ST. PETERSBURG, June 9 (RIA Novosti) - Russia will proceed with its accession to the World Trade Organization only on terms that are acceptable to it, President Vladimir Putin said Saturday.
"We intend to proceed with Russia's accession to the WTO on terms that are acceptable [to Russia]," Vladimir Putin said at the 11th St. Petersburg International Economic Forum.
Russia earlier said it was planning to complete all bilateral and multilateral negotiations on WTO entry by mid-summer, but had failed to reach an agreement at bilateral talks with Georgia in May. Russian Economics Development and Trade Minister German Gref said Friday the talks had been postponed until the fall.
"We firmly believe that our partners in the leading world economies are no less interested than we are in Russia's WTO membership," Putin said. "One should only take a look at the structure of exports and imports."
Russia's has already completed bilateral WTO talks with both the United States and the EU. Multilateral talks are underway now on agricultural subsidies, export duties, veterinary and phytosanitary measures and intellectual property protection.
The Russian president also said that the growth of Russian investments abroad proves that the country is integrating into the world economy.
"According to international organizations, total Russian investment abroad is estimated at $38 billion. According to our estimates, the figure is at least $140 billion," Putin said. "In other words, the investment process turned into a two-way street, which means that the Russian economy is gradually integrating into the world economy."
Putin also told CEOs of international companies that foreigners were welcome to open their regional financial centers in Russia.
