Minister of State Werner Hoyer issued the following statement today (25 October) in Berlin on the deal reached by the EU and Russia with respect to the latter’s accession to the World Trade Organization (WTO):
“I am glad that Russia and the EU have come to an agreement in their negotiations on Russia’s accession to the WTO.
The EU has managed to strike a deal that is in the interest of both sides. A decision on Russia’s accession could thus potentially be taken by WTO members at the WTO Ministerial Conference this December.
The deal will further enhance Russia’s integration in the world economy and will benefit international free trade. This is also a success for German external economic relations.
I call on Russia and Georgia to continue their bilateral negotiations in a constructive spirit and to bring them to a successful conclusion in the immediate future.”
Russia is the EU’s third largest trading partner. The EU is moreover the biggest foreign investor in Russia. Last year, the volume of trade between the EU and Russia totalled some 244 billion euro.
From among the EU member states, Germany is Russia’s prime trading partner. Indeed, Germany is Russia’s second most important trading partner in the world. The volume of foreign trade between Germany and Russia grew by 45.2% in the first seven months of this year.