Russia loses $2 bn annually from market access restrictions

The Russian economy loses $2 billion annually due to limited access to the main world markets, said Maksim Medvedkov, director of the trade negotiations department of the economic development and trade ministry.

"We lose such a sum every year because we are in essence a country integrated into the world economy. However, we are lagging behind in integration into the institution mechanisms. We cannot influence decisions regulating the world trade, he said at a press conference in Moscow on Wednesday.

In his words, the talks on Russia's WTO membership with the countries who have not yet concluded agreements to the effect, are focusing on the Russian economic sector that were closed earlier. "These are space services, education services and uranium enrichment services. However, many issues remain to be addressed," said Medvedkov.

He emphasized that Russia had a clear position on all the economic sectors, and no sectors will suffer from Russia's accession to the WTO.

"We are ready for decisions, compromises and liberalization," he asserted.

The economic development and trade ministry expects specific results from talks with the U.S. on Russia's entry to the WTO at least in September, Medvedkov added.

"Talks with the U.S. are not at a stage when we can discuss details," he said. "They will continue in the next 1.5 months, and only in September we can expect something clarification."

Medvedkov stressed that the earlier concluded agreements on Russia's accession to the WTO had a positive effect on consultations with all the remaining parties of the negotiations. In his words, talks are continuing with the US, Japan, Norway and some other countries.

"Of course, we still have to find a compromise on such issues as the financial market, access of energy carriers and others," said Medvedkov.

At the same time, he remarked that he could not name the precise date for concluding the talks.

However, Medvedkov asserted that the economic development and trade ministry expected WTO talks with all of Russia's future partners to end next year so that the entire package of documents that Russia could coordinate with WTO members could be submitted to Russian parliament.

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Author`s name: Editorial Team