Obama greets Medvedev on Russia’s joining of WTO

December 17th, 2011 - 8:22 am ICT by IANS  

Barack Obama Washington, Dec 17 (IANS) US President Barack Obama Friday called his Russian counterpart Dmitry Medvedev and congratulated him on Russia’s accession into the World Trade Organisation (WTO), the White House said in a statement.

“President Obama spoke with Russian President Medvedev today to congratulate him on the World Trade Organisation’s decision to extend a formal invitation to Russia to join the WTO,” Xinhua quoted the statement as saying.

The two leaders hailed Russia’s accession into the global trade organisation as “yet another result of the reset in bilateral relations,” said the statement, noting that it will benefit both countries.

“Russia’s membership in the WTO will lower tariffs, improve access to Russia’s services markets, hold the Russian government accountable to a system of rules governing trade behaviour, and provide the means to enforce those rules,” it added.

The White House also said that Russia’s membership in the WTO will generate more export opportunities for US manufacturers and farmers.

The telephone call came after a ministerial meeting of the WTO in Geneva Friday formally adopted the accession agreement of the Russia Federation, drawing a finishing line for the country’s 18-year-long membership accession process.

Before the adoption by the WTO, Russia was the largest economy remaining excluded from the global trade organisation.

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