US And Russia Sign Bilateral Market Access Agreement

by Glen Shapiro, LawAndTax-News.com, New York

21 November 2006

US Trade Representative, Susan C. Schwab and Russian Minister of Trade and Economic Development, German Gref announced on Sunday that they had signed a much-anticipated bilateral market access agreement.

Completion of this bilateral agreement marks a significant milestone in Russia’s bid to join the WTO.

"I am pleased that we have concluded this important agreement in connection with Russia’s WTO accession negotiations. This is a strong and far-reaching commercial agreement that meets the high standards of President Bush’s market-opening trade agenda and moves Russia closer to full integration into the global, rules-based trading system," Ambassador Schwab observed, continuing:

"Russia has become an increasingly important destination for American agricultural goods, a range of services, and manufactured products – and as Russia’s market opens further as a result of its WTO membership, its importance will only grow.”

The signing took place on the margins of the meeting of the Asia-Pacific Leaders, leading Schwab to observe that:

"APEC represents the most dynamic trading region of the world. Russia is an important Pacific partner and WTO Membership ultimately will strengthen our cooperation in economic matters."

"We will work diligently with other APEC Members, our trading partners, and Russia on the multilateral aspects of the accession negotiation. We still have work to do, but today’s agreement puts new energy and momentum into the negotiating process. We will continue to work closely with domestic stakeholders and the US Congress in the next phase of the negotiations."

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