Russia poised to join world trade body

[November 10, 2011]  GENEVA (AP) -- Negotiators have agreed on final terms that would allow Russia to finally join the world trade body after an 18-year effort.

The World Trade Organization said Thursday that a panel has agreed to terms that would allow Russia to be approved as a member at WTO's ministerial meeting in December.

As part of the deal Russia has agreed to gradually lower its average tariff ceiling to 7.8 percent from its current 10 percent.

Tariffs on agriculture products will drop to 10.8 percent from 13.2 percent, and tariffs on manufactured goods will lowered to 7.3 percent from an average this year of 9.5 percent.

Russia has pledged no tariffs on cotton and information technology products.

[Associated Press]

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