The United States and Russia have reached an agreement in principle on Russia's entry into the World Trade Organization (WTO) and hope to sign the agreement next week in Hanoi, the U.S. Trade Representative's office said on Friday.

"We have an agreement in principle and are finalizing the details. We are also holding consultations with the Congress and our cleared advisers. This agreement will mark an important step in Russia attaining membership in the WTO," said U.S. Trade Representative Susan Schwab said in a statement.

"It is a clear indication of Russia's efforts to participate fully in and benefit from the rules-based global trading system. We came close to completing our work in July, but needed more time to conclude a strong commercial agreement that will be of benefit to both our countries," she said.

She added both U.S. and Russia hope to sign the agreement next week in Hanoi on the margins of the APEC meeting.

Russia has conducted 13 years of tortuous negotiations with Washington over its access to the WTO. The main disputes focus on Moscow's unwillingness to grant access to U.S. meat products and Washington's concerns about Internet and video piracy in Russia.

Agreement with the United States is key to the 149-member WTO acceptance of Russia, which, however, still needs endorsement from Georgia and Moldova.

Source: Xinhua