U.S, Russia enter ôfar-reachingö WTO market access agreement
The United States and Russia signed a bilateral market access agreement on Sunday that helps propel Russia another step closer to becoming a member of the World Trade Organization.
'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,' said U.S. Trade Representative Susan Schwab in a statement.
The agreement made significant strides to improve Russia's handling of U.S. agricultural imports. Effective immediately, Russia will apply international norms and science-based measures that address impediments to U.S. beef and pork products.
The USTR noted that U.S. agricultural products, such as wheat, corn, barley, apples, pears, grapes, raisins, almonds, walnuts, pistachio nuts, dairy, soybeans, soybean meal, soybean oil, pet food, wine and poultry, would benefit from the agreement.
Russia's tariff commitments include participation in the Information Technology Agreement, which will results in duty-free treatment of IT products, such as computers and semiconductors. Russia agreed to reduce its tariffs on commercial planes and related parts.
The country will reduce tariffs on construction and agricultural equipment, scientific equipment and medical devices.
'Russia’s tariffs, when fully implemented, will average 5 percent in these sectors,' the USTR said.
The agreement also requires Russia to set up special procedures for importing technology products encryption, and to reduce export duties on steel scrap and eliminate export duty on copper cathodes.
In addition, the bilateral market access agreement includes provisions that will strengthen intellectual property rights protection in Russia, the USTR said.
U.S, Russia enter ?far-reaching? WTO market access agreement
