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The Russian Federation and Egypt have completed talks on Russia's accession to WTO
The Russian Federation and Egypt have completed talks on Russia's accession to the World Trade Organization (WTO), the head of the Federal Industry Agency said Tuesday. Boris Alyoshin said Russia and Egypt had signed an agreement formalizing the end of talks and that Russia had promised Egypt trade preferences on certain types of goods. Bilateral trade totaled $450 million in the first half of the year, with Russia's exports reaching $387 million and Egypt's, $61 million. Cereals, oil derivatives, steel, chemical products and machinery constitute the bulk of Russian exports to Egypt; Egypt mainly exports agricultural produce and consumer goods. Russia has yet to complete accession talks with six WTO member states, including the United States, Canada, Australia, Columbia, Switzerland and the Philippines. Maxim Medvedkov, head of the Economic Development and Trade Ministry's trade negotiations department, said Monday that the major stumbling block in the talks was the issue of access to the markets of financial services, aircraft, sugar, and meat.
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