February 27, 2012

As the country is soon to become a full member of the World Trade Organisation (WTO), the Russian government is to allocate RUB6 billion (US$205.6 million) a year for the modernisation of pork production, Agriculture Minister Yelena Skrynnik said Friday (Feb 24).

Russia is expected to meet local demand for pork within two years, and for milk and beef by 2020, Skrynnik said at a meeting in Barnaul.

Russia was accepted into the WTO in December 2011 after 18-years of negotiations. It is scheduled to become a full WTO member in August after the ratification of documents by parliament.

Skrynnik said the terms of WTO accession were very favourable for Russian agriculture industry.

"WTO membership is to become an additional impetus for new strategic investors, while increasing the export of local agricultural products," she said.