The Russian Fashion Retail Market - CPM Moscow

1.7. Russia can live without WTO-Access: Medvedev
October 19, 2011; RIA Novosti
The conclusion of the Free Trade Zone Agreement between Russia and the
Majority of CIS-countries has obviously encouraged President Medvedev to once
again argue about the pros and cons of Russia’s access to the World Trade
Organization (WTO). “If we are told that we are not fit for WTO Membership for
some reason, Russia can live without it” Medvedev said. This statement was
obviously addressing the permanent objections made by the Republic of Georgia
against Russia’s WTO-access, resulting from the Russia-Georgian conflict on trade
issues related to the Abkhazia and South-Ossetia case. Whereas Georgia made its
access to WTO in the year 2000, Russia, the only major economy not included in
this organization, has been negotiating on membership since 18 years. However
since Switzerland took initiative to act as a mediator between Georgia and Russia
at the end of October 2011, experts in Geneva forecast an agreement on Russia’s
Access to WTO in early November, this year.
Effects of Russia’s WTO-membership on market access conditions of Textiles and
Clothing to the Customs’ Union of Russia, Belarus and Kazakhstan are not yet
known. According to Luisa Santos, Head of International Trade of EURATEX,
Brussels, details are expected from the next WTO Ministerial Meeting in mid-
December of this year.
1.8. Russia better prepared for new Crisis than 2008
October 27, 2011; RINA Novosti
As a speaker at the Russian Money Market Forum 2011, Deputy Finance Minister,
Alexey Savatyugin, made some important statements on the prevention of a new
financial crisis, possibly arising from the Debt Crisis in Europe and the US.
Savatyugin made it clear, that the 2008 crisis and its effects on the real economy
were caused in Russia by tough financial problems of private enterprises,
whereas, to-day, the principal threat results from budget excess of sovereign
states. “Even in a worst-case scenario we are better prepared today than in
2008”, Savatyugin said. At present Russia has the entire portfolio of tools
available to effectively respond to a possible crisis”, he continued. Concerning a
possible slump of oil and gas prices, the Deputy Finance Minister commented on
two scenarios: “If the price of oil depreciated to US $ 90 per barrel, the Central
Bank of Russia has the appropriate instruments at hand to deal with the situation”
Savatyugin explained. “If it falls to a low of in between US $ 75 and US $ 60 per
barrel, additional capitalization of system – critical banks and financial support of
enterprises in the real economy would be required”, he said.
1.9. Russian Ruble remains stable Currency
October 29, 2011; RIA Novosti
“Russians should not worry over currency fluctuations”. This statement was made
by First Deputy Prime Minister, Igor Shuvalov, in an interview with the federal TVchannel
ROSSIYA-1 on October 29, 2011. As Shuvalov further informed the
public, the Ruble has developed into a stable currency, since 2009, having the
same risk level as the Euro. He added that certain fluctuations of the Ruble were
due to changes of prices for oil and gas, Russia’s dominant expert commodities.
Shuvalov declared that if such prices depreciated, the government would use
reserve funds to stabilize the Ruble but will not cut budget expenses in 2012.
1.10. Review on Russian Fashion Retail Forum September 2011
October 31, 2011; IGEDO COMPANY
Embedded in the September-edition of CPM, the 8 th consecutive Russian Fashion
Retail Forum took place on September 6 and 7, 2011 at Expocenter.
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