Traikov: Russia's accession to WTO gives Bulgaria access to a market with an annual turnover of $ 80 bn

Russia's accession to the World Trade Organisation (WTO) will lead to intensification of the trade between Bulgaria and the Russian Federation, stated after a meeting in Geneva the Economic Ministers of both countries - Traicho Traikov and Elvira Nabiullina. They participated in the Eighth Session of the WTO Ministerial Conference. The document was signed by 42 countries. The reached arrangements will improve the terms and conditions for access to public procurement markets of third countries. The new provisions will facilitate the more efficient use of public resources in many sectors, including those intended for infrastructure projects, public transport, purchase of hospital equipment and others. This will grant the Bulgarian business sector access to the market for public procurements, whose turnover is estimated at $ 80 - 100 bn annually.

With Russia's WTO accession, the multilateral regulations already govern 97% of the world trade. The full implementation of commitments and WTO provisions will significantly improve the market access for Bulgarian goods and services, stressed Minister Traikov. According to him, over the next few years the exports volume of goods is expected to increase as a result of the full implementation of tariff commitments. Besides, the Bulgarian operators will substantially benefit from the legislative reforms and the reduction of fraudulent practices violating the free trade. In fact, we assess positively the intentions of Russia to launch negotiations for accession to the Agreement on Government Procurement, which will lead to liberalisation of the market for foreign providers, added also the Minister.

Actually, the negotiations on the accession of the sixth largest economy in the world to the WTO continued 18 years.

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