Medvedev: Govt won’t cut support for ag industry after joining WTO

MOSCOW, Jul 25 (PRIME) — Russian President Dmitry Medvedev said Monday that the Russian government would keep the amount of financial support the agriculture industry after the country joins the World Trade Organization (WTO).

There are no talks to cut state support to agricultural producers after joining the WTO, Medvedev said at an agricultural meeting. A figure of (state support) of $9 billion through 2012 is fixed, with a gradual decrease by 2017, Medvedev said, adding this level will be equal to what we have now.

Medvedev did not elaborate.

Speaking about grain production in the country, Medvedev said that he saw no need for the government to take additional measures to regulate the grain market at this time. The grain harvest, which is currently projected at 90 million tonnes in 2011, is expected to be sufficient to fulfill domestic demand and export potential, he said, adding that the governments intervention fund currently amounts to 6.7 million tonnes of grain.

Separately, Medvedev instructed Deputy Prime Minister Dmitry Kozak and Regional Development Minister Viktor Basargin to prepare proposals providing support from the governments investment fund for an 11.5 billion ruble project aimed at the development of the agriculture industry in the Tambov Region.

Russia is the only major economy still not included in the WTO and has been in negotiations to join the organization since 1994. The country is expected to join the WTO later this year, according to earlier statements by Russian officials.

(27.7169 rubles U.S. $1)


Leave a comment