As Vedomosti, Russia's business daily, points out, Mr Putin has always been the real obstacle to Russia's entry into the WTO.

ECONOMIST: Russia and world trade

Mr Bush also reiterated his strong backing for Russia's entry to the World Trade Organisation (WTO), which may happen as soon as this year.

ECONOMIST: Candid words on Russia's drift from democracy | The

U.S. officials see a China motivated by a desire for a smooth leadership transition and more global interaction and prestige tied to its WTO entry and the coming 2008 Olympic Games in Beijing.

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And China's WTO entry is unlikely to reduce the number of regulations.

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Foreigners already control so much of the handset market that WTO entry isn't likely to cause new losses to China's domestic manufacturers.

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Previous hopes of a breakthrough on WTO entry collapsed as negotiators failed to clinch a deal at the G8 summit in July.

BBC: NEWS | Business | US paves way for Russia WTO entry

The tariff ceiling for agriculture products is expected to drop to 10.8% from 13.2% and for manufactured goods it will go from 9.5% to 7.3% The final bound import rate will be in place on the date of entry into the WTO on most goods, with roughly 25% of future tariff cuts to be implemented three years later.

FORBES: Russian Trade Tariffs Heading Lower In WTO

Thanks to the WTO, foreign firms are no longer required to hand over technology in exchange for entry to China's market.

ECONOMIST: China��s economy and the WTO

WTO's 135 members, notably the European Union, have yet to agree entry terms with China, and America's Congress has to endorse the deal.

ECONOMIST: The remaining hurdles