Malaysia and Russia Tuesday concluded their talks on the latter's accession to the World Trade Organization (WHO) with the signing of a protocol, a media release said.

The protocol on the completion of bilateral negotiations on Russia's accession to the WTO was signed by Malaysian Trade and Industry Minister Rafidah Aziz and Russian Foreign Minister Sergev Laviov for their governments respectively.

The package of concessions accorded by Russia to Malaysia covers tariff reduction on 438 products of interest to Malaysia. these products include palm oil, margarine, plywood, chemical products,electrical products, and furniture, etc.

Upon accession to the WTO, Russia will bind all market access concessions accorded to the WTO members and the concessions will be applicable to all member countries, in line with the Most Favored Nation principle.

Trade volume between Malaysia and Russia in 2004 amounted to 1. 2 billion US dollars.

Malaysia's main exports to Russia are iron and steel pipes, fixed vegetable fats and oils, telecommunication equipment and parts, processed animal and vegetable fats and oils, and electrical appliances.

Major imports from Russia are fertilizer, petroleum products, iron and steel products, non-ferrous metals and aircraft- associated components.

In a related development, Russia and the 10-member Association of Southeast Asian Nations (ASEAN) adopted a declaration and an action plan for 2005-2015 at their first joint summit here Tuesday.

ASEAN groups Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia.

In the declaration, the leaders of Russia and ASEAN nations reiterated their commitment to furthering multilateral cooperation in politics, security and economic and social development.

Source: Xinhua