EU Recognizes Russia as Market Economy Country

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Last updated at: (Beijing Time) Friday, November 08, 2002

EU Recognizes Russia as Market Economy Country

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The European Union EU) on Thursday said it had formalized the recognition of Russia as a market economy in the context of trade defence by amending the European Commission's (EC) anti-dumping and anti-subsidy laws.

The new regime will be applicable to all cases initiated after Nov. 8, 2002 when it enters into force, according to a press release issued by the EU's executive arm Thursday.

"The proposal to graduate Russia into the market economy category followed European Commission President Prodi's declaration during the last EC-Russia summit in May 2002 and is an acknowledgment of the important progress achieved in Russia in respecting market economy principles," the press release said.

Russia will be treated on an equal footing with all other market economies in anti-dumping investigations. In practical terms, instead of using proxy costs and prices from a third country, Russian companies' own costs and prices will be used for the purpose of calculating dumping margins.

It equally implies that Russia will be subject to anti-subsidy provisions applicable to market economy countries.

Soon after the EC-Russia summit in late May, the EC issued a press release stating that it is ready to recognize Russia as a market economy country. The latest move by the EU is regarded as an indication of strengthening relations with the EU and Russia and it would facilitate further Russia's efforts toward World Trade Organization membership.

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