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Russia is finalizing its stance and making appropriate adjustments towards its WTO's entry

Russian Prime Minister Vladimir Putin led a meeting on Russia's entry into the World Trade Organisation.

Vladimir Putin's introductory remarks:

Good afternoon,

Today, we have to discuss several issues related to the process of Russia joining the World Trade Organisation. As you know, all complicated and controversial issues have been resolved on a bilateral basis during the negotiation process. This includes several issues linked with Russia's entry into the Customs Union, also comprising Belarus and Kazakhstan. We have reached agreement on all these issues, and made appropriate adjustments.

The so-called multilateral working group is now in the final stage of coordinating our positions concerning our entry into the WTO. We need to define our position on a number of highly important areas for the Russian economy, which I would like to draw attention to now.

Firstly, Russia's entry to the WTO does not mean completely and automatically opening our markets to foreign products. We will certainly protect sensitive positions with higher customs tariffs. We will do this in strict accordance with the World Trade Organisation's regulations.

Secondly, Russia will retain the ability to use all possible tools for supporting domestic producers. I am referring to special protective anti-dumping and compensation measures, which are widely used by WTO countries. This is common practice for the protection of one's national markets.

Thirdly, Russia will get access to the streamlined WTO mechanism for settling trade disputes. This will allow us to uphold our trade and economic interests on an entirely new level.

Fourthly, I would like to note that already today Russia largely operates and conforms its legislation with the norms and principles of the World Trade Organisation. This helps us eliminate unnecessary administrative barriers and creates a more attractive, competitive investment climate.

And, finally, Russian export companies now frequently face unfair competition in foreign markets, a practice that results in the loss of an estimated .5 billion. Naturally, Russia's entry into the WTO will improve the access of our national goods – traditional goods and high-tech exports, which we have expanded year after year – to foreign markets.

Considering all of these circumstances, let's discuss the issues relating to specific industries.

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