Zee Beam News

11–20–2006 Regnum News – Hanoy, Veitnam – Head of the economic development industry German Gref called signing the Russia-US protocol on Russia's joining the WTO a historic step that would bring the country back to the market principles by which the world economy functions. According to Gref, the membership gives Russia an opportunity of a full-fledged and equal competition in the international market. Gref made the statement after signing the protocol in Vietnam Nov 19, RSN reports. Gref admitted that Russia and the US have “long negotiated and agreed on liberalization of access to financial markets.” Russia and the US in their trade negotiations have agreed on 100 items in which they both undertook certain obligations. For example, Russia has within the seven years after its joining the WTO to lower tariffs on industrial goods' imports by 3% and automobile imports' duties from 25% to 15%, aircraft from 20% to 10%. Besides, Russia and the US have reached the deal on lowering import tariffs on pharmaceuticals, clothing and footwear, and electronic products. The US government has bound itself with guaranteeing safety of US agricultural produce exported to Russia according to international norms.