Moscow, 22 August: The Federation Council has set up a temporary commission to monitor the situation in the regions following Russia's accession to the World Trade Organization.

"The commission was set up on an initiative from Federation Council speaker Valentina Matviyenko right after we ratified the protocol on our country's accession to the WTO. The purpose of the senators' commission, which will be operating on a temporary basis, consists not only in monitoring but also in providing rapid reaction, when necessary, by way of introducing amendments to the current legislation," deputy head of the (Federation Council) Committee on Economic Policy Sergey Shatirov told Interfax on Wednesday (22 August).

He went on to add that alongside its positive sides, Russia's accession to the WTO had clear drawbacks too, in particular as regards the domestic agricultural sector.

Shatirov said that if domestic manufacturers were to suffer serious losses, Russia would take effective protection measures. In particular, this refers to the introduction of anti-dumping, compensatory and other measures of special protection in order to support domestic production.

"We have not yet exhausted the WTO-permitted level of state support for our production, including agricultural production. Moreover, on some goods Russia can raise duties and support the high-tech sectors indirectly, through adopting various regional programmes," Shatirov said.

He added that in order to regulate the Russian agricultural sector, it would be necessary to adjust the budget for the next several years to increase state support in this sphere.

According to the senator, with Russia's accession to the WTO, the task of adapting the national economy to the organization's open conditions will become one of the main ones for both state institutions and legislative bodies of power at the federal level. "We should be thinking of how to adapt the Russian economy to WTO norms. In joining this organization, Russia is accepting certain rules which it will have to adhere to. In exchange, we are getting a situation whereby other partners and other countries too will have to comply by the same rules. And if they fail to comply by those rules in relation to Russia, our country can apply certain tools to have those rules adhered to," Shatirov said.

He stressed that Russia's accession to the WTO was a very serious step for the country and Russia's foreign economic activity will become more predictable and stable, while foreign companies will be more active on the Russian market. (Passage omitted)

"The prospects of Russia's economic development after accession to the WTO will largely depend on how well the government will be able to use all the opportunities that our country receives within this organization," Shatirov concluded.

On Wednesday Russia became a full-fledged member of the WTO.

Keywords: Russia, WTO, Economy, Business, Investment, Trade - Russian News - Russia - Johnson's Russia List

Moscow, 22 August: The Federation Council has set up a temporary commission to monitor the situation in the regions following Russia's accession to the World Trade Organization.

"The commission was set up on an initiative from Federation Council speaker Valentina Matviyenko right after we ratified the protocol on our country's accession to the WTO. The purpose of the senators' commission, which will be operating on a temporary basis, consists not only in monitoring but also in providing rapid reaction, when necessary, by way of introducing amendments to the current legislation," deputy head of the (Federation Council) Committee on Economic Policy Sergey Shatirov told Interfax on Wednesday (22 August).

He went on to add that alongside its positive sides, Russia's accession to the WTO had clear drawbacks too, in particular as regards the domestic agricultural sector.

Shatirov said that if domestic manufacturers were to suffer serious losses, Russia would take effective protection measures. In particular, this refers to the introduction of anti-dumping, compensatory and other measures of special protection in order to support domestic production.

"We have not yet exhausted the WTO-permitted level of state support for our production, including agricultural production. Moreover, on some goods Russia can raise duties and support the high-tech sectors indirectly, through adopting various regional programmes," Shatirov said.

He added that in order to regulate the Russian agricultural sector, it would be necessary to adjust the budget for the next several years to increase state support in this sphere.

According to the senator, with Russia's accession to the WTO, the task of adapting the national economy to the organization's open conditions will become one of the main ones for both state institutions and legislative bodies of power at the federal level. "We should be thinking of how to adapt the Russian economy to WTO norms. In joining this organization, Russia is accepting certain rules which it will have to adhere to. In exchange, we are getting a situation whereby other partners and other countries too will have to comply by the same rules. And if they fail to comply by those rules in relation to Russia, our country can apply certain tools to have those rules adhered to," Shatirov said.

He stressed that Russia's accession to the WTO was a very serious step for the country and Russia's foreign economic activity will become more predictable and stable, while foreign companies will be more active on the Russian market. (Passage omitted)

"The prospects of Russia's economic development after accession to the WTO will largely depend on how well the government will be able to use all the opportunities that our country receives within this organization," Shatirov concluded.

On Wednesday Russia became a full-fledged member of the WTO.