Minister Elvira Nabiullina participated in the meeting of foreign trade ministers of BRICS countries


December 14, 2011, Geneva — Minister Elvira Nabiullina participated in the meeting of the foreign trade ministers of BRICS countries (Brazil, Russia, India, China, and South Africa) held in Geneva and timed to opening of the 8th WTO Ministerial Conference scheduled for December 15—17, 2011.

The meeting participants adopted a common declaration reflecting the viewpoint of BRICS on the current condition of the global trade system.

Mr. Anand Sharma, Minister of Commerce, Industry, and Textiles of India, Mr. Antonio de Aguiar Patriota, Minister of Foreign Affairs of Brazil and Mr. Fernando Pimentel, Minister of Development, Industry, and Trade of Brazil, Mr. Chen Deming, Minister of Commerce of China, and Mr. Rob Davies, Minister of Trade and Industry of South Africa have welcomed the completion of the negotiations regarding the admission of the Russian Federation to the WTO. Elvira Nabiullina noted in her speech that this event was “a common achievement of Russia and its BRICS partners who were steadily supportive in the expedite completion of the negotiations process”. In the Minister’s opinion, the accession of Russia to the WTO will benefit the business both in Russia and in other BRICS countries. The accession to the WTO also “must entail the growth of investment exchanges between Russia and its partners as a result of the investors showing more confidence in the economic policy adopted by the Russian Government”.

Elvira Nabiullina emphasized the fact that the Russia’s membership in the WTO would become an important factor for further cooperation in the BRICS format. The Minister expressed her hopes that as early as by mid-2012, when the WTO accession protocol would have been ratified, Russia would be able to join this work as a full member of the Organization. According to her words, “the Russian position will be weighted, constructive, and focused on the achievement of well-balanced results in the framework of the WTO multilateral negotiations”.

The meeting was also attended by the permanent representatives of the BRICS countries to the WTO.