Russian WTO Membership Fortifies Hamburg’s Position As Major Trade Partner
By Anuja Abraham
The start of Russia’s WTO membership on 22 August 2012 will give trade relations with Europe a significant boost. “The dismantling of trade barriers will strengthen Hamburg’s role as the leading hub of Russia’s trade with the European Union and the world“, says Jutta Ludwig, CEO of HWF Hamburg Business Development Corporation. She continues: “Hamburg’s trade relations with Russia date back to the first days of the Hanseatic League and have been renewed ever since. Already, some 120 companies with Russian roots have chosen Hamburg for their expansion into the EU. By future simplifications of the commercial law, Hamburg’s position in Russian trade and as bridgehead of the Russian economy will be further strengthened.
This evaluation is confirmed by Dr. Sergey P. Ganzha, Consul General of the Russian Federation: “With the Russian Federation joining the WTO, the good trade relations with Hamburg will be strengthened by establishing common international standards. The interest of Russian companies in Hamburg has been growing for a long time. This development will be furthered and positively stimulated by Russia’s WTO membership.“
The Port of Hamburg is of particular importance to Russia. It is the central hub for Russia’s trade with the European Union. Claudia Roller, CEO of Hafen Hamburg Marketing e.V., explains: “With Russia joining the WTO in the middle of this year, trade barriers will gradually be further abolished. This also contributes to the benefit of the Port of Hamburg, as it is closely tied to the Russian market. For the port of the Elbe metropolis, Russia has become the second-most important trade partner in container traffic. Undeterred by the fluctuations in the global economy, the container handling increased by more than 35 per cent to 595.000 TEU in 2011.