UAE, Russia ink WTO protocol to boost trade

The United Arab Emirates (UAE) signed a protocol with Russia here Sunday on Russia's entry into the World Trade Organisation (WTO), the official Emirates News Agency reported.
The protocol, which was signed by UAE Minister of Foreign Trade Sheikha Lubna Al Qasimi and Russian Finance Minister Alexei Kudrin, represented the end of bilateral talks between the UAE and Russia on the latter's entry into WTO.
The protocol will boost bilateral trade cooperation between the two countries and open a new chapter in the UAE-Russian economic partnership, Sheikha Lubna said.
Kudrin said "The agreement testifies to the parties' intention to develop and strengthen bilateral cooperation in the economic sphere within a multilateral trade system.
Russia has been seeking WTO membership since 1993 and has concluded bilateral talks with over 60 WTO members, including the United States and the European Union. But its bid has been blocked by Saudi Arabia, the United Arab Emirates and Georgia, which have trade disputes with Moscow.
According to Russian Finance Ministry, talks with Saudi Arabia will be held on next week and talks with Georgia will be held on April 28.
Kudrin said on April 11 in Washington that it would take Russia a few months to conclude the multilateral and bilateral talks on its membership of WTO.