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IP/11/1334
Background
Benefits for the EU of having Russia in the WTO:
It would open up opportunities in the Russian market for EU investors and exporters
alike. Russia's import tariffs would come down and there would be a limit on export
duty levels for a list of essential raw materials.
WTO accession would improve the overall business and investment climate. Russia
would adopt international product standards and WTO rules in a number of areas
such as customs procedures, licensing and intellectual property.
Accession and the ensuing economic reforms would help to make Russia's
economy more transparent and predictable. This would create a strong incentive for
foreign companies to boost their investments in the Russian economy in all
sectors.
Russia's entry in the WTO will have an estimated value for the European Union of
3 900 million.
Useful links:
On EU trade relations with Russia:
http://ec.europa.eu/trade/creating-opportunities/bilateral-relations/countries/russia/
Statement by President Barroso on the conclusion of a bilateral agreement
between Georgia and Russia on Russias accession to the World Trade
Organization (WTO), 3 November 2011
http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/11/759
Contacts :
John Clancy (+32 2 295 37 73)
Helene Banner (+32 2 295 24 07)