Russia plans to sign five more WTO deals

Russia plans to sign bilateral deals with five Asia-Pacific countries as part of its progress towards World Trade Organisation…

Russia plans to sign bilateral deals with five Asia-Pacific countries as part of its progress towards World Trade Organisation (WTO) membership, Itar-Tass quoted Russia's top trade official as saying today.

Recent talks with Thailand, Australia, Malaysia, Indonesia and Singapore were likely to result in deals at an Asia-Pacific Economic Cooperation (APEC) heads of government meeting scheduled for November 18th, Mr Maxim Medvedkov told Tass.

Russian ministers originally set a year-end target to complete bilateral talks with all Russia's trading partners, envisaging actual membership of the trade body around the start of 2006.

Before it can join the WTO, Russia must strike bilateral deals on membership terms with 60 trading partners. It has already signed a deal with its top trading partner, the EU, but agreeing terms with the United States remains a major hurdle.

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A timetable was shelved last week after talks in Washington failed to bring a breakthrough, with US officials insisting that foreign banks should be allowed to set up branches in Russia.

Other snags included access to Russia's insurance and telecoms sectors, tariffs on imports of cars and aircraft, and action to combat piracy and safeguard intellectual property.

Earlier this week another top Russian trade official said recent reforms had brought anti-piracy laws close to the standard required by the WTO. But there is little evidence of the reform on Moscow's streets, where shoppers can pick up cut-price pirate music and software, CDs and DVDs of the latest films - including Hollywood blockbusters just released in US cinemas.

Mr Medvedkov also said there were still problems in discussions with Brazil, but he hoped President Vladimir Putin would resolve those on a state visit at the end of this month.