Russia’s WTO Access Paves Way for Onslaught of Agriculture Technologies

Coming off one of its worst droughts in 100 years resulting in near-catastrophic loss of its wheat harvest, Russia is ready to regain its agriculture productivity with a concerted focus on approvals or new agriculture technologies.

Russia’s WTO accession opens new opportunities for expansion of US-Russia cooperation, Russian Minister of Agriculture Yelena Skrynnik said Monday.

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“Certainly, the fact that Russia will soon join the WTO opens up new opportunities for investment and trade,” Skynnik stated in a written address welcoming participants of the Agribusiness Forum in Omaha, Nebraska, US. The event was organized by US Russia Business Council, a private US NGO that promotes business ties between the two countries.

In her address, Minister Skrynnik noted that the United States is one of the leading agriculture partners of Russia, and that specific business proposals from America bring much-needed investment. Modern, “green” and efficient technologies to the agriculture sector in Russia will be put on “fast-track” and receive support from the government.

“A practical outcome of this partnership is exemplified by the arrival of leading American manufacturers such as PepsiCo, John Deere and Cargill to the Russian agriculture market. The fact that these companies seek to expand their business in Russia serves as evidence that the industry’s investment climate is becoming more attractive,” Skrynnik said.

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The Russian Ministry of Agriculture has adopted a steep course on integrating much-needed innovative, eco-friendly, high-efficiency technologies into the sector throughout the year of 2020. The expected membership of Russia in the WTO should foster trade and investment opportunities in the Russian agriculture sector.

These investment opportunities sought in the agriculture industry have some significant implications for Russia’s traditional trade partners as well, including China.

Source: Russia Ministry of Agriculture, Edited by Editor David Frabotta

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