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.
As Vedomosti, Russia's business daily, points out, Mr Putin has always been the real obstacle to Russia's entry into the WTO.
Foreigners already control so much of the handset market that WTO entry isn't likely to cause new losses to China's domestic manufacturers.
Russia's entry into the WTO, at long last, is welcome, but its motives are uncertain.
Medvedev also denied claims that he and Prime Minister Vladimir Putin are at odds over how Russia should seek entry into the WTO.
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.
Foreign brands remained dominant at the time of China's WTO entry.
And China's WTO entry is unlikely to reduce the number of regulations.
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.
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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.
The Russian economy, likewise, will not receive a massive jolt from WTO entry, but it will get a very modest push into more rapid and sustainable growth.
Thanks to the WTO, foreign firms are no longer required to hand over technology in exchange for entry to China's market.
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.
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