Russia moving toward a more market-based economy, say analysts

Russia moving toward a more market-based economy, say analysts

Singapore, 15 July 2009

"Russia is attempting to create a new economy," according to analysts reviewing the economy's progress toward achieving Bogor Goals. The New Russia, they say, will be less bureaucratic, more market-based and more internationally competitive in general.

While the effects of the financial crisis have been a particular challenge to Russia, government has made noted efforts to "mitigate the impact and lift the economy out of recession."

Of particular interest to APEC member economies, the report continues, "are the ambitious plans to develop Siberia and the Russian Far East," by harnessing natural and geographical advantages of this vast region. The development of the region's infrastructure and integrating it more closely with the European part of the economy will be an essential first step. And improved transportation links with neighbouring economies such as China, Japan and Korea area will provide even greater scope for trade and for joint industrial ventures.

The Bogor Goals are that free trade and investment in the APEC region should be established by 2010 in developed economies and by 2020 in developing economies.

Peer Reviews are conducted by independent, external review teams on a rotating basis and draw from the information found in economies' most recent Individual Action Plans, reports issued by the World Trade Organisation and academic studies pertaining to the economy under review.

A synopsis of the Peer Review may be found at:
http://www.apec.org/Press/News-Releases/2009/~/media/Files/Press/NewsRelease/2009/IAP_Brief_Russia_FINAL.ashx

The complete report will be made available at the close of the APEC Senior Officials' Meeting on 19 July at:
http://www.apec.org/Press/News-Releases/2009/~/media/Files/Press/NewsRelease/2009/2009SOM2_IAP_PeerReviewFull_Russia.ashx

News photos are available at:http://www.apec.org/Press/Photos/2009/20090715_iap_russia.aspx