Country Watch
sia must continue to modify its tariff system; upon formal admission, its acceptance of WTO terms will reduce average tariffs by 22 percent. Its aver- age bound tariff rate (the maximum rate, beyond which a nation agrees not to raise tariffs on par- ticular classes of goods) will drop from 10 percent to 7.8 percent, and information technology prod- ucts will be assessed no tariff at all. Industrial and agricultural subsidies will be dramatically reduced in order to comply with WTO agreements, and caps on foreign direct investment (FDI) in the tele- communications sector will be eliminated within four years of accession. Elimination of FDI barriers promise to infuse numerous sectors with much- needed capital, thereby allowing them to reduce costs and increase profit.
28
Russia has made great strides in harmonizing domestic policy, and continues to forge ahead. All domestic regulations regarding the sale of goods within its territory must now conform to WTO rules if those regulations also concern for- eign-made products. Any measures which do not conform are actionable under the WTO’s dispute settlement process.
Perhaps the greatest benefit to Russia’s accession
will be the availability of its natural resources to the rest of the world. Negotiations with Ukraine and Russia’s customers in the European Union will be streamlined, preventing a repeat of recent dis- putes over natural gas. Gas producers themselves will function under the laws of economics, “on the basis of normal commercial considerations … re- covery of costs and profit.” Russia’s massive and largely untapped natural resources go far beyond energy.
Russia’s greatest challenge in bringing its economy into alignment with global trade practices looks to be the elimination of graft and corruption, both at points of entry into the nation and points of sale. Renewed political instability in the wake of last fall’s elections, especially protests against Prime Minister Vladimir Putin, may hinder the cleanup of corrupt elements of the economy. Only with certainty and stability can foreign investment con- tinue to stream into Russia. The WTO framework provides much of that certainty, but Russia’s own leadership must continue the implementation of reforms.
*Submitted by Andrew Lukken .
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ILSA Quarterly » volume 20 » issue 3 » February 2012
CRICOS 000026A
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