Brussels, 20/12/2011 (Agence Europe) - Russia's recent accession to the WTO can bring it many opportunities. First, however, it will have to diversify its economy, which is too dependent on the export of energy products and raw materials, Trade Commissioner Karel De Gucht has warned.
Russia's accession to the WTO will not bring it success as spectacular as that of China, which has seen its external trade increase by 300% since 2001, predicted De Gucht in a televised interview with the Russia Today channel broadcast on 19 December. “I don't think we will see a repeat of the Chinese scenario. What the Chinese achieved was historic. They are creating a diversified economy with a large number of sectors. The Russian economy has far fewer”, he said, in comments reported by the RIA Novosti agency. “Russia may very well take the path of modernisation, which involves putting new economic sectors in place. If that is so, then WTO membership will benefit Russia. But it depends on Russia itself”, De Gucht argued. Nevertheless, he predicts a doubling in trade between the EU and Russia in the next five to 10 years. (EH/transl.rt)