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Russia starts consultations on its entering OECD
06.02.2013 12:14 "Agro Perspectiva" (Kyiv) —
Russia has started consultations with the United States on its joining the Organization for Economic Cooperation and Development, or OECD. Although a meeting in Washington focuses on a spate of technical issues, experts say that Russia entering the OECD is just a matter of time, Voice of Russia reports.
Created in 1961, the OECD comprises 34 countries which have proved their adherence to market economy and democratic values. The OECD refrains from granting loans and adopting binding resolutions. Instead, the OECD, seen by some as ‘headquarters of the developed capitalism’, prefers to give informal pieces of advice.Experts say that a country’s OECD membership is something of a confidence-building signal for investors.
Russia has been knocking on the OECD’s doors for 17 years now. Previously, a major hurdle was Russia’s non-membership in the World Trade Organization, says Sergei Afontsev, of the Institute of World Economy and International Relations in Moscow.
«All the OECD trade agreements can be called a building constructed on the basis of the WTO, Afontsev says. Last year, we were told that Russia may join the OECD in the spring of 2013. At present, we remain cautiously optimistic on ending talks on Russia’s accession to the OECD before the end of this year.»
Afontsev is echoed by other Russian experts who warn, however, against jumping to conclusions. Yuri Danilov, head of the Moscow-based Center for Stock Market Development Fund, says that negotiators are concerned over Russia’s macroeconomic development and industrial policy. Managing largest Russian companies is also an issue, Danilov says.
«A level of corporate management in such companies is out of line with OECD standards, something that affects the financial and investment sectors, Danilov says. Other problems can be resolved by parties at the negotiating table,» he adds.
Both sides are equally interested in the successful completion of the talks. The OECD is interested in Russia sticking to the OECD’s goals and standards, while Russia’s OECD membership may help attract more investors to the country, Danilov says.
«Russia adhering to OECD corporate management norms will be appreciated by global investors, Danilov says. If Russia meets its negotiating partners’ demands, it will finally lead to more investments in the Russian economy,» he concludes.
Experts say that the current consultations may facilitate the process of Russia joining the OECD by year-end, a forecast that is yet to come true.
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