispute between Russia and Georgia.
The negotiation agreement now reached means that Russia’s membership will be officially approved at the Ministerial Conference that will take place in December. The membership will take effect when Russia ratifies the accession agreement. Membership proper will become effective in practice by the middle of next year.
Additional information: Head of Unit Ilkka Saarinen, mobile tel. +358 40 847 2405, Commercial Counsellor Mia Hurtta, mobile tel. +358 40 573 3206, Unit for Market Access, Antti Timonen, Press Attaché to the Minister for European Affairs and Foreign Trade, mobile tel. +358 40 590 7231, [email protected]