Russia, EU To Complete Talks On Steel Trade Late In November

Russia and the European Union are expected to complete their talks on steel trade late in November, a source in the Russian Ministry of Economic Development and Trade reported noting that the concluding round of talks is likely to be held in Moscow. The source noted that Russia and EU had already agreed their stances on a majority of principal points in steel trade. A well-regulated system of monitoring steel deliveries poses a significant circumstance. Following the outcome of the previous round of talks held last week in Brussels a preliminary agreement was reached to increase quotas for Russian steel deliveries to the European market. The aim of the talks is to reach a new agreement on steel trade between Russia and EU. The term of the current Agreement between Russia and the European Coal and Steel Association signed in 1997 expires December 31, 2001. The new agreement is expected to be effective for 3 years. If during this period Russia enters the World Trade Organisation, the agreement will be recognised as null and void.

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