Russian Trade and Foreign Direct Investment Policy at the Crossroads
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This paper summarizes the estimates of
what Russia will get from World Trade Organization accession
and why. A key finding is the estimate that Russia will gain
about $53 billion per year in the medium term from World
Trade Organization accession and $177 billion per year in
the long term, due largely to its own commitments to reform
its own business services sectors. The paper summarizes the
principal reform commitments that Russia has undertaken as
part of its World Trade Organization accession negotiations,
and compares them with those of other countries that have
acceded to the World Trade Organization. It finds that the
Russian commitments represent a liberal offer to the members
of the World Trade Organization for admission, but they are
typical of other transition countries that have acceded to
the World Trade Organization. The authors discuss the
outstanding issues in the Russian World Trade Organizaiton
accession negotiations, and explain why Russian accession
will result in the elimination of the Jackson-Vanik
Amendment against Russia. They discuss Russian policies to
attract foreign direct investment, including an assessment
of the impact of the 2008 law on strategic sectors and the
increased role of the state in the economy. Finally, the
authors assess the importance of Russian accession to Russia
and to the international trading community, and suggestions
for most efficiently meeting the government s
diversification objective.
Palabras clave
ACCESSION, ACCESSION COMMITMENTS, ACCESSION NEGOTIATIONS, ACCESSION PROCESS, ACCESSION TO THE WORLD TRADE ORGANIZATION, ADJUSTMENT ASSISTANCE, AGRICULTURAL MARKET ACCESS, AGRICULTURAL OUTPUT, AGRICULTURAL SECTOR, AGRICULTURAL SUBSIDIES, AGRICULTURAL SUPPORT, AGRICULTURAL TRADE, AGRICULTURE, ANTIDUMPING, ANTIDUMPING CASES, AVERAGE TARIFF, AVERAGE TARIFFS, BALANCE OF PAYMENTS, BANK POLICY, BANKING, BANKING SECTOR, BANKING SERVICES, BENEFICIAL IMPACT, BENEFITS, BID, BILATERAL AGREEMENT, BILATERAL AGREEMENTS, BRANCH BANKING, BUSINESS CLIMATE, CAPITAL FORMATION, CAPITAL OWNERS, CAPITAL REQUIREMENTS, CENTRAL BANK, CLOSED ECONOMIES, COMMODITIES, COMMUNICATION, COMPARATIVE ADVANTAGE, COMPARATIVE ECONOMICS, CONCESSIONS, CONSUMERS, CONSUMPTION, CONTRACT, CROP INSURANCE, CROSS-BORDER TRANSACTIONS, CUSTOMS ADMINISTRATION, CUSTOMS UNION, CUSTOMS UNIONS, DEBT, DEBT MANAGEMENT, DEGREE OF RISK, DEPOSITORS, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DEVELOPMENT, DEVELOPMENT AGENDA, DEVELOPMENT ECONOMICS, DIRECT PAYMENTS, DISPUTE SETTLEMENT, DISPUTE SETTLEMENT PROCEDURES, DOMESTIC MARKET, DOMESTIC MARKETS, ECONOMETRIC ESTIMATES, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC LAW, ECONOMIC REFORM, ECONOMICS, ECONOMY, EMERGING ECONOMIES, EXCHANGE, EXCHANGE RATES, EXPENDITURES, EXPORT MARKETS, EXPORT PRICE, EXPORT TAX, EXPORTERS, EXPORTS, EXTERNAL DEBT, FINANCE, FISCAL POLICY, FOREIGN BANKS, FOREIGN DIRECT INVESTMENT, FOREIGN DIRECT INVESTMENTS, FOREIGN FIRM, FOREIGN GOVERNMENTS, FOREIGN INVESTMENT, FOREIGN INVESTMENTS, FOREIGN INVESTOR, FOREIGN INVESTORS, FOREIGN SHARES, FREE RIDER, FREE RIDER PROBLEM, FUTURE, GDP, GOOD, GOODS, GROSS VALUE, GROWTH RATE, HOME COUNTRY, INCOME, INCREASED COMPETITION, INDIVIDUAL COUNTRIES, INDUSTRIAL POLICY, INDUSTRIALIZATION, INFLUENCE, INFRASTRUCTURE PROJECTS, INPUTS, INSTITUTIONAL DEVELOPMENT, INSTITUTIONAL ENVIRONMENT, INSURANCE, INSURANCE COMPANIES, INTELLECTUAL PROPERTY, INTELLECTUAL PROPERTY REGIME, INTEREST, INTERNATIONAL BANK, INTERNATIONAL BANKS, INTERNATIONAL ECONOMICS, INTERNATIONAL TRADE, INVESTING, INVESTMENT, INVESTMENT CLIMATE, INVESTMENT POLICIES, INVESTMENT POLICY, INVESTMENT REGIMES, INVESTMENTS, JOINT VENTURES, LEGAL AGREEMENTS, LEVEL OF COMMITMENTS, LIBERALIZATION OF TRADE, MACROECONOMIC INSTABILITY, MACROECONOMIC STABILITY, MARGINAL BENEFITS, MARKET ACCESS, MARKET REFORMS, MARKET_ACCESS, MEMBER COUNTRIES, MEMBERSHIP IN THE WTO, MONOPOLY, MULTINATIONAL BANKS, MULTINATIONAL FIRMS, NATIONAL TREATMENT, NATURAL DISASTERS, NATURAL MONOPOLIES, NEGATIVE EFFECT, NON-TARIFF BARRIERS, OIL PRICES, OPEN ECONOMIES, OPEN ECONOMY, OPENNESS, OPTIONS, PAYMENTS, POLICY MAKERS, POLITICAL CONSIDERATIONS, POLITICAL ECONOMY, POVERTY, POVERTY REDUCTION, POWER PARITY, PREFERENTIAL STATUS, PRICE, PRICES, PRODUCTION STRUCTURE, PRODUCTIVE ASSETS, PROFITS, PURCHASING POWER, REAL ESTATE, REGIONAL TRADE, RESERVES, RETURN, RETURNS, REVENUE, REVENUES, RISK SHARING, SECURITY, SERVICE SECTORS, SERVICES DIMENSION, SERVICES SECTORS, SHARE, SKILLED WORKERS, STATE ENTERPRISES, STATE TRADING, STOCK, SUBSIDIES, SUBSIDY, SUSTAINABLE DEVELOPMENT, TARIFF BARRIERS, TAXATION, TAXES, TELECOMMUNICATIONS, TELECOMMUNICATIONS REFORM, TELEPHONE SERVICES, TRADE, TRADE BALANCE, TRADE DISPUTES, TRADE FACILITATION, TRADE INTERESTS, TRADE LIBERALIZATION, TRADE POLICY, TRADE POLICY REFORM, TRADE REGIME, TRADING PARTNERS, TRANSACTION, TRANSITION COUNTRIES, TRANSPARENCY, TREASURY, TURNOVER, UNIFORM TARIFFS, UNILATERAL REFORMS, URBAN HOUSEHOLDS, URUGUAY ROUND, VALUATION, VALUE, VALUE ADDED, VOLATILITY, WELFARE, WORLD DEVELOPMENT INDICATORS, WORLD ECONOMY, WORLD MARKETS, WORLD TRADE, WORLD TRADE ORGANIZATION, WTO, WTO ACCESSION, WTO ACCESSION NEGOTIATIONS, WTO AGREEMENT, WTO AGREEMENTS, WTO COMMITMENTS, WTO MEMBERS, WTO MEMBERSHIP, WTO RULES