Russia, US fail to reach WTO accord

ST PETERSBURG: Russia and the United States failed to reach an agreement on Moscow's accession to the World Trade Organisation (WTO) on Saturday ahead of the G8 summit beginning here.

"The document will not be signed either before, or after the (G8) summit," Russia's chief WTO negotiator Maxim Medvedkov said.

Moscow and Washington had intensified WTO talks ahead of the Putin-Bush summit here preceding the G8 meeting, to iron out differences over issues, including intellectual property rights, import duties and agricultural subsidies.

The US remains the only country outside the 58-member Working Party on Russia's accession with which Moscow has yet to sign a bilateral protocol.

The issue of access to Russia's financial services market has been the main stumbling block in their bilateral negotiations, with Washington demanding rights for its banks to open branches in Russia.

"Despite numerous attempts of experts in recent months, and delegation heads in the last two days, we have failed to find ways to resolve contentious issues," Medvedev was quoted as saying by RIA Novosti. But he added that progress had been made on certain problems.

"Until we agree on the whole package, it is as if we have not agreed on any issues," the Russian WTO negotiator said.