MOSCOW, November 3 (RIA Novosti) - Russia and the European Union signed an agreement Thursday on trade in certain steel products for 2005-06, the Ministry of Economic Development and Trade said.
According to the ministry, the agreement urges Russia to supply up to 2.2 million metric tons of steel products to the EU this year and 2.5% more in 2006.
Trade in steel products between Russia and the EU has been regulated and restricted for many years. In view of the EU's enlargement in 2004, Russia and the union signed another agreement that included new EU members.
The agreement signed Thursday is an updated version of the 2004 document. It establishes higher amounts of Russian steel exports to the EU before the end of 2006 when Russia is expected to join the World Trade Organization.
The news release of the European Commission's representative office in Russia said that the sides had also agreed to increase quotas for steel trade, if Russia canceled export duties on waste and ferrous metal scrap. The document allowed part of the quota, 7%, to be transferred to 2006 if it is not used up this year.
Member of the European Commission Peter Mandelson said the agreement indicated stronger ties between Russian and EU economies, and added that it would help foster these ties further, including towards complete abolishment of quotas in steel trade as soon as Russia joins the WTO.
