Russian legislation to be put in compliance with WTO norms

The Russian legislation has been put in line with World Trade Organisation /WTO/ requirements 95 per cent, deputy minister of the economic development and trade of the Russian Federation Maxim Medvedkov said in Moscow on Tuesday.

"The remaining five per cent of draft laws are now in the State Duma and will be considered by the end of the spring session, parliamentarians promise," Medvedkov added.

He recalled that the Customs Code, which fully met WTO requirements, had been recently adopted, while the law on protection measures had passed the second reading. According to the deputy minister, the law on state regulations in foreign trade is yet to be adopted.

"The federal legislation will be in full compliance with WTO norms by October at the latest," Medvedkov stressed.

The deputy minister pointed to the importance of Russia's accession to the WTO. According to him, "a third of Russia's GDP is formed due to foreign trade. From thirty to thirty-five per cent and in some sectors 50-90 per cent seriously depend on exports," he added.

At the same time, Medvedkov said, before entering the WTO, "Russia cannot affect the market situation as it is not involved in the working out of systematic rules of the world trade."