Russia in the WTO: a view from the United States. Part 1.

The accession of the country with the largest economy to the WTO is unlikely to have more impact on the U.S. economy

China's accession to the World Trade Organization in 2001, caused a more rapid increase in exports of manufactured goods to the U.S., leading to a sharp increase in America's trade deficit. But Russia's accession to the WTO will not have such a dramatic effect, so the U.S. should not worry.
U.S. lawmakers have so far failed to grant Russia normal trade relations, in part because of human rights abuses in the country. Analysts expect Congress to possibly change Russia's trade status in September. This is necessary for the U.S. to take full advantage of reduced export customs duties.
U.S. exports of industrial equipment and other goods and services to Russia totaled about $11 billion last year, and that figure could double in five or six years, said Anders Åslund, a Russia economics expert at the Peterson Institute for International Economics. The U.S. imports from Russia mainly oil and uranium, resources that would not be affected by WTO membership. Thus, unlike the situation with China, the U.S. will significantly reduce its trade deficit with Russia. "This has a big positive impact on U.S. trade," Åslund said.
To be continued...

According to the foreign press for ForTrader.org