After 17 Years, Russia Resolves U.S. Objections for Entry Into W.T.O.

[pampango]

http://www.nytimes.com/2010/10/02/business/global/02trade.html?src=busln

Russia’s finance minister said Friday that his country had resolved outstanding trade disagreements with the United States that had been holding up Russian membership in the World Trade Organization. Russia has sought entry to the W.T.O. since soon after the breakup of the Soviet Union.

An agreement would wrap up 17 years of negotiations on issues ranging from frozen chicken to intellectual property, and move Russia, now the largest country outside the W.T.O., a big step closer to joining.

While American backing would not ensure Russia’s entry, Washington’s opposition would make it impossible. “Today, I can say that with the U.S. we have settled all issues related to Russia’s accession to the W.T.O.,” Russia’s finance minister, Aleksei L. Kudrin, said in comments carried by Russian news agencies from a conference in Yalta, in Ukraine.

Mr. Kudrin said a formal bid to join the trade body would be ready in two to four months. Russia could join from six months to a year after that, he said.
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In 2009 we imported $18.2 billion from Russia and exported $5.3 billion to them, resulting in a $12.9 billion trade deficit without Russia being in the WTO.

The two national economies that are slightly larger and smaller than Russia are India and Australia (both of which belong to the WTO, of course), respectively. In 2009 we imported $21.2 billion from India and exported $16.4 billion for a deficit of $4.8 billion. With Australia, we imported $8.0 billion and exported $19.6 billion for a surplus of $11.6 billion.

http://www.census.gov/foreign-trade/balance/index.html#R

It will be interesting to see how trade with Russia develops if they do join next year.