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Summary The US hailed agreement between Russia and Georgia to monitor trade between the two countries.
The United States hailed Saturday a landmark agreement reached by Russia and Georgia to monitor trade between the two countries, paving the way for Russian membership of the WTO.The United States applauds the announcement that the governments of Russia and Georgia have come to agreement on an arrangement for monitoring trade between their two countries, State Department spokeswoman Victoria Nuland said in a statement, applauding Switzerlands assistance in brokering the deal.The Swiss-mediated accord will see international monitoring of cross-border trade through Georgias Kremlin-backed breakaway regions of Abkhazia and South Ossetia, despite Moscows initial rejection of external oversight.The agreement clears the way for Russias entry into the World Trade Organization, after 18 years of talks, thus ending the countrys status as the worlds biggest economy outside the worlds premier free trade club.Georgias Foreign Minister Sergi Kapanadze said Moscow would sign the agreement by November 10.The World Bank estimates that WTO accession may add up to 11 percent to Russias gross domestic product in the long term as business becomes more streamlined and the investment climate improves.
