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Russia and the OECD By Sergei Lavrov MOSCOW -- After a prolonged and at times difficult internal reform process, the Organization for Economic Cooperation and Development is finally on the verge of opening its doors to new members. It could promote Russia's integration into the world economy by offering us membership. Russia submitted a formal application to join the OECD in May 1996. In December of that year, the OECD Council stated that Russia's membership was "a goal shared by the Organization," thus laying a path to our dynamic cooperation in the years to come. Over the last decade, Russia's cooperation with the OECD has increased dramatically. This interaction has contributed greatly to the advancement of Russia's reforms, helping to strengthen our market institutions and to find solutions to our economic and social-policy issues. In fact, many Russian laws and regulatory norms -- including those for antitrust and tax legislation, foreign investments, banking and more -- have been designed with relevant OECD guidelines and models in mind. However, it is obvious that the full potential of our cooperation with the OECD can only be fully realized when Russia becomes a full-fledged member. That is why we strongly believe that now is the right time to act for both the OECD and Russia. The list of countries to be invited to join the OECD may be announced next month. It will be based on candidates' compliance with criteria set forth in the so-called Noboru report on "OECD Strategy for Enlargement and Outreach." We are convinced that Russia fully meets all four major criteria. The first, like-mindedness, is perhaps the one that is most difficult to define objectively. It is also one of the most important, as the OECD must consist of like-minded countries if it is to be effective. Russia, if viewed impartially, meets this criterion. We are a democratic country with a strong, dynamic, socially oriented market economy. Many industrial countries took centuries to make the progress that we achieved over the last 15 years. I firmly believe that the general course of Russia's development was the right one. The best proof of that is the significant improvement of the living standards of the Russian population and the emergence in Russia of a broad proprietary class comprising businessmen and other people ready to assume responsibility for their own destiny and for the country's. Russia's dynamic development significantly contributes to the world economic system. In 2006, our economic growth reached 6.9%, making Russia the world's 10th-largest economy in terms of GDP. We moved to No. 3 in the world in foreign reserves and repaid our debts to the Paris Club. Last summer, Russia fully liberalized its foreign-exchange market and established a free capital movement regime. Today only 16 countries in the world do not impose any foreign-currency restrictions; Russia is one of them. These changes have made Russia significantly more attractive to investors. According to United Nations data, direct foreign investments in Russia almost doubled in 2006 to $28.4 billion. This is the proof of the openness and stability of Russia's economy, including its energy sector. According to some estimates, up to 26% of all oil in Russia is produced thanks to foreign capital. When Western media criticize Russia's investment climate and economic policies, it is worth noting that the situation in the 1990s was quite the opposite: We were complimented in the press, but had virtually no foreign investments. Another criterion for joining the OECD is the candidate's international significance. Our role in international affairs has increased significantly of late. In 2006 Russia fruitfully held the presidency of several international organizations: the G-8, the Committee of Ministers of the Council of Europe, the Organization of the Black Sea Economic Cooperation, the Arctic Council, and CIS integration organizations. The G-8 summit in St. Petersburg led to major solutions on such issues as energy security, infectious disease control and education. Russia today is a capable and self-confident country. Its internal consolidation is accompanied by an improvement of its capability as a reliable partner. No prejudice or ideology affects our approach to foreign affairs anymore: Common sense and pragmatism replaced them. Our accession to the OECD would increase the organization's influence and credibility and would further enhance multifaceted cooperation within the group. This in itself underlines Russia's compliance with the third Noboru criterion: that accession benefits both the new member and the OECD. Given Russia's geographical position and size, our accession would considerably expand the OECD's borders, diversify its relations and make it a truly global organization. This in turn meets the fourth membership criterion, that of global considerations in OECD activities. Obviously, Russia's participation would make the OECD more balanced in the eyes of the international community, both geographically and politically. Our membership in the OECD would undoubtedly open new horizons for Russia and for our constructive cooperation with other developed countries. It would be yet another logical step toward Russia's integration into the global economy and an effective tool for advancing our reforms. In the end, the whole world would benefit. Mr. Lavrov is Russia's foreign minister. The Wall Street Journal. COMMENTARY April 25, 2007
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