Obama congratulates Russia for joining WTO

U.S. President Barack Obama congratulated late on Thursday Russian President Dmitry Medvedev and his government for completing negotiations on terms and conditions for Russia's accession to the World Trade Organization (WTO), which were adopted earlier in the day by the WTO Working Party on Russia's accession.Obama said in a statement that the outcome of the Working Party meeting was "the last step before WTO Ministers approve these terms and invite Russia to become a WTO Member," which is expected to take place at the WTO ministerial conference on December 15-17.He added that "after nearly two decades of negotiations, Russia will now be able to join to the WTO," considering this "a significant day for U.S.-Russia relations, and for our commitment to a growing, rules-based global economy." According to Obama, Russia's membership in the WTO "will lower tariffs, improve international access to Russia's services markets, hold the Russian government accountable to a system of rules governing trade behavior, and provide the means to enforce those rules." "Russia's membership in the WTO will generate more exports for American manufacturers and farmers, which in turn will support well-paying jobs in the United States," he added.He affirmed that Russia's WTO accession "would be yet another important step forward in our reset of relations with Russia, which has been based upon the belief that the United States and Russia share many common interests, even as we disagree on some issues." "Whether cooperating to supply our forces in Afghanistan, securing nuclear materials, or achieving the New START Treaty, the United States and Russia have demonstrated the ability to produce "win-win" outcomes on security issues, " he stressed."Russia's dramatic step today towards joining the WTO underscores our ability to cooperate also on economic issues of mutual interest," Obama remarked.