Case Study: European Union (EU)

EU Economy
The process of framing EU policies focus on its capacity to respond to global challenges. The single market benefits from high-quality and transparent rules that make it possible to benefit from economies of scale. Competition in single market encourages businesses to provide high-quality products. EU does not rely on single mechanism to tackle trade barriers. EU’s multilateral cooperation is strengthened by bilateral Free Trade Agreements with ASEAN, Korea, India, the Andean and Central American countries.

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Economic Snapshot: Russian Federation

Russian economic reforms have made considerable progress since Mr Putin became President in 2000. The GDP growth and the surplus/deficit in the state budget are closely linked to world oil prices. The GDP growth rate was 9.7% in 2006, and 8.1% in 2007. Russia is one of the most industrialized of the former Soviet republics. However, years of very low investment have left much of Russian industry antiquated and highly inefficient. Oil, natural gas, metals, and timber comprise almost 80% of Russian exports.

Russia’s main trading partners are Germany, Italy, the Netherlands, Switzerland, Britain, the United States, Ukraine, Kazakstan, Belarus, China, and Japan. Exports for 1995 estimated at US$77.8 billion, imports US$57.9 billion. Russian Chamber of commerce and Industry provides support in protecting entrepreneurs’ business interests, promoting interaction between entrepreneurs and the government authorities, encouraging development of an educational system to train business managers, and mediating in disputes arising between businesses and entrepreneurs.

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