The Hindu : 'Russia is market economy'

Online edition of India's National Newspaper
Saturday, Jun 08, 2002

International

International

'Russia is market economy'

People shop in a Turkish owned department store in Moscow on Friday. — AP

MOSCOW JUNE 7. Russia's Foreign Ministry said on Friday that the U.S. recognition of Russia as a market economy would open up trade and investment opportunities for Moscow, but lawmakers warned that it would not bring quick benefits.

Thursday's ruling by the U.S. Commerce Department means Russia will receive the same treatment as other major U.S. trading partners in trade disputes including cases of alleged dumping, which have resulted in sanctions against Russian steel companies and others.

Russian officials had long complained about the U.S. refusal to recognise their nation as a market economy despite having shed their communist-era command economy more than a decade ago. The step is a crucial prerequisite to Russia's membership in the World Trade Organisation, which sets ground rules for international trade. Russia is the largest economy still outside the WTO, which it has been trying to join for seven years. Last week, the E.U. announced its own decision to recognise Russia as a market economy. Interfax quoted the Prime Minister, Mikhail Kasyanov, as saying that the market economy status would allow Russia to save $300 million this year.

— AP

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