Russia within the International Trade System ……………………………3
Regulation of External Economic Activities………………………………..4
3. Foreign Trade Pattern……………………………………………………….6
Russia and the international trade system
According to a medium-term forecast for developments in the area of the
international economy, business revival is cumulating momentum after the
recession it experienced in early 1990s. It had a relevant effect on the
world trade. In 1994 the average international trade turnover showed a
9.5 percent growth being a record figure in the last 20 years and by 3
times exceeding the increase in the international production. In 1995
the World Trade Organization estimated 8 percent increase in trade
turnover as compared with a 3 percent growth in the world production.
World Bank experts think that in the next 10 years an average increase
in foreign trade will make 6 percent annually.
An economic run-up in most industrialized countries was followed by a
growing demand for many products and a consecutive price hike on
Oil markets showed a balance of demand and supply in 1995. Average
prices of Dubai oil were at $ 123 per metric ton, by 14.9 percent
exceeding 1994 averages. Owning to small increase in the world oil
consumption and practically unchanged supply situation no perceptible
change of prices is expected.
A trend of natural gas prices on markets in Western Europe was
practically the same as the oil price dynamics. In 1995 average prices
were by 13.4 percent higher as compared with 1994.
Prices of nonferrous metals have risen dramatically. In 1995 average
world prices were as follows: aluminum -- $ 1806 per metric ton (20.3
percent rise in comparison with 1994), copper -- $ 2933 (higher by 23.3
percent), nickel -- $ 8063 (19.3 percent growth).
As a result of the 1994-95 record price surge in the whole period after
the World War II cellulose joined the leaders with a 50 percent price
hike (up to more than $ 1000 per metric ton). According to a
middle-range outlook price stabilization accompanied by a slight price
rise is expected.
As market relations develop, process of internal price structure
formation continues in Russia and it gradually closes to the price
system existing on world markets. In 1995 contract prices grew
perceptibly, however, prices of a majority of energy resources lagged
behind those on the world trade markets in terms of rates of increase.
The outcome was a worsening balance between contract and world prices.
An important role in development of the international trade is played by
the GATT/WTO which for 48 years tried to work out the fundamentals of a
future world trade basing on principles of observance of the Agreement's
general regulations aimed to keep up non-discrimination of individual
states and to a gradual elimination of barriers slowing down mutual
exchange of commodities. Since 1950 the world trade turnover has
increased by 13 times and eight rounds of multilateral trade
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