EU Approves Russia’s WTO Membership

The last outstanding bilateral issues for the EU in Russia’s accession to the World Trade Organisation have been resolved.

"We have struck a deal on the final outstanding bilateral issues, leaving the way open for Russia to join the WTO by the end of this year. This understanding will help to protect EU jobs in the car and car components' industry from moving to Russia", Commissioner De Gucht stated today.

As regards Russia's investment regime for car production, a balance has been found between the different concerns of European car companies that have already invested in Russia, European car and component companies that export to Russia, and Russia's desire, supported by the EU, to modernise its economy.

The result is an agreement on a compensation mechanism which will come in if exports of EU car parts to Russia fall as a result of the new investment regime. This will minimise the impact on EU jobs, particularly when it is considered against the overwhelming benefits and opportunities that Russia's WTO accession would bring EU companies in all sectors of the economy.

Russia hopes that WTO trade ministers will approve its membership at their next conference, in Geneva in December.