Pros and cons of Russias accession to the WTO

Pros and cons of Russia's accession to the WTO

Russia after 18 years of negotiations came toconsensus with the West on WTO membership and the end of the transition period. Now it is difficult to imagine the conditions that were put forward before our country in the 90s, as the structure of the Russian economy with its foreign trade product range was significantly different from the current one.

Pros and cons of Russia's accession to the WTO are widelyare covered by the media. Certainly, our compatriots are already fed up with the role of the country as a raw material appendage. Now the priorities that are chosen by ordinary citizens have changed somewhat. The social image of any successful country in the eyes of an ordinary Russian is a happy owner of a home and a car (at least one), a family man. In the industrial period, the model of success was a high-class fitter.

Russian successes over the past decades onmind. First, it is the world leader in oil production, the leader in natural gas reserves. Secondly, due to the excessive reserves of hydrocarbon raw materials and metals, Russia is not in the last place in the Western community. However, the West still doubts that we will be able to reach the heights in aircraft construction and electronics, medicine and nanotechnology. That is why the advantages of Russia's accession to the WTO are significantly felt when purchasing raw materials from a partner, and, if necessary, it will be possible to resolve trade disputes in international arbitration or other special bodies.

The country's development potential, of course, severalThe decrease is due to mutual barriers in the form of duties and quotas. However, in any case, these artificial reefs are temporary phenomena overcame by true competition.

Scientists are concerned about other issues,affecting Russia's accession to the WTO - the pros and cons of attracting foreign direct investment to the domestic market to meet domestic demand. The main thing is that the preference should not be given to imports from the Eurozone and China. With a successful macroeconomic policy, Russia may have advantages associated with the opening of additional production facilities by Western corporations. And this is the employment of citizens. In this case, it is necessary to remember the control of the technologies used in these industries, so that significant damage to the environment is not caused.

So, it is advisable to consider the pros and cons of Russia's accession to the WTO from the standpoint of variants of development of events in such time horizons:

- long-term effect;

- medium-term effect;

- short-term effect.

The most positive effect will be formetallurgical and oil and gas companies. One must not forget about the law of supply and demand. So, with the removal of some restrictions, prices in the world market will also decline. Therefore, to obtain a clear benefit, exporters will have to produce even more raw materials in natural quantities.

In the short term, Russia can get terrible consequences in the form of unemployment, the decline of such industries as automobile, aviation, food, electronics and agriculture.

Pros and cons of Russia's accession to the WTO are now widely publicized in the media by journalists. So, the analysts of the bank GLOBEX among the positive moments are the following:

- reduction of duties, which will lead to both a reduction in the cost of imported goods and an increase in Russian exports;

- Decrease in prices for domestic goods due to expansion of the scope of activity of foreign companies;

- predictability and achievement of some stability in the Russian foreign economic activity.

According to some researchers, the pluses andthe shortcomings of Russia's accession to the WTO will have some stimulating effect on the domestic economy. Thanks to the implementation of macroeconomic policy in this direction, an annual increase in foreign trade turnover to 10% is achieved.

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  • Pros and cons of Russias accession to the WTO Pros and cons of Russias accession to the WTO Pros and cons of Russias accession to the WTO Pros and cons of Russias accession to the WTO Pros and cons of Russias accession to the WTO Pros and cons of Russias accession to the WTO Pros and cons of Russias accession to the WTO Pros and cons of Russias accession to the WTO Pros and cons of Russias accession to the WTO Pros and cons of Russias accession to the WTO