WTO: Reforms to help Russia to reach true potential

MOSCOW, Sep 28 (PRIME) – Reforms will allow the Russian economy to uncover its true potential in the long run, according to a WTO’s first review of the trade policy published Wednesday.

“The main objectives of the Russian Federation's trade policy are to help modernize its economy, foster its global competitiveness, and create favorable conditions for its continuous growth and sustainable development. In this regard, WTO Membership locked the Russian Federation into a generally liberal trade regime towards the rest of the world,” the report read.

Nonetheless, political and economic reforms in Russia face challenges from vested interests, governance issues, and relative complexity of its economic environment. In the short to medium term, the Russia’s economic performance will also be determined by, “inter alia, the evolution of oil prices and its ability to resolving political issues with countries in the region and elsewhere”, the WTO said.

“However, in the long-run, consistent and determined implementation of reforms will help lift the Russian economy towards its true potential,” the report read.

In its report submitted to the WTO, Russia reiterated commitment to regulations of the WTO.

“The medium- and long- term trade policy of Russia will be determined by the need for economic reforms aimed at creation of a competitive economy based on an innovative model of development, diversification of Russian exports, application of high technologies in the production, and development of competitive advantages in traditional industries,” the Russian government said in the report.

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