Abstract
Russia is the last economic power which does not belong to the World Trade Organization yet. The former leader of the Soviet Union has stood back from the communist model even if some distinctive features of a planned and centred economy are still noticeable. Indeed, the economic and political transition in the nineties has been a watershed for the country since it has turned progressively to the market economy through moderate waves of privatization, deregulation or else trade liberalization. However, many economists consider that the transition is not finished yet because Russia has not succeeded in opening up its economy to foreign investments and in fostering domestic private initiatives. The successive governments have conserved a predominant influence in the economy since they have maintained control of some strategic sectors notably thanks to a strong commitment in the banking system and the business conduct in general. After a decade of economic difficulties in the nineties, Russia has been a fast-growing economy in the last few years, so much, that it is now considered as one of the most promising developing economies in the years to come with China, India and Brazil (BRICs). According to Goldman Sachs analysis, Russia could even be the sixth largest economy in the world by 2050 ; nonetheless this is only the result of projections assuming progress in long-term conditions for economic growth. Since the dismantling of the communism model in 1992, Russian political leaders have been aware of the extreme difficulties in reforming the economy to create and strengthen the conditions for further growth. Until now, they have not reached all the basic market economy standards so they need to foster the necessary changes in order that Russia may achieve its promising future. Therefore, Russian political leaders have decided to join western economic organizations in order to channel their voice, get involved in worldwide financial flows and take advantage of new trade relations. They applied to join the WTO in 1993 and they hope to join the organization before the end of 2008.
