(Posted Thu. Dec 22nd, 2011)
Dec. 22: The decision to allow Russia to become a member of the World Trade Organization can be a benefit to American agriculture, the National Corn Growers Association said. WTO ministers adopted Russia’s terms of entry at the Eighth Ministerial Meeting, held recently in Geneva, and Russia has 220 days to ratify its accession agreement.
“Russia’s membership makes the WTO a more universal trade organization,” Chad Blindauer, Chair of NCGA’s Trade Policy and Biotechnology Action team said. “It also ensures Russia plays by the same rules as other WTO members.The deal allows for more fair and open trade policy.”
The Working Party Chair of Russia’s accession, Ambassador Stefan Johannesson of Iceland, said the “documents constituting Russia’s terms of entry into the WTO resulted from a tough and successful engagement between Russia and WTO members.”
As part of the accession deal, Russia has agreed to undertake further commitments to open its trade regime. This includes lowering tariffs on a wide range of agriculture products.