Russia and the United States Sunday signed a bilateral agreement on Russia's accession to the World Trade Organization (WTO) on the sidelines of the ongoing Asia- Pacific Economic Cooperation (APEC) Economic Leaders' Meeting in Hanoi.

The agreement was signed by U.S. Trade Representative Susan Schwab and Russian Minister of Trade and Economic Development German Gref.

Describing the agreement as an important milestone in Russia's bid to join the WTO, Schwab said the document signed will be presented to Russian President Vladimir Putin and U.S. President George W. Bush, who were here attending the APEC leaders' meeting.

"I'm pleased that we have concluded this important agreement with Russia's WTO accession negotiations. This is a strong and far- reaching agreement that meets the high standards of President Bush 's market-opening trade agenda and moves Russia closer to full integration into the global, rules-based trading system," Schwab said.

Source: Xinhua