Today, after 18 years of negotiations, the working party on the accession of Russia to the WTO reached agreement on Russia’s terms of entry. This means that the WTO can give its formal approval at the Ministerial Conference from 15 to 17 December. Membership will come into force as soon as Russia has ratified the agreement. Then all the world’s major economies will be members of the WTO.
“Norway looks forward to finally being able to welcome Russia – as neighbour, partner in the High North and one of our most important export markets – to the WTO. In these times of significant changes in the global balance of power, Russian membership of the WTO will help to make the organisation truly global, and will strengthen global cooperation on common challenges,” said Mr Støre.
Russian WTO membership will also be important for the Norwegian business sector.
“Russian WTO membership will help to improve conditions for Norwegian businesses and make trade and economic cooperation more predictable,” added Mr Støre.