China formally endorses Russia's bid to enter WTO

BEIJING (AFP) - China and Russia signed an agreement in which Beijing formally endorsed Moscow's bid to enter the World Trade Organization (WTO).
The agreement was signed by Chinese Commerce Minister Bo Xilai and his counterpart Russian Trade Minister German Gref during the first day of President Vladimir Putin's visit to China.
The formal expression by China of support for Moscow's WTO entry is considered a valuable vote of confidence in the Russian economy.
Russia has already secured backing from South Korea and the European Union in its bid to join the Geneva-based body which sets global trade rules.
But Moscow, which is hoping to join the trade organization in 2005, still needs to complete accession deals on a bilateral basis with nearly 20 countries, notably Japan and the United States.