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U.S. Encouraged By Progress In Russia's WTO Bid

WIll Russia be granted membership in the WTO?

WIll Russia be granted membership in the WTO?

President Barack Obama's economic adviser says Washington is very encouraged by progress in talks on Russia's bid to join the World Trade Organization (WTO).

Larry Summers, in Moscow for talks with Russian officials, said he hopes Russia will complete WTO accession within a year.

However, he cautioned that "it is not yet time to celebrate," saying that work remains to be done on Russia's 17-year-old bid to join the WTO, which sets the rules for global trade.

Russia has been seeking WTO membership since 1993 and is the largest economy outside the 153-member organization. U.S. support for Russia's entry is part of Obama's drive to "reset" relations with Moscow.

compiled from agency reports