Russia's accession to WTO expected
Moscow: Russian and US leaders are likely to announce a bilateral deal next week that will pave the way for Russia's accession to the World Trade Organisation, according to reports in leading Russian newspaper Kommersant.

The newspaper said that the Russian president's staff members and officials from Vladimir Putin's and George W Bush's entourage have come to a formula for a political solution to the problem of Russia's accession to the WTO.

The newspaper said the two countries could make the announcement at a meeting at a meeting of the Asia-Pacific Economic Cooperation (APEC) summit in Hanoi on 18 and 19 November.

A deal with the United States is the key to Russia joining 149-member WTO and could give Russia's $1 trillion economy a lift similar to that enjoyed by China after its 2001 accession.
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China to put restrictions on FDI in shipbuilding
Beijing: China, which is the world's third largest shipbuilder, plans to restrict foreign ownership in its shipbuilding industry to 49 per cent.

According to the country's National Medium and Long-term Plan for the shipbuilding industry, "Foreign shipbuilders are allowed to reorganise, acquire or jointly fund shipbuilding enterprises provided they hold no more than 49 per cent of the shares."

It has applied the same rules to medium and low-speed ship diesel engine manufacturing enterprises and crankshaft manufacturing enterprises.

The plan, published by the state commission of science, technology and industry for national defence that also administers shipbuilding affairs in China, and the National Development and Reform Commission, China's top industrial planning body, said Sino-foreign joint ventures will have to set up a technical centre to absorb technologies transferred by foreign investors.

Last year foreign investment in China's shipbuilding sector reached $220 million, an increase of 45 per cent on 2004, according to figures from the China Association of the National Shipbuilding Industry.
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