Russia accession to the WTO - Vince Cable statement
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23 July 2012 - BIS
Secretary
of State for Business statement on Russia’s accession to the World
Trade Organisation
Business Secretary, Vince
Cable, said:
“The UK welcomes President Putin’s signing of the Russian Federation’s
Protocol of Accession to the WTO which completes their ratification
process to join the WTO.
“Russian membership is a big vote of confidence in the WTO as a truly
global organisation. We are confident that membership will be good for
both Russia and for the WTO. It will also be good for the UK and global
economy by making it easier for firms to do business in Russia and by
bringing Russia fully into the ambit of the WTO’s mechanisms for
ensuring openness and predictability in world trade. Improving the
business climate in Russia will be key to its prospects for attracting
foreign investment
“The UK is keen to strengthen our existing trade relationship. UK
exports to Russia were £4.78bn in 2011, an increase of 39% on 2010. We
look forward to working closely with Russia in the context of the WTO
with the goal of supporting further trade liberalisation to our mutual
benefit. “
Notes
1. The Government's economic policy objective is to achieve
'strong, sustainable and balanced growth that is more evenly shared
across the country and between industries.' It set four ambitions in
the ‘Plan
for Growth’ (PDF 1.7MB), published at Budget
2011:
• To create the most competitive tax system in the G20
• To make the UK the best place in Europe to start, finance
and grow a business
• To encourage investment and exports as a route to a more
balanced economy
• To create a more educated workforce that is the most flexible in
Europe.
Work is underway across Government to achieve these ambitions,
including progress on more than 250 measures as part of the Growth
Review. Developing an Industrial Strategy gives new impetus to this
work by providing businesses, investors and the public with more
clarity about the long-term direction in which the Government wants the
economy to travel.
About the Author
© Crown Copyright. Material taken from the BIS Department for Business, Innovation and Skills. Reproduced under the terms and conditions of the Click-Use Licence.
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Article Published/Sorted/Amended on Scopulus 2012-08-02 09:07:00 in Business Articles
