Wien, 28. August 2012 Press release

Spindelegger welcomes Russia’s WTO accession

Vienna, 23 August 2012 – “The accession of Russia – the last large economic power until recently still outside the WTO – is an important and positive sign and illustrates the importance of the multilateral trade system and the WTO as an institution”, Vice-Chancellor and Foreign Minister Michael Spindelegger said after Russia joined the World Trade Organisation as 156th member after 18 years of negotiations.

With its accession to the WTO, Russia agrees, among other things, to reduce its import duties, limit export duties and grant better market access to domestic service providers. “Together with our EU partners, Austria intends to monitor that Russia complies with the WTO rules”, Spindelegger said and expressed his confidence that today’s WTO accession will improve the trade and investment climate for the benefit of Austrian businesses in a country with growth potential that is located so close to Austria. At the same time the Vice-Chancellor underlined that non-business aspects are also decisive for a positive investment climate, and mentioned the respect and observance of the rule of law, the protection of fundamental and human rights and efficient administration as examples.

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