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| Russia Not to Be Intimidated by WTO Membership: Putin |
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Russian President Vladimir Putin said in Moscow on Wednesday that Russia's bid to enter the World Trade Organization (WTO) should not be used as a bargaining chip to push Russia on other issues. "The negotiations for letting Russia into the WTO should not become an instrument for bargaining over questions that have nothing in common with the activities of this organization," Putin said in his annual state of the nation address at the Kremlin. Putin's remarks were directed to the United States, which barred Russia's entry to the 149-member global trade body. The Russian-US talks have centered on financial services. One of the sticking points is a US demand that foreign banks be allowed to open directly-owned branches in Russia. Putin said the entry negotiations should only be based on terms that serve Russia's economic interests and Russia's economy has become more open than some WTO members. Russia, the largest economy still outside the Geneva-based WTO, has been negotiating to join the global trade body since 1993. It has had to embark on a major set of legislative reforms to fall inline with WTO rules. Entry to the WTO requires the signing of bilateral deals with all states that demand them as well as negotiating directly with the global trade body to ensure that a candidate's domestic commercial regulations conform to WTO rules. (Xinhua News Agency May 11, 2006) |
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