LONDON, April 25 (RIA Novosti) - Russia is unlikely to join the WTO this year if it fails to complete bilateral accession talks with the United States by mid-June, the country's top negotiator at accession talks said Tuesday.
Maxim Medvedkov, the head of the Economic Development and Trade Ministry's department on trade negotiations, said Russia would not make any concessions at the talks with the United States to join the World Trade Organization as soon as possible.
"Our position is that we are not paying for the ride in a fast train," he said.
The main area of dispute is over American demands that Russia allow foreign banks to open branches in the country. Russian legislation currently prohibits foreign banks from opening branches in the country, although they may set up subsidiaries, which unlike branches are held accountable to Russian law rather than the legislation of the country of the bank's origin.
But Medvedkov also said the country stood to gain from WTO accession, and that agriculture in particular could see annual growth of 7-9% should it go ahead.
Under WTO regulations, Russia must sign bilateral accession agreements with all members of the 58-nation WTO Working Party. Moscow initially planned to do so last year but it is still holding talks with the U.S., Canada, Australia and Colombia.
