Russian President Vladimir Putin (right) meets Wen Jiabao, chairman of the Chinese State Council, in the Kremlin during the latter's official visit to Moscow.
Photo: Dmitry Azarov
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Russia and China Conclude WTO Negotiations
October 14, Russia and China have signed a protocol on the conclusion of negotiations for Russia's entrance into the World Trade Organization, according to Ministry of Economic Development and Trade German Gref.
The protocol was signed by Russian president Vladimir Putin, who is currently in China on an official visit, and Chairman Hu Jintao of the People's Republic of China. The details of the document have yet to be made public. However, Gref states that the most difficult parts of the agreement were investment practices and protection measures in bilateral trade.
In addition, a memorandum to regulate customs issues was signed. This is a notable document that foresees the exchange of information between Russian and Chinese customs services, which will help avoid differences in calculating the volume of mutual trade. Estimates of trade along the Russian-Chinese border differ by $1 billion.
Russian Prime Minister Mikhail Fradkov and Chinese Premier Wen Jiabao met in Moscow at the end of September and signed several important documents and initialed a document on the conclusion of customs duties negotiations.
Russia is planning to conclude customs duties agreements with ten countries in preparation to enter the WTO, including the United States, Canada, Japan and European Union. Agreements were recently reached with Cuba and Chile. Russia must sign 67 such agreements to gain admission to the WTO.
Nepal and Cambodia have joined the WTO this year and Ukraine hopes to do so before yearend.
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