Effect of WTO on Russian economy

WTO was a top priority on his working agenda and set the adherence date for 2003 . When this lost their interest in becoming a WTO member

When the country handed in their application request to the World Trade Organization , they were faced with numerous conditions and terms compulsory to commit to by the established accession date . The first and most important task was that of transforming their 70 years communist economy into a market economy . The relationships between the country the European Union and the World Trade Organization supported Russia 's developing

economy . After the terrorist attacks of September 11 , 2001 Moscow offered their support to the Bush governance and by this improved the relationships between Russia and The United States of America

The following year , the U .S . and E .U . agreed that Russia had successfully completed its ten years transition process and declared it a market economy . On this occasion , Russian President Vladimir Putin stated : This decision ripened a long time ago . The absence of the market status of the Russian economy provided an opportunity for arbitrary interpretation of any commercial transaction involving Russia 's commercial structures

Being declared a market economy was an important step in becoming a WTO member and it had three major effects upon the Russian economy . First of all , the status of market economy aided Russia in developing their export activities . To better understand , Alexander Koliandre , BBC News Russian Service Reporter explains : Without the free market status Russia 's companies have faced almost prohibitive taxes on their exports to the US and Europe

Secondly , being declared a market economy , Russia was sure to be fairly treated in international relationships and to be subjected to a correct implementation of anti-dumping policies . The same BBC reporter states The absence of the market economy status meant...