EU nears deal on Russia joining WTO

EU and Russian negotiators in Geneva have drafted an agreement over Russian rules governing investment in the country's booming auto sector, said a trade source with knowledge of progress on Russia's accession talks.

EU negotiators will now put the proposal to the bloc's 27 member states who must approve Russian accession, the source said, with a possible outcome next week.

EU trade officials had no comment on the talks, and Russia's Economy Minister Elvira Nabiullina did not confirm a final deal with Europe had been reached.

"The talks are continuing," she told Reuters. "We can say that there is a deal only when we have a final one."

Russia's $1.2 trillion economy is the largest outside the WTO, and joining the trade body is expected to boost the country's gross domestic product by as much as 11 percent in the long term.

The EU gave its informal approval to Russian accession last December. But Russia's announcement later that month of new rules designed to boost car sector jobs — as well as less sensitive issues such as farm import restrictions — have renewed opposition in the EU and delayed agreement.

The WTO, G20, World Bank and United States have been pushing for Russia to join the WTO before the end of the year, and EU approval would further increase pressure on Russia's neighbour Georgia, which has threatened a veto, to follow suit.

Negotiations were expected to continue in Geneva at the weekend before EU trade ministers discuss the issue at a meeting in Brussels on Monday, EU trade diplomats said.