EC intends to formalise Russia's market-economy status

The European Commission intends to immediately set in motion legal mechanisms for formalising Russia's new market-economy status, the EC representation in Russia reported.

The process of recognising Russia as a market-economy is said to take a few months due to the necessity to modify the EU legislation in the sphere of trade protection measures.

A spokesman for the representation recalled that at the Russia-European Union summit held in Moscow on Wednesday, May 29th, EC President Romano Prodi declared that the European Union was granting Russia the official status and the regime of a full-fledged market-economy country in recognition of the serious reform Russia has been conducting over the past few years. According to Prodi, "undoubtedly, this marks an important stage on the way to Russia's accession to the WTO." The EC representation said that the status of a market-economy country "will give Russia privileges under anti-dumping investigations which is of a great interest both for the Russian authorities and for the country's business community." The EU's decision testifies to the great progress Russia has made since the question of recognising the country as a market-economy one was raised in 1998, the representation added saying that the status was usually given to WTO members only.

The European Union expects Russia "to submit improved proposals on access to its market" within a week, the EC representation concluded.