Russia wants WTO membership

At that point, he continued, it would be possible to tell whether Russia should chase WTO membership "at high speed" or slow the pace to ensure "the terms are commercially viable for Russia."

Medvedkov added the financial services sector, banking, transport and professional services (including auditing and legal services) in Russia would "require some kind of protection until they are able to compete with companies from abroad."

"We would like to have the instruments and opportunity to protect industries from foreign competition," Medvedkovsaid.

Protection would include continued limits on foreign investment.

The minister said that while the maximum limit on foreign ownership in the banking sector as fixed by law is currently 12.5%, there are no limits on foreign ownership of individual banks.

The 12.5% limitation is rarely enforced by the Russian central bank, since the domestic banking sector is still weak and undercapitalized.

In addition, Russia must be allowed to continue subsidizing its "very poor" farming sector, which is about to be subjected to "substantial regulatory and legislative reforms," including a new land code providing for private property.

Medvedkov also expressed some determination not to agree to any demands made by the U.S. and European Union for guarantees over and above those under WTO rules, which he referred to as "WTO-plus."

He criticized the U.S. for its "discriminatory" anti-dumping laws, which in common with the EU's definitions, could continue to define Russia as a non-market or quasi-market economy even after WTO accession.

The definition would allow the U.S. and EU to justify the imposition of anti-dumping measures on Russia more easily, Medvedkov said.

In this context, Medvedkov said that steel is one of the most sensitive product sectors, and problems remain with the likes of the EU and U.S.

Two agreements in 1999 with the U.S. slashed Russian steel imports by 64% compared with the previous year, but Medvedkov said that the deals are "not working."

Russia plans to continue bilateral negotiations with some 50 of the WTO's 139 member governments before the year's end.

A further formal meeting is scheduled for December 18-19 and would resume in the spring, he added.

A new set of legislative proposals scheduled for next year in the Russian parliament "will provide more compliance with WTO standards," the minister said.

But Medvedkov insisted that Russia has no target date for accession to the WTO.

"It's more important (for all governments) to have clear and predictable climate for trade and development in a unique market of 160 million people," he said.