Sat, December 17, 2011
Business > Economy

Russia's WTO membership important to Canada

2011-12-17 05:41:40 GMT2011-12-17 13:41:40(Beijing Time)  Xinhua English

OTTAWA, Dec. 16 (Xinhua) -- Closer ties with Russia will bring more jobs and economic benefits to Canada, said Canadian International Trade Minister Ed Fast on Friday.

Fast made the remarks when he congratulated Russia on its successful accession of the World Trade Organization (WTO) after Moscow's membership was granted in Geneva on the same day.

"As a fast-growing economy, Russia offers great potentials. Its membership in the WTO will mean lower tariffs and improved access to Russia's goods market," said Fast in a statement.

He noted that Canadian companies are excited about their opportunities in Russia, especially as Moscow continues carrying out measures to better its trade and investment environment.

Taking the 2014 Sochi Winter Games as an example of the two countries' bilateral ties, the minister said architects and engineers from both nations are working side by side on the Olympic-related projects.

Currently, bilateral trade reached 2.8 billion Canadian dollars, or 2.7 billion U.S. dollars, in 2010, 12.3 percent up from a year earlier.

Russia is a major market for Canadian machinery, seafood products and aerospace products, and an exporter of fertilizers and chemical and steel products to Canada.

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