OREANDA-NEWS. The fact that Belarus has effectively adopted the rules and standards of the World Trade Organization (WTO) without becoming a WTO member produces a negative impact on the country’s economy, Belarus’ First Vice Foreign Minister Alexander Mikhnevich told reporters.

The vice minister admitted that WTO accession is a positive move, as it stimulates competition, attracts investments and creating a transparent business environment with clear rules and regulations. “The bad thing for us is that, as members of the Customs Union, we had to accept and live up to WTO regulations, just because Russia accepted those conditions. This is a drawback, which needs to be compensated,” Mikhnevich said.

As previously reported with reference to Premier Mikhail Myasnikovich, although Belarus is not a WTO member yet, the country already honours WTO regulations in foreign trade.

Belarus is now working on the market with Russia and Kazakhstan, which share the same customs principles. The country’s major partner, Russia, is already a WTO member, Myasnikovich said.

Belarus has been negotiating accession to the WTO since the 1990s. After Russia, Belarus and Kazakhstan established the Customs Union in 2009, the parties decided they should join the WTO as a single territory and suspended individual negotiation processes. However, on second thought, they announced a plan to accede to the WTO independently. Russia joined the WTO in August 2012.