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In the wake of years of negotiations, on August 22 Russia officially became a member of the World Trade Organisation (WTO) — a development that will “give a liberal boost” to the Russian economy, arguesLes Echos.
The business daily is particularly interested in the potential benefits for companies in the European Union, which are “Russia’s main trading partner” —
More eagerly awaited than the reduction in customs duties [which will result in relatively modest gains for the EU], European business communities expect that Russian accession to the WTO will facilitate investment in the country.
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According to Les Echos, Russia’s pledge to adhere to more liberal rules could notably facilitate investment in the automobile sector, however, the same will not be true of other sectors that are considered strategic by Moscow, such as raw materials, metals, fertilisers and aerospace. In these business areas –
Russia will continue to insist that foreign investors can only hold minority stakes in Russian companies.
