AIRLINK 80.55 Increased By ▲ 1.14 (1.44%)
BOP 5.28 Decreased By ▼ -0.05 (-0.94%)
CNERGY 4.39 Increased By ▲ 0.01 (0.23%)
DFML 34.79 Increased By ▲ 1.60 (4.82%)
DGKC 76.90 Increased By ▲ 0.03 (0.04%)
FCCL 20.65 Increased By ▲ 0.12 (0.58%)
FFBL 33.50 Increased By ▲ 2.10 (6.69%)
FFL 9.75 Decreased By ▼ -0.10 (-1.02%)
GGL 10.20 Decreased By ▼ -0.05 (-0.49%)
HBL 118.45 Increased By ▲ 0.52 (0.44%)
HUBC 135.60 Increased By ▲ 1.50 (1.12%)
HUMNL 7.04 Increased By ▲ 0.04 (0.57%)
KEL 4.67 No Change ▼ 0.00 (0%)
KOSM 4.70 Decreased By ▼ -0.04 (-0.84%)
MLCF 37.60 Increased By ▲ 0.16 (0.43%)
OGDC 137.00 Increased By ▲ 0.30 (0.22%)
PAEL 23.04 Decreased By ▼ -0.11 (-0.48%)
PIAA 27.17 Increased By ▲ 0.62 (2.34%)
PIBTL 6.91 Decreased By ▼ -0.09 (-1.29%)
PPL 113.40 Decreased By ▼ -0.35 (-0.31%)
PRL 27.49 Decreased By ▼ -0.03 (-0.11%)
PTC 14.75 No Change ▼ 0.00 (0%)
SEARL 57.00 Decreased By ▼ -0.20 (-0.35%)
SNGP 66.67 Decreased By ▼ -0.83 (-1.23%)
SSGC 11.05 Decreased By ▼ -0.04 (-0.36%)
TELE 9.27 Increased By ▲ 0.04 (0.43%)
TPLP 11.58 Increased By ▲ 0.02 (0.17%)
TRG 71.92 Decreased By ▼ -0.18 (-0.25%)
UNITY 25.60 Increased By ▲ 0.78 (3.14%)
WTL 1.36 Decreased By ▼ -0.04 (-2.86%)
BR100 7,590 Increased By 64.4 (0.86%)
BR30 24,769 Increased By 119.8 (0.49%)
KSE100 72,446 Increased By 474.4 (0.66%)
KSE30 23,926 Increased By 177.4 (0.75%)

Russian-parliamentMOSCOW: Russia's parliament on Tuesday debated whether to ratify WTO membership, a historic move which the government says will boost productivity but the opposition claims will bear a heavy social toll.

A team of ministers faced the Russian Duma where the Communist deputies bombarded them with questions of what World Trade Organization membership would mean for Russia's economy.

A final vote on approving the bill that will plant Russia firmly in the world economy could come later Tuesday. Despite opposition dissent it should be easily passed with the support of the ruling United Russia party.

Communist parliament members said that joining the WTO would flood the country with cheap imports, killing the remnants of Russia's Soviet-inherited industry and creating unemployment.

"What does Russia want from this besides satisfying the vanity of its current rulers?" said top Communist deputy Sergei Reshulsky, arguing that Russia would face a trade imbalance in almost every field as its economy was already hurt by capital flight and corruption.

"In essence, we have nothing to sell besides weapons and fertilizers," he said. "Why go to the WTO to play the role of a consumer?"

The Communist Party previously joined radical left movements to stage several protests against the WTO, and some activists brandished banners outside the Duma building in Moscow on Tuesday.

The accession is expected to be approved by the majority party United Russia, and only a simple majority is required for the bill. After the parliament approves the bill, President Vladimir Putin will have to sign it and it then becomes law within 30 days.

"There will not be any negative social consequences," Economic Development Minister Andrei Belousov countered, arguing that people will profit from the membership due to competitive prices.

"Until we take on responsibilities (of the WTO), we are not understandable to our trade partners. They don't know if we are planning to play cards or football," he said.

First Deputy Prime Minister Igor Shuvalov said the government is working out programs to help needy industries and agricultural sector.

"Preparing (for WTO) we expanded federal programs... it's a response by the government and you the lawmakers to the fact that we will experience certain pressure from outside," Shuvalov said.

Russia's accession to the WTO was agreed by the organisation after a sometimes tortuous saga that required 18 years of negotiations and was marked by frequent snags and mutual recriminations.

The membership was one of the key international agenda items during the presidency of Dmitry Medvedev, who secured support from the United States for Russia's entry as one of the products of the two countries policy of 'reset'.

Putin has also praised potential accession as a way for Russia to gain "non-discriminatory access to foreign markets" and lobby its economic interests internationally.

Copyright AFP (Agence France-Presse), 2012

Comments

Comments are closed.