Russia WTO Accession To Help Australian Farm, Metal Exports -Minister

Russia WTO Accession To Help Australian Farm, Metal Exports -Minister.
Staff Reporters
Dow Jones MetalSource Steel

CANBERRA (Dow Jones)--Russia's accession to the World Trade Organization will guarantee improved market access for Australian exporters of farm products, metals and services, Australian Trade Minister Craig Emerson said Friday.
Trade ministers will formally approve the accession agreement at a WTO conference in Geneva in December, which will then allow improved conditions for Australian exporters of beef, lamb, dairy, and hides, Emerson said in a statement, adding that tariffs on wine will be cut to 12.5% from 20% within four years. Russia is already the fourth-largest export destination for Australian beef.
As part of its accession, Russia has agreed not to introduce agricultural export subsidies and to lower some existing import tariffs as soon as WTO membership becomes effective, Emerson said.
Tariffs on alumina, iron, copper, lead, and zinc ores will be cut to between 2% and 3% within two years, while access to the Russian market is also guaranteed for legal, engineering, business, higher education and mining consultancy services, he said.
Emerson said WTO membership is a commitment to play by a set of rules designed to make trade free and fair for all members and often involves tough domestic reforms.
"The WTO is a club countries want to join and no-one has ever left," he said.