According to a statement on the issue, both parts commit themselves to settle all issues around Russia’s WTO membership by 30 September this year. With the statement, President Medvedev has achieved one of his main objectives with the trip to the USA. After more than a decade of negotiations, Russia looks set to soon become member of the prestigious trade club.
The joint statement made in the meeting reads that “the United States commits itself to offering the Russian Federation its full support and best advice in the WTO accession process. The Russian Federation, meanwhile, commits to a government-wide effort to accelerate the adoption of measures that bring the country into conformity with WTO norms, in keeping with customary procedures for accession to the WTO.”
The statement also reads that “our governments will therefore both undertake the most vigorous possible efforts in the coming months – bilaterally and with other Members of the WTO – to build and sustain the momentum towards completing the remaining steps in this process”.
At the press conference following the meeting, Medvedev said that there are now practically no major substantial questions left to solve, and that only “a few technical nuances” remain.
The support from the USA is a prerequisite for Russia’s entry into the organization. With that hurdle overcome, Russia could become a member within few months. That, in its turn, will give Russia advantages in international trade. At the same time however, the WTO membership will also commit Russia to stick to international trade regulation, both with regard to border and customs regimes.
