CRF Blog

Industry in Russia

by David De La Torre

In Lurching into the fast lane, The Economist reports on the opening of the Russian economy.

ON JULY 10th Russian lawmakers ratified their country’s entry to the World Trade Organisation (WTO). Russia should formally join the global free-trading club next month, and is supposed to phase out most of the trade barriers that protect its domestic industries by 2018. This may be a huge shock to Russian manufacturers, but also a terrific opportunity. Foreign markets will open up, and Russian firms will have to compete with the world’s best.

Russia’s economy today depends to an alarming degree on pumping and digging things from the ground. Yet the country also has some serious industries apart from oil, gas and minerals. [more]