Commercial Information Circulars

24-hour hotline : 23 922 922

e-mail address : enquiry@tid.gov.hk

Ref : EIC 331/1

25 July 2012

Dear Sirs,

Commercial Information Circular No. 572/2012

Russia : Completion of the Ratification Process for Russia's Accession to the World Trade Organization

According to a press release issued by the World Trade Organization ('WTO'), the Russian Federation ('Russia') has officially notified the Secretariat of the WTO the completion of the country's internal ratification process for its accession to the WTO, thereby clearing the way for the country to become the WTO's 156th member on 22 August 2012. The WTO's press release on the notification can be accessed through the following link:
http://www.wto.org/english/news_e/pres12_e/pr668_e.htm.

DETAILS

2. On 10 November 2011, the WTO's Working Party on Russia's accession agreed, ad referendum, on the terms of the country's membership to the WTO by adopting the package containing reforms to Russia's trade regime, and the commitments that Russia undertook to implement as part of its WTO accession.

3. On 21 July 2012, Russian President Vladimir Putin signed into law the country's parliamentary legislation bringing Russia's trading laws into compliance with the international standards set under the WTO. The presidential approval follows passage of accession implementation legislation by the Federal Council, the upper house of the country's Parliament on 18 July 2012 and by the Duma, the lower house of the country's Parliament, on 10 July 2012.

4. On 23 July 2012, Russia officially notified the WTO Secretariat that its internal ratification process was completed. According to the WTO, Russia will become a full Member of the WTO on 22 August 2012.

BACKGROUND

5. According to information released by the WTO, Russia was the world's ninth largest exporter, shipping US$522 billion in goods and US$54 billion in services to its trading partners in 2011. During the year, Russians imported US$323 billion in goods and US$90 billion in services.

6. After 18 years of negotiations, Russia's terms of WTO membership, including the WTO's Working Party Report for Russia's Accession, the Protocol of Accession were adopted by the WTO at the eighth WTO Ministerial Conference held on 15-17 December 2011.

7. As part of its WTO accession accord, Russia has agreed to undertake a series of important commitments to further open its trade regime and accelerate its integration in the world economy. The deal offers a transparent and predictable environment for trade and foreign investment. From the date of its accession, Russia has committed to fully apply all WTO provisions, with recourse to very few transitional periods. Further information regarding Russia's WTO commitments can be accessed through the following link:
http://www.wto.org/english/news_e/news11_e/acc_rus_10nov11_e.htm.

ENQUIRIES

8. For enquiries concerning the contents of this circular, please contact the undersigned at telephone number 2398 5684.

Yours faithfully,

(Ms Wendy LAU)
for Director-General of Trade and Industry