GENEVA, December 15 (Itar-Tass) —— Russia’s membership in the World Trade Organization, or WTO, will spur joint efforts in the format of the BRICS (an acronym which stands for Brazil, Russia, India, China, and South Africa), Russian Minister of Economic Development Elvira Nabiullina said on Wednesday.
She spoke at a meeting of BRICS foreign trade ministers, which was preceded the eighth ministerial conference of WTO member countries. The conference is expected to yield a protocol on Russia’s accession of the World Trade Organization.
The Russian minister expressed the hope that by mid-2012, after the protocol is ratified, Russia will become a full-fledged member of the organization. “Russia’s position will be well-balanced, constructive and targeting balanced results within multilateral WTO talks,” she said.
The BRICS ministers passed a joint statement where they stated the BRICS point of view on the state of the global trade system. According to Nabiullina, her BRICS colleagues hailed Russia’s entry to the World Trade Organization.
Russia’s WTO accession, in her words, “is a common achievement both of Russia and its BRICS partners which supported the soonest completion of the negotiating process.” Russia’s WTO membership will be beneficial both for Russian and BRICS businesses, she noted.
Russia’s membership of the World Trade Organization, which currently unites 153 world nations, “will encourage exchange of investments between Russia and its partners” as a result of “bigger investor trust to the economic course of the Russian government,” she stressed.