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Russia, Saudi Arabia to launch WTO talks

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Russia will start Wednesday bilateral negotiations with Saudi Arabia on its accession to the World Trade Organization (WTO), a Russian economics ministry official said.
GENEVA, July 11 (RIA Novosti) - Russia will start Wednesday bilateral negotiations with Saudi Arabia on its accession to the World Trade Organization (WTO), a Russian economics ministry official said.

Maxim Medvedkov, director for trade talks at the Economic Development and Trade Ministry and head of the Russian delegation, said: "The Saudi Arabian negotiators have already announced their intention to complete negotiations as soon as possible."

As the largest economy still outside the 150-member trade alliance, Russia has already held bilateral talks with 57 out of 59 countries, including the European Union, in the working group for Russia's accession to the WTO.

Apart from Saudi Arabia Russia has yet to continue WTO negotiations with Georgia, which withdrew its signature from an earlier agreement with Russia a few months ago amid tensions in bilateral relations.

Georgia earlier said it would cease to block Russia's bid to join the WTO only after Moscow honors its 2004 commitment to close down its border checkpoints with Georgia's breakaway regions of Abkhazia and South Ossetia.

The Russian WTO Accession project has been in progress since September 2005 and is expected to continue until the end of 2007, when Russia could finally join the organization.

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