This is Phoebe Zimmermann with the VOA Special English EconomicsReport.

Russia is the largest economic power that is not a member of theWorld Trade Organization. But that may change. Last Friday, theEuropean Union said it would support Russia's effort to become aW.T.O. member.

Representatives of the European Union met with Russian officialsin Moscow. They signed a trade agreement that took six years tonegotiate.

Russia called the trade agreement balanced. Russia agreed toslowly increase fuel prices within the country. It agreed to permitcompetition in its communications industry and to remove somebarriers to trade.

Russia said it will continue total control of its main energycompany Gazprom. Officials also reached agreements on banking,transportation and financial protection, or insurance.

In exchange for European support to join the W.T.O., RussianPresident Vladimir Putin said that Russia would speed up the processto approve the Kyoto Protocol. That is an internationalenvironmental agreement to reduce the production of harmfulindustrial gases including carbon dioxide. These "greenhouse gases"trap heat in the atmosphere and are blamed for changing the world'sclimate.

Russia had signed the Kyoto Protocol, but has not approved it. Afew months ago, Mister Putin had said that Russia would reject theProtocol. The agreement takes effect when it has been approved bynations that produce at least fifty-five percent of the world'sgreenhouse gases.

Currently, nations producing only forty-four percent haveapproved the Protocol. Russia produces about seventeen percent ofthe world's greenhouse gases. The United States, the world's biggestproducer, withdrew from the Kyoto Protocol after President Bush tookoffice in two-thousand-one. So, Russia's approval is required to putthe Kyoto Protocol into effect.

To join the W.T.O, a country must reach trade agreements withmajor trading countries that are also W.T.O. members. Until now,Russia had reached agreement with only ten W.T.O. members. Russiamust still reach agreements with China, Japan, South Korea and theUnited States.

Russia is the ninth largest economy in the world. The total valueof all goods and services produced by the country last year wasone-thousand-three-hundred-fifty-million dollars.

This VOA Special English Economics Report was written by MarioRitter. This is Phoebe Zimmermann.