Foreign trade legislation to be reviewed

The Russian government intends to submit to the State Duma (lower house of parliament) in December draft amendments to the effective foreign trade legislation, Maksim Medvedkov, Deputy Minister of Economic Development and Trade, said.

Speaking at the parliamentary hearings in the State Duma on Monday, the deputy minister explained that a draft law on amendments to the federal law "On the protection of state interests in foreign trade" is at issue.

As Medvedkov noted, draft amendments provide for greater protection of the domestic market from imported goods within the context of the forthcoming admission of Russia to the World Trade Organization (WTO).

The government is also planning to submit to the State Duma in December the bill "On state regulation of foreign trade." The deputy minister stressed that relevant amendments to the foreign trade legislation would facilitate more effective protection of Russia's economic interests abroad. Official data suggests that Russian exporters annually lose 1.5-3 billion dollars through trade sanctions worldwide, the deputy minister pointed out.