beyondukraine.euandrussiainsearchofanewrelation
beyondukraine.euandrussiainsearchofanewrelation
beyondukraine.euandrussiainsearchofanewrelation
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EU-Russia: What Went Wrong? 31<br />
convergence of Russia with the long-term goal of establishing a<br />
free trade area. In 2002 the EU recognized Russia the status of a<br />
‘market economy’, a step that strengthened the candidacy of the<br />
country to the World Trade Organization (WTO) 4 .<br />
In this period, under the two consecutive presidencies of<br />
Vladimir Putin, Russia returned to play a leading role in the<br />
international system through the internal stabilization and<br />
consistent economic growth, however largely depending on the<br />
high price of oil. Moreover, economic integration and<br />
interdependence between Russia and the EU had grown<br />
considerably. Russia is currently the third largest trading partner<br />
of the EU after the United States and China.<br />
According to data from the Russian Federal Statistics Service,<br />
in 2013 EU Member States accounted for 57 per cent of Russian<br />
exports and 46.5 per cent of Russian imports, making the Union<br />
by far Russia’s most significant trading partner. In turn, Russia is<br />
the EU’s third largest trading partner, accounting for 9.5 per cent<br />
of EU trade. A number of Europe’s largest economies continue to<br />
have significant bilateral trade with Russia, with the Netherlands<br />
($52.1bn), Germany ($46.7bn), and Italy ($34.3bn) reporting the<br />
largest trade volumes in the first half of 2014 5 .<br />
Therefore, the prospects of cooperation between the EU and<br />
Russia are extremely promising, but at the same time affected by<br />
elements of mutual distrust and misunderstanding.<br />
The European expansion eastward<br />
Despite a steady increase in economic cooperation, Russia and the<br />
EU have shown so far divergent political views, in particular with<br />
4 S. Giusti, Europa e Russia/1. Perché è così difficile capirsi, in A. Ferrari (ed.), Oltre la<br />
Crimea. Russia contro Europa?, ISPI, Milano 2014, pp. 72-73, http://www.<br />
ispionline.it/it/EBook/OltreLaCrimea.pdf.<br />
5 House of Lords, European Union Committee 6 th Report of Session 2014-15, The<br />
EU and Russia: before and beyond the crisis in Ukraine, Hl Paper 115, 20 February 2015,<br />
http://www.publications.parliament.uk/pa/ld201415/ldselect/ldeucom/115/115.<br />
pdf.