News

Russia declared a market economy by EU

31/05/2002

In a move that appears to take the country a step closer to joining the World Trade Organisation, Russia has officially been declared a fully fledged "market economy" by the European Union (EU).

Commission president Romano Prodi announced the news on May 29, praising the economic reforms that Russia has successfully undertaken in the last few years. The EU is the first trade power to allocate a market economy status to Russia.

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