Russian President Dmitry Medvedev: Russia’s WTO membership will help liberalize trade and investments

2011-11-04 17:22:17

Russian President Dmitry Medvedev is confident that Russia’s entry into the World Trade Organization (WTO) will contribute to liberalizing trade and investment.

“The state’s primary objective is to ensure macroeconomic stability, remove barriers for businesses and encourage private initiative. I think that G20 member states should show leadership on this front and in every possible way to promote liberalization of trade and investment. I am confident that Russia’s long-awaited entry into the WTO might become a solid contribution to the common cause," Medvedev said addressing the G20 summit.

According to him, this is beneficial not only for Russia, but also all its partners.

Medvedev expressed hope that this year Russia will join the WTO, which will become “a good piece of news”.

A formal meeting of the working group in charge of Russia’s admission to the WTO should be held on November 10—11, and if the working group approves documents on Russia’s entry, then they will be later reviewed at a ministerial conference of 153 member states that is scheduled for December 15—17. In case the ministers give consent, there will be only one procedure left — to ratify the documents in the Russian Federation. 30 days after the ratification Russia will become a full-fledged WTO member.

At the same time, the Russian President emphasized that it is major businesses that will bear the load of leadership and provide sustainability of financial institutions using their own resources.

“Of course, governments should lend a helping hand to businesses where problems are caused by sovereign debts," Medvedev pointed out.

Russia has been attempting to become a WTO member since 1993. Consent of all the WTO member states is required.