By KUNA
Brussels : EU Trade Commissioner Peter Mandelson begins today, Thursday, a two day visit to Moscow, for talks that will focus on Russian WTO membership.
Our priority must be to see Russia accede to the WTO which will be good for Russia, good for regional economic integration and good for the global trading system,” said Mandelson before departing for Russia.
EU exports to Russia in 2006 amounted to 72.4 billion euro- mainly machinery and chemicals – and represent 6.2% of EU exports. EU imports from Russia in 2006, amounted to 140.8 billion euros, mostly concentrated in the energy and minerals sectors. This represents 10.4% of EU imports.
The EU is by far Russia’s biggest trading partner and source of investment – it receives more than half of all Russian trade. Although EU-Russia trade is growing, it remains overwhelmingly focussed on energy goods and the energy industry, noted an European Commission statement.
Opportunities for EU trade and investment in Russia are limited by an uncertain business and political climate and barriers to imports, it noted.
The EC believes that a first step to closer economic integration between Russia and the EU is WTO membership for Russia.