Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/18/2011 (3 years ago)

Catholic Online (www.catholic.org)

Expected to give boost to failing European Union

Russia will become the newest member of the World Trade Organization. The recent addition will give a critical boost to the ailing economy of Russia's biggest trading partner, the European Union. Russia until this week had been the only member of the Group of 20 leading world economies still outside the WTO, the global body that sets legally binding rules for international trade and mediates disputes.

The 27-nation EU bloc is Russia's biggest trading partner for agriculture, fuels, mining and manufacturing.

The 27-nation EU bloc is Russia's biggest trading partner for agriculture, fuels, mining and manufacturing.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

12/18/2011 (3 years ago)

Published in Business & Economics

Keywords: World Trade Organization, Russia, European Union


LOS ANGELES, CA (Catholic Online) - The deal is expected to quickly increase EU exports by some $5.2 billion a year, EU trade officials say. Russians under the agreement will be able to buy European-made goods at far lower prices and to sell its oil and gas more efficiently.

"The ministerial conference so agrees," Olusegun Aganga, Nigeria's Trade Minister, who is chair of the eighth WTO ministerial conference, says. The decision was taken mid-way during the three-day meeting in Geneva.

The Russian parliament will have up to June 15 next year to ratify the accord and bring it into force.

The 27-nation EU bloc is Russia's biggest trading partner for agriculture, fuels, mining and manufacturing. In addition, he EU buys 52 percent of Russia's exports, including the fossil fuels. Russia, in turn, is third-biggest customer for EU exports, after the U.S. and China.

Russia's Minister of Economic Development Elvira Nabiullina hailed the deal and said Russia is ready to help counter the risks of the global economic slowdown.

"We are ready to counter these risks actively," she told WTO trade ministers, just after their decision to welcome Russia.

The agreement is also likely to provide a boost for Russia's heavily state-managed economy, trade experts say. The agreement brings Russia under international trade rules that could give outside investors more confidence.

"The EU has high expectations of Russia as a responsible partner able to respect rules," EU trade chief Karel De Gucht told the WTO.

Moscow will provide annual reports to other members on its continuing privatization and gradually lower its average tariff ceiling to 7.8 percent from its current 10 percent.

A final hurdle to joining the WTO was the deal Russia signed with Georgia, its neighbor with whom it waged a brief war in 2008, to allow a neutral company to monitor all trade between the two nations.

Russia would become a WTO member next year, 30 days after it notifies WTO that the Russian Duma has ratified membership.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for March 2015
Universal:
Scientists: That those involved in scientific research may serve the well-being of the whole human person.
Evangelization: Contribution of women: That the unique contribution of women to the life of the Church may be recognized always.


Rosaries, Crosses, Prayer Cards and more... by Catholic Shopping .com


Comments


More Business & Economics

World's discarded electronic junk building up into massive toxic dump Watch

Image of Less than 16 percent of global e-waste is being diverted from landfill into recycling and reuse.

By Catholic Online (NEWS CONSORTIUM)

Television sets, washers and driers, stereos - broken, discarded, and then thrown away, are creating a massively toxic waste dump of gargantuan proportions. The irony in all this "e-waste" is the fact that precious metals such as gold and silver are also thrown ... continue reading


Australian father-and-son team raises $10 MILLION for beehive project Watch

Image of The beehive symbolizes productive activity, and for father and son Cedar and Stuart Anderson of Australia, their project was literally that.

By Catholic Online (NEWS CONSORTIUM)

The beehive symbolizes productive activity, and for father and son Cedar and Stuart Anderson of Australia, their project was literally that. Nearly 30,000 people have funded their "Flow Hive" project on Indiegogo for $10 million dollars. Not bad at all for such ... continue reading


'Slow ya roll' Obama. You spoke too soon? Job growth suddenly slows down Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

Intent on rallying the nation on its improved economy, U.S. President Barack Obama appears increasingly aware that threats are gaining speed that could derail job growth. LOS ANGELES, CA (Catholic Online) - "Our economy has been growing, we've got momentum," ... continue reading


Federal taxes unbelievably through the roof for February Watch

Image of Uncle Sam took in a lot of cabbage for the first few months of 2015. Why is the U.S. still trailing a momentous deficit, then?

By Catholic Online (NEWS CONSORTIUM)

Uncle Sam took in a lot of cabbage for the first few months of 2015. Inflation-adjusted federal tax revenues hit a record $1,185,613,000,000 in the first five months of fiscal 2015. Why is it that the U.S. federal government still ran a $386,537,000,000 deficit ... continue reading


Top 10 most financially important cities in the world Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

New York City is still the most important center in the financial world, according to the latest ranking made by the Long Finance in The Global Financial Index 17. In the latest rankings, it was observed that more cities in Asia are becoming important within the world ... continue reading


Apple topples AT&T from Dow Jones in reflection of iPhone's dominant position Watch

Image of The move by S&P Dow Jones Indices had been widely anticipated since a seven-for-one stock split in June 2014.

By Catholic Online (NEWS CONSORTIUM)

Largest company in the world, Apple will join the Dow Jones Industrial Average to replace AT&T. The change reflects the dominant position of the iPhone maker in the U.S. consumer economy today. The figures tell the tale: Apple has a market capitalization of ... continue reading


'Underage Red': Sephora shocks consumers with inappropriately named lipstick shades Watch

Image of

By Hannah Raissa Marfil (NEWS CONSORTIUM)

With lipstick shades called "Underage Red" and "Lolita," the cosmetic retailer brand Sephora is under fire once again. Using names that refer to young girls being described in a sexualized manner, the lipstick shades grabbed the attention of shoppers, eventually ... continue reading


Oprah Winfrey sadly shuts down Harpo Studios forever Watch

Image of 61-year-old, Oprah Winfrey continues to play an active role in Hollywood, despite the ending of her talk show and now Harpo Studios.

By Abigail James (NEWS CONSORTIUM)

Oprah Winfrey is set to shut down production at her Chicago-based Harpo Studios by the end of 2015. After much thought, the billionaire mogul has decided production for her personal network OWN will be better done in Hollywood. LOS ANGELES, CA (Catholic Online) - The ... continue reading


SHINY, RED APPLE: Computer giant is now twice as big as world's second largest firm, ExxonMobil Watch

Image of Strong sales of the larger-screened iPhones resulted in the largest quarterly profit reported by a company, with device sales rising 29.5 percent in the final three months of 2014 to $74.6 billion,

By Catholic Online (NEWS CONSORTIUM)

How big is Apple? The creator of the iPhone and tablets is SO BIG that it is now currently twice as big as its second-closest rival, ExxonMobil. This is being reflected in the stock market, where shares in Apple jumped 2.7 percent at the start of the week to ... continue reading


WHERE IS YOUR MONEY GOING? Government collects $1 trillion from taxpayers - and there's still a deficit! Watch

Image of Where is all of our hard-earned money going?

By Catholic Online (NEWS CONSORTIUM)

Where is all of our hard-earned money going? Real federal tax revenues for the first time ever topped $1 trillion in the first four months of the fiscal year, October through January, according to data released Wednesday by the U.S. Treasury. LOS ANGELES, CA ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Acts 7:51--8:1
51 'You stubborn people, with uncircumcised hearts ... Read More

Psalm, Psalms 31:3-4, 6, 7, 8, 17, 21
3 You are my rock, my rampart; true to your name, ... Read More

Gospel, John 6:30-35
30 So they said, 'What sign will you yourself do, the ... Read More

Saint of the Day

Saint of the Day for April 21st, 2015 Image

St. Anselm
April 21: St. Anselm Archbishop of Canterbury and Confessor APRIL 21,A.D. ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter