MOSCOW. July 3 (Interfax) - The Communist Party faction in the State Duma believes that Russia's accession to the WTO will cause a total collapse of Russia's industry and agriculture.

"According to international experts, Russia's profits from entering the WTO will reach a mere 0.3% of the GDP in 2013 and only 11% in the long-term perspective. Our country's losses over eight years will reach 26 trillion rubles, which is three annual budgets," Nikolai Arefyev, deputy chairman of the State Duma committee on economic policies, innovations development and entrepreneurship (Communist Party faction), told a State Duma meeting on Tuesday.

Russia's complete unpreparedness for accession to the WTO may lead to a collapse of all of the country's industries, he said. "Russia's accession to the WTO will lead to a reduction of customs duties, cheap goods will flow into our country and the Russian economy will come to a standstill," he said.

In the first four months of 2012, oil and gas accounted for 71% of Russia's exports and only 29% of exports were goods regulated by the WTO, Arefyev said. "Last year, we bought machinery and equipment worth 47 billion abroad and exported [equipment and goods] worth 8 billion. As for agriculture, we bought goods worth 12 billion and exported [goods] worth 5 billon," he said.

Arefyev said Russia exported $32 billion worth of goods regulated by the WTO and imported $152 worth of goods in 2010.

Arefyev said the State Duma committee he represents has drawn up 439 recommendations that need to be taken into account in normative acts to facilitate Russia's accession to the WTO.

"However, the State Duma is to ratify the Agreement on accession to the WTO in a week, but there is still not a single normative act," he said.

Arefyev recalled that China developed protective mechanisms when it prepared to enter the WTO, but Russia has still not done so.

According to earlier reports, the Russian Constitutional Court on Tuesday will begin considering a claim filed by 131 State Duma deputies (Communist Party and A Just Russia factions) who believe the decision on Russia's accession to the WTO is unconstitutional.

Keywords: Russia, Economy, Business, Prices - Russian News - Russia

MOSCOW. July 3 (Interfax) - The Communist Party faction in the State Duma believes that Russia's accession to the WTO will cause a total collapse of Russia's industry and agriculture.

"According to international experts, Russia's profits from entering the WTO will reach a mere 0.3% of the GDP in 2013 and only 11% in the long-term perspective. Our country's losses over eight years will reach 26 trillion rubles, which is three annual budgets," Nikolai Arefyev, deputy chairman of the State Duma committee on economic policies, innovations development and entrepreneurship (Communist Party faction), told a State Duma meeting on Tuesday.

Russia's complete unpreparedness for accession to the WTO may lead to a collapse of all of the country's industries, he said. "Russia's accession to the WTO will lead to a reduction of customs duties, cheap goods will flow into our country and the Russian economy will come to a standstill," he said.

In the first four months of 2012, oil and gas accounted for 71% of Russia's exports and only 29% of exports were goods regulated by the WTO, Arefyev said. "Last year, we bought machinery and equipment worth 47 billion abroad and exported [equipment and goods] worth 8 billion. As for agriculture, we bought goods worth 12 billion and exported [goods] worth 5 billon," he said.

Arefyev said Russia exported $32 billion worth of goods regulated by the WTO and imported $152 worth of goods in 2010.

Arefyev said the State Duma committee he represents has drawn up 439 recommendations that need to be taken into account in normative acts to facilitate Russia's accession to the WTO.

"However, the State Duma is to ratify the Agreement on accession to the WTO in a week, but there is still not a single normative act," he said.

Arefyev recalled that China developed protective mechanisms when it prepared to enter the WTO, but Russia has still not done so.

According to earlier reports, the Russian Constitutional Court on Tuesday will begin considering a claim filed by 131 State Duma deputies (Communist Party and A Just Russia factions) who believe the decision on Russia's accession to the WTO is unconstitutional.