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Russia‘s WTO accession and Austria

Russia‘s WTO accession and Austria. Vasily Astrov 3 November 2011. Austria‘s exports to Russia, 2010. Source: own calculations based on Statistik Austria. WTO impact on AT exports to RU. WTO accession decline in some RU import tariffs

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Russia‘s WTO accession and Austria

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  1. Russia‘s WTO accession and Austria Vasily Astrov 3 November 2011

  2. Austria‘s exports to Russia, 2010 Source: own calculations based on Statistik Austria

  3. WTO impact on AT exports to RU • WTO accessiondeclinein some RU importtariffs • +20% forchemicals (incl. pharmaceuticals) exportsto RU • +3% formachinery & equipmentexportsto RU • Long run • WTO multilateral roundsoftradeliberalization • + upto 40% forchemicalsexportsto RU • + upto 25% formachinery & equipmentexportsto RU • Efficiency gains in RU economy – higher GDP growth – moreimportdemand • + upto 25% foroverallAT exportsto RU

  4. Austria‘simportsfromRussia, 2010 Source: own calculations based on Statistik Austria

  5. WTO impact on AT imports from RU: more limited • Energy imports (85% of total) not affected by WTO • Non-energy: MFN (or GSP) import tariffs apply already now! • Less non-tariff barriers (anti-dumping…): not guaranteed • Long run: • Higher competitiveness of RU exports: +1% increase • WTO multilateral rounds of trade liberalization lower MFN import tariffs in EU up to +50%?

  6. WTO impact on RU-AT investments • AT FDI stock in RU: ~ € 6 billion • 2014 Olympic Games in Sochi – infrastructure projects • WTO: little impact on banking sector • But: esp. Raiffeisenbank already active in RU! • Insurance sector to be liberalized more: possibilities for AT companies • RU FDI stock in AT: ~ € 2 billion (???) • Deripaska – Strabag • Energy cooperation and RU-EU political rapprochement more important than WTO

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