Accession to WTO is major aspect of Russia's economic policy

The accession to the World Trade Organisation (WTO) is a major aspect of Russia's economic policy, President Vladimir Putin said as meeting processing industry executives in the Kremlin on Wednesday.

"The effectiveness of Russian industry today and in the future is contingent on the country's ability to meet world trading standards," said the president. He, however, emphasised that the WTO membership was not a remedy for Russia's economic ailments. The country must tackle problems related to its economic development by itself.

"Some people believe the membership in the WTO will bring immunity from anti-dumping procedures against Russian-made goods, non-tariff restrictions and poor investment. The WTO will not remove Russia's economic development-related problems," said President Putin.

"The process of accession to the WTO will, by all means, help raise competitiveness. And Russia's involvement in working out global trading rules will foster a sustainable development of the domestic processing industry," said the head of state.

Yet, many of the Russian-based entities are going to face hard times facing strong competition.

However, the economic integration and compliance with the world's trading standards will promote the recovery of Russian businesses, according to the president.

Vladimir Putin said the nearest meeting of the State Council, an advisory body with the president, would focus issues pertaining to Russia's accession to the WTO.