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MOSCOW, May 16 (RIA Novosti) - Russia's chief negotiator in WTO accession talks said Tuesday the date and terms of the country's accession to the world's largest trade body would be known within weeks.
"Most likely, it is a matter of weeks, not months," said Maxim Medvedkov, the head of the Economic Development and Trade Ministry trade department.
On Tuesday, Russia signed a bilateral WTO protocol with Colombia, but is yet to conclude talks with the United States and Australia.
Russian negotiators said about 10 issues had to be settled with the U.S. They include action to curb piracy in Russia, which American experts say has been inadequate and has cost U.S. companies billions of dollars. Medvedkov said Tuesday that WTO members understood it would take months to amend the situation in this sphere in Russia.
Medvedkov said Russia had agreed with 56 WTO countries that it would not open its financial services market further to allow branches of foreign banks and insurance companies into the country, which is one of the main contentious points with the U.S.
Russian legislation currently only allows foreign banks and insurance companies to set up subsidiaries, which unlike branches are held accountable to Russian law rather than the legislation of the country of the bank's or the company's origin. Russian negotiators have insisted many foreign banks have worked successfully in the country in that format.
Galina Balandina, head of the ministry's department on state regulation and customs, said Russia was determined to protect local agricultural producers at WTO talks and planned to increase allocations to the sector to at least $9 billion a year.
When Russia joins the WTO, it will enjoy a transition period of from three to seven years, when it will not have to cut its customs duties. Customs duties on products of Russia's sensitive automobile industry, for example, will be cut seven years after the accession, Medvedkov said.
Medvedkov said Russia had met 99% of WTO requirements and amended its legislation.
"We are living in the legal environment of the WTO, but are unable to enjoy its [members'] advantages," he said.
Russia launched talks with the 58-member trade organization in 1994. Difficulties at negotiations with the U.S. earlier this year prompted some Russian officials and politicians to say that accession might be delayed for a long time.
