Russia Signs WTO Agreement With Georgia, Negotiators Say

Russia signed an agreement with Georgia about joining the World Trade Organization, according to Maxim Medvedkov, Russia’s chief negotiator, and Georgian Deputy Foreign Minister Sergi Kapanadze.

The negotiators were speaking separately by phone today.

Georgia was the final WTO member to give its approval after the European Union backed Russia’s bid last month. Joining the WTO may boost Russia’s $1.5 trillion economy by more than 3 percent in the medium term, according to the World Bank.

NATO Secretary General Anders Fogh Rasmussen said today at the start of a two-day visit to Georgia that he welcomed the signing of an “important agreement” which allows the presence of international monitors along Georgia’s internationally recognized borders.

Russia’s membership in the organization will “enhance free trade in line with our ambition to engage Russia in constructive economical and political security cooperation,” Rasmussen said.

To contact the reporter on this story: Alena Chechel in Moscow at achechel@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net

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