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Russian WTO membership will help EU apparel retailers
28
Nov '11
Russian Federation is soon to get the membership of the World Trade Organization (WTO) and this is likely to help EU apparel retailers to set up shops in Russia.

With the Working Party on the Accession of the Russian Federation to the WTO adopting the accession package on 10 November 2011, Russia is now a step closer to acquiring the membership. The WTO Ministerial Conference to be held from 15 - 17 December, 2011 in Geneva, Switzerland is expected to approve the documents and formally accept Russia as a WTO Member.

Speaking on the subject with fibre2fashion, a senior official at EuroCommerce, said, “Russia's accession to the WTO would make it easier for EU apparel retailers to launch outlets in Russia.”

“Post-accession, both Russia and the EU will be subject to the same set of rules that will be respected by both nations. This will bring more stability in the market,” according to Mr. Ralph Kamphöner, senior international trade advisor at EuroCommerce, which represents the retail, wholesale and international trade sectors in Europe.

Elaborating further, he stated, “Apart from the fact that those who want to open retail outlets will be able to do so based on general agreement on certain services, it will also establish disciplines for traders and so they will also be under much more stable legal framework.”

He further emphasized, “It would be important for the European retailers to enter the Russian market and get their domestic people in the Russian market as well.”

Fibre2fashion News Desk - India


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