Saudi backs Russia to join WTO

Saudi Arabia has given its consent for Russia to become a member of the World Trade Organisation (WTO) by signing a bilateral accession deal in Riyadh, Russia's finance minister said on Tuesday.

"Today we have concluded with Saudi Arabia. They don't have any obstacles for Russia acceding to the WTO," Finance Minister Alexei Kudrin told newswire Reuters after meeting Saudi Commerce and Industry Minister Abdullah Zainal Alireza.

"Today we have concluded a negotiating round that included 60 countries."

The Economy Ministry in Moscow said Saudi Arabia was the last WTO member with whom Russia held bilateral negotiations on market access, adding that the agreement opened way for completion of multilateral negotiations.

Ex-Soviet Georgia withdrew its signature under a bilateral agreement with Russia in protest at a decree on links with its breakaway regions while neighbouring Ukraine, which joined the WTO this month, has not yet started talks with Russia.

"Georgia has suspended [talks] for reasons that don't have to do with economy or trade," Kudrin said.

The Economy Ministry said Russia, the largest economy still outside the global trade body, was due to hold the next round of talks with the WTO accession working group on June 16.

The ministry said the agreement covered Saudi exports of dates, cement, oil and oil products, fertilisers, plastics, carpets, glass and cables. (Reuters)

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