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06:59 GMT +3 hours18 December 2014
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Russian Metals Firms Must Be Key Global Players - Putin

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Russian companies must fully exploit WTO potential and become key players on global metallurgy markets, President Vladimir Putin said on Monday.

Russian companies must fully exploit WTO potential and become key players on global metallurgy markets, President Vladimir Putin said on Monday.

There are about 20 protective measures against Russian metals exports in effect in many countries, including the United States, China and the EU members.

“Our companies suffer annual losses of some $2 billion due to these protective barriers,” Putin said at a meeting on metallurgy development in the country.

“In order to change this situation, we must use more actively the potential of the World Trade Organization as Russia has practically become its full-fledged member,” he said.

The president urged the Russian metals companies to gain a competitive edge on global markets through high quality and a wide range of products, effective logistics, strict compliance with delivery deadlines and supply volumes.

“The majority of Russian metals companies are global players, and they should not only accept the rules of the game on this market, but, I hope, will have more and more influence on setting these rules,” Putin said.

The lower house of Russian parliament, the State Duma, voted last week to ratify a protocol on Russia’s accession to the WTO after Russia’s Constitutional Court had cleared the document as legitimate following sharp criticism by opposition.