FEDERATION TO THE WORLD TRADE ORGANIZATION 1 страница

(16 - 17.XI.2011)

INTRODUCTION

1. The Government of the Russian Federation applied for accession to the General Agreement on Tariffs and Trade (GATT 1947) in June 1993 (see document: L/7243 of 14 June 1993). At its meeting on 16 - 17 June 1993 the GATT Council of Representatives established a Working Party (see Minutes of Meeting of GATT Council, document: C/M/264 of 14 July 1993), to examine the application of the Government of the Russian Federation to accede to the GATT 1947 under Article XXXIII of the General Agreement. Following the entry into force of the WTO Agreement on 1 January 1995, and in pursuance of the decision adopted by the WTO General Council on 31 January 1995, the GATT 1947 Working Party was transformed into a WTO Accession Working Party under Article XII of the Marrakesh Agreement Establishing the WTO. The terms of reference and the membership of the Working Party are reproduced in document WT/ACC/RUS/1/Rev.30.

2. The Working Party met on 17 - 19 July 1995, 4 - 6 December 1995, 30 - 31 May 1996, 15 October 1996, 15 April 1997, 22 - 23 July 1997, 9 - 11 December 1997, 29 July 1998, 16 - 17 December 1998, and 25 May 2000 under the Chairmanship of H.E. Mr. W. Rossier (Switzerland), on 18 December 2000, 26 - 27 June 2001, 23 - 24 January 2002, 25 April 2002, 20 June 2002, 18 December 2002, 30 January 2003, 6 March 2003, 10 April 2003, 10 July 2003 and 30 October 2003, under the Chairmanship of H.E. Mr. K. Bryn (Norway), and on 5 February 2004, 2 April 2004, 16 July 2004, 23 March 2006 and 10 November 2011 under the Chairmanship of H.E. Mr. {S. Johannesson} <*> (Iceland).

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<*> Здесь и далее по тексту слова на национальном языке набраны латинским шрифтом и выделены фигурными скобками.

DOCUMENTATION PROVIDED

3. The Working Party had before it, to serve as a basis for its discussions, a Memorandum on the Foreign Trade Regime of the Russian Federation (L/7410), supplements to the Memorandum on the regime in the areas of Trade-Related Investment Measures (WT/ACC/RUS/5), Trade in Services (WT/ACC/RUS/6), Trade-Related Aspects of Intellectual Property Rights (WT/ACC/RUS/7), as well as questions submitted by Members of the Working Party on the foreign trade regime of the Russian Federation together with replies thereto and other information provided by the Russian authorities listed in documents WT/ACC/RUS/2; WT/ACC/RUS/4 and Addendum 1; WT/ACC/RUS/9 and Addenda 1, 2 and 3; WT/ACC/RUS/11/Rev.15; WT/ACC/RUS/13 and Addendum 1; WT/ACC/RUS/14; WT/ACC/RUS/17 and Addendum 1; WT/ACC/RUS/23 and Addendum 1; WT/ACC/RUS/25; WT/ACC/RUS/30 and Addendum 1; WT/ACC/RUS/38 and WT/ACC/RUS/46 and legislative texts and other documentation listed in Annex 1. From March 2006 to 10 November 2011, the Working Party on the Accession of the Russian Federation functioned informally. In this period, working documentation was circulated informally under the JOB document symbol. The complete list of these JOB numbered documents is contained in Annex 5.

INTRODUCTORY STATEMENTS

4. The representative of the Russian Federation recalled that his Government had been an observer to GATT 1947 since January 1992 when the Russian Federation continued the former USSR observer status. In this capacity, the Russian Federation had witnessed the successful conclusion of the Uruguay Round and followed its implementation.

5. In this context, he noted that his Government was confronted with a number of important tasks in the social, institutional, macroeconomic and investment fields. In particular, the Russian Federation had to overcome the decline in the standards of living of its population resulting from the economic and financial crisis of 1998. This could be achieved only through policies aimed at stimulating growth in the GDP of the country by improving economic productivity, and expanding sources of investments. In the view of his Government, this would also require the maintenance of a set of policies which could adequately develop competitive domestic markets for goods, services and capitals and enhance the role of smaller and medium size enterprises. Accordingly, since requesting accession to the GATT and afterwards to the WTO, the Russian Federation had undertaken an unprecedented process of reform of its economy, progressively adopting laws and regulations consistent with WTO multilateral rules and disciplines. This process was primarily aimed at establishing the conditions for a dynamic market economy in the Russian Federation based on a stable and predictable legislative framework capable of sustaining long term economic growth and ensuring improvements in the standards of living and welfare of the Russian population as well as in the modernization of the production capacity of the Russian Federation, and its international competitiveness. The Government of the Russian Federation had set a clear list of programmes, policies and priorities that had, as their central goal, rendering the Russian Federation a better, more competitive and rewarding place in which to work and do business. It was clear that the growing interdependence of national economies, global integration of markets and linkage between trade flows and investment, required the Russian Federation to adjust its trade, financial and investment legislation to WTO rules and disciplines.

6. Members of the Working Party welcomed the application for accession to the WTO of the Russian Federation and underscored the importance of a rapid integration of the Russian Federation into the multilateral trading system, both for the benefit of the Russian Federation and the world trading system as a whole. To this end, Members considered that the enactment of relevant legislation, consistent with WTO requirements, and of provisions for its implementation was essential to the accession of the Russian Federation to the WTO, in order to ensure that the Russian Federation could be an effective participant in the WTO from the first day of its membership. Members of the Working Party equally stressed the need for completing the negotiations on commercially viable terms which should be mutually beneficial to the Russian Federation and WTO Members.

7. The Working Party reviewed the economic policies and foreign trade regime of the Russian Federation and the terms of a Protocol of Accession to the WTO. The views expressed by Members of the Working Party on the various aspects of the foreign trade regime of the Russian Federation, and on the terms and conditions of the accession of the Russian Federation to the WTO are summarized below in paragraphs 8 to 1449.

ECONOMY, ECONOMIC POLICIES AND FOREIGN TRADE

FISCAL AND MONETARY POLICIES

8. The representative of the Russian Federation said that current economic policies in the Russian Federation were aimed, inter alia, at "de-bureaucratization" of the economy, including elimination of unnecessary and burdensome administrative barriers, improvement of competition and investment attractiveness of the country, as well as at the achievement of its fiscal and monetary stability. The monetary policy of the Russian Federation was intended, in particular, to achieve a balanced monetary system, free of unnecessary restrictions and constraints for domestic and foreign economic operators, and to create favourable preconditions for sustainable long-term economic development. This objective was being achieved by reducing inflation to the projected level, as the fundamental monetary policy target, and implementing a policy of managed floating exchange rate of the national currency. All these activities were accompanied by measures to liberalize foreign exchange regulations.

9. Pursuant to the legislation of the Russian Federation, the Central Bank of the Russian Federation (Bank of Russia or CBR) was responsible for developing and conducting a uniform monetary and credit policy in co-operation with the Government of the Russian Federation. The status, purposes, functions, and powers of the Bank of Russia were regulated by Federal Law No. 86-FZ of 10 July 2002 "On the Central Bank of the Russian Federation (Bank of Russia)" (as last amended on 25 November 2009). Decisions on the issues of monetary and credit policy were taken by the Board of Directors and the Monetary and Credit Policy Committee of the Bank of Russia. In addition, the consideration of a number of topics related to the activities of the Bank of Russia was included in the competence of the National Banking Council, particularly, the examination of the draft "Monetary Policy Guidelines" for the next calendar year. The representatives of the Government of the Russian Federation were Members of the National Banking Council and they participated in meetings of the Board of Directors of the Bank of Russia with a right of advisory vote. The Chairman of the Bank of Russia, or one of his deputies, on his behalf, participated in meetings of the Government of the Russian Federation. Pursuant to legislation of the Russian Federation, the Bank of Russia and the Government of the Russian Federation were required to inform each other about intended actions of national importance; they coordinated their policy and held regular consultations. For matters related to the issuance of Government notes and the repayment of debt of the Russian Federation, the Bank of Russia consulted the Ministry of Finance.

10. In response to a Member who noted that in its conduct of monetary policy the CBR continued to rely unduly on management of the exchange rate and foreign reserves and on depository operations rather than on more standard monetary instruments, such as refinancing and interest rate management, the representative of the Russian Federation said that the CBR used all available monetary instruments and methods apart from those mentioned by some Members. To achieve the monetary policy objectives and to respond more quickly and effectively to any changes in money and credit, including inter-bank interest rates fluctuations, the CBR actively used market instruments, combining operations of medium and long-term sterilisation of temporarily free funds, with operations to provide, when necessary, liquidity to banks which helped the CBR to maintain balanced and relatively stable conditions on the money market. The application of instruments and methods of monetary regulation was based on the combination of regular market-based auctions and operations with standing facilities. Monetary instruments and methods were adjusted depending on the economic situation, in compliance with the legal framework. In accordance with Federal Law No. 86-FZ of 10 July 2002, the principal instruments and methods of the monetary policy of the CBR were the following:

- interest rates on the operations of the CBR;

- ratios of the required reserves deposited with the CBR (the reserve requirements);

- open market operations;

- refinancing of credit institutions;

- currency interventions;

- the issue of bonds on its own behalf; and

- setting targets for money supply growth.

11. Taking into consideration the predictable situation of liquidity in the banking sector, the CBR was seeking to use an optimum set of instruments for providing and absorbing liquidity and for enhancing their availability to the credit organizations throughout all regions of the Russian Federation. To absorb free banking liquidity, the CBR held regular deposit auctions to attract funds from credit institutions for four weeks and three months. To absorb free funds of credit organizations for a longer period, the CBR held auctions on issuing its own bonds for a term of seven months and six month put options. For the purpose of absorbing excess liquidity, the CBR also used outright sales of government bonds from its portfolio at market yields without an obligation of reverse re-purchase.

12. In addition to using market instruments to sterilize liquidity, the CBR preserved permanent access windows for credit institutions to place their free funds on deposit with the CBR. The CBR conducted deposit operations on standard terms and conditions at a fixed interest rate through the Reuters Dealing System and MICEX (Moscow Interbank Currency Exchange) System of electronic lot trading (SELT). Interest rate policy of the Bank of Russia was aimed at narrowing the spread of interest rates on its operations in the monetary market. The upper limit of interest rate was being progressively lowered as inflation was slowing down. To reduce the high level of excess banking sector liquidity, the Bank of Russia took steps to control money supply growth by more actively using sterilisation instruments. At times, banks were in need of additional liquidity. Under these circumstances, the CBR provided funds to credit institutions on a market basis through direct repo and Lombard auctions for two weeks. In addition, the CBR extended to banks intra-day overnight settlement loans and Lombard loans at fixed interest rate for seven days, backed by federal government and local government securities, bonds issued by corporate entities, residents of the Russian Federation, mortgage bonds, CBR obligations (OBR) and obligations of international financial organizations. Credit institutions also had the opportunity to receive liquidity through foreign exchange swaps arranged with the CBR. An important monetary policy instrument used by the CBR was currency interventions (foreign exchange outright sales and purchases) in the exchange and over-the-counter segment of the domestic foreign exchange market. To manage their own liquidity, credit institutions actively used averaging of required reserves.

13. Under the Federal Law No. 86-FZ of 10 July 2002, the CBR was required to annually submit to the State Duma draft "Guidelines for the Common State Monetary Policy for the coming year" no later than 26 August, and the same but approved document, no later than 1 December. He added that pursuant to The Monetary Policy Guidelines for 2010 the ultimate aim of the monetary policy implemented by the CBR was the reduction of inflation. The CBR had developed a monetary programme with the objective to monitor monetary indicators on their compliance with the projected inflation level. The Monetary Policy Guidelines for 2010 could be found on the website of the CBR (www.cbr.ru).

14. Turning to the question of budgetary policy, the representative of the Russian Federation noted that, by its Order No. 38-R of 19 January 2006, the Government of the Russian Federation adopted the Medium-term Program of Economic and Social Development of the Russian Federation (2006 - 2008), which established key directions of activities of the Government of the Russian Federation for that period, aimed at ensuring the realization of strategic goals such as the enhancing of well-being of population and the reduction of poverty on the basis of dynamic and sound economic growth and improved competitiveness. According to the aforementioned document, during that period, the Government of the Russian Federation would carry out well-balanced budgetary policy, maintain substantial international reserves, as well as ensure the formation of the Stabilization Fund of the Russian Federation. The document also acknowledged the need for the implementation of measures of conservative budgetary and monetary policy. It was noted that, in the mid-term period reduction of the positive balance of the current accounts of balance of payments was expected.

15. With regard to the fiscal policy of the Russian Federation, he noted that the main Federal bodies responsible for defining and conducting the fiscal policy of the Russian Federation were the Ministry of Economic Development of the Russian Federation (MED) and the Ministry of Finance of the Russian Federation. The Federal Tax Service was under the jurisdiction of the Ministry of Finance of the Russian Federation. Pursuant to the Resolution of the Government of the Russian Federation No. 506 of 30 September 2004 (as last amended on 15 June 2010), the Federal Tax Service was the federal executive body in charge of overseeing the proper implementation of legislation related to taxes and fees (monitoring of proper calculation, fullness and timeliness of obligatory payments to the relevant budget; of manufacturing and turnover of ethyl alcohol, alcohol and tobacco products; and observance of monetary legislation within the competence of the tax bodies). In its activities, the Federal Tax Service of the Russian Federation was guided by the Constitution of the Russian Federation, Customs Code of the Russian Federation (Federal Law No. 61-FZ of 28 May 2003, as last amended on 28 July 2008), Tax Code of the Russian Federation (as last amended on 30 July 2010), Federal constitutional laws, Federal laws, Acts of the President of the Russian Federation and the Government of the Russian Federation, international agreements of the Russian Federation, normative acts of the Ministry of Finance of the Russian Federation and the Statute of the Federal Tax Service approved by the Resolution of the Government of the Russian Federation No. 506 of 30 September 2004 (as last amended on 15 June 2010).

16. He added that the current forms of taxation in the Russian Federation were established by the Tax Code of the Russian Federation. That Code distinguished between federal taxes, regional taxes, and local taxes. He noted that Federal taxes comprised: the value-added tax; excise tax; royalty tax for use of natural resources and extraction of minerals; profit tax imposed on legal persons; income tax imposed on natural persons; State duties; fees for the use of fauna objects and objects of water bio-resources; and, water use tax. Pursuant to the Tax Code, regional taxes comprised: the property tax imposed on organizations; transport tax; and, gambling tax. Local taxes and fees comprised: the land tax; and, property tax imposed on individuals.

17. In 2009, the activity of the CBR was aimed mostly at minimizing the negative effect of the world economic crisis on the Russian economy. The crisis had led to the sharp drop of the GDP (7.9 per cent in 2009), considerable devaluation of the national currency and significant capital outflow (57 billion USD in 2009). The CBR managed to suppress the devaluation of the ruble through the large-scale currency interventions and interest rates policy. Stability of the banking sector was supported by the measures aimed at increasing its capitalization and liquidity, as well as readjusting the credit institutions facing financial difficulties. In 2010, as the critical phase of the crisis was coming to the end and the Russian economy was recovering, the use of special anti-crisis measures was being reduced. The reduction of CBR interventions and increase of the ruble exchange rate flexibility were expected to contribute to increasing the role of the interest rate policy of the CBR. Based on the experience gained during the crisis period, the CBR was going to strengthen financial stability including, inter alia, through improving the requirements with respect to risk management of the credit organizations.

FOREIGN EXCHANGE AND PAYMENTS SYSTEM

18. The representative of the Russian Federation recalled that his country had been a Member of the International Monetary Fund (IMF), since 1992. The national currency, the ruble (RUB, equal to 100 Kopeks), was convertible to foreign currencies on the basis of current market rates.

19. Members of the Working Party noted their concerns in relation to certain foreign exchange control and regulatory measures in force, including restrictions on foreign exchange retention, restrictions on the rights of residents to acquire and hold foreign exchange and to have accounts in foreign banks, pre-payment requirements for imports, and the 1 per cent tax levied on the purchase of foreign currency by natural persons. They requested information on the nature of the requirements in place, their legal basis, their purpose and WTO justification, the circumstances that led to their introduction and whether these circumstances still existed, and the plans of the Russian Federation to eliminate restrictions which were still in place.

20. In response, the representative of the Russian Federation stated that the CBR exercised control over timely and full transfer of export earnings to the country and over making payments for goods imported to the territory of the Russian Federation under pre-payment terms. The CBR also exercised control to enable the detection of fictitious foreign exchange operations by residents in off-shore zones. Enhanced requirements in respect of establishing correspondent relations and forming reserves were imposed on operations performed by authorised banks with resident banks registered in off-shore zones. The requirements differed depending on the group and the off-shore zone they related to. Relevant requirements and the classification of off-shore zones were defined in the Instructions of the CBR No. 1317-y of 7 August 2003 "On the Procedure for Establishing Correspondent Relations Between Authorised Banks and Non-Resident Banks Registered in the States and in the Territories Granting Preferential Taxation Treatment and (or) not Envisaging Disclosure and Provision of Information in Performing Financial Operations (in Off-Shore Zones)" (as last amended on 8 February 2010) and No. 1584-y of 22 June 2005 "On Establishing and the Amount of the Reserve for Operations Performed by Crediting Organizations with Residents of Off-Shore Zones".

21. The representative of the Russian Federation further explained some of the main characteristics of the new currency regulation enacted by Federal Law No. 173-FZ of 10 December 2003 "On Currency Regulation and Currency Control" (Federal Law No. 173-FZ).

22. Federal Law No. 173-FZ, which had entered into force on 18 June 2004 (as last amended on 22 July 2008), aimed at the implementation of the single State currency policy and stability of the currency of the Russian Federation, while at the same time ensuring the progressive liberalization of the foreign exchange legislation of the Russian Federation. One of the main features of the regulation had been a shift from the previous principle "everything is forbidden except what is permitted by law" to "everything is permitted except what is forbidden by law". This trend had been reflected in Articles 7 and 8 of Federal Law No. 173-FZ, which had established a closed list of currency operations pertaining to capital movement subject to special regulation. Outside this list, all currency transactions had been conducted without restrictions. At the same time, Federal Law No. 173-FZ had provided for a clear and balanced distribution of powers between the Government of the Russian Federation and the CBR in the field of regulation of currency transactions pertaining to capital movement. Pursuant to Article 7 (which had been in force until 1 July 2006) of Federal Law No. 173-FZ, the Government of the Russian Federation had been responsible for regulating currency transactions pertaining to capital movement connected with foreign trade operations. The joint competence of the Government of the Russian Federation and the Bank of Russia had covered transactions connected with the purchase by residents of share fractions, deposits, shares in legal entities' property (authorised or ownership capital, share fund of cooperative society) from non-residents or with entering deposits under simple partnership contracts signed with non-residents. The powers of the CBR in the sphere of regulation of currency transactions pertaining to capital movement had been extended to operations related to granting and raising of credits and loans; operations with securities denominated in Russian or foreign currency (including related payments, transfers and performance of obligations), and operations of credit organizations. Article 8 of Federal Law No. 173-FZ had been in force until 1 January 2007.

23. Federal Law No. 173-FZ had also established an exhaustive set of instruments which could have been used by the Government of the Russian Federation and the Central Bank to regulate currency transactions pertaining to capital movement: (a) temporary reservation of a part of the currency transaction amount; and, (b) requirement to use special bank accounts in authorised banks.

24. The representative of the Russian Federation further stated that currency transactions pertaining to capital movement listed in Articles 7 and 8 of Federal Law No. 173-FZ had been subject to restrictions only for the purpose of preventing substantial reductions in gold and foreign currency reserves; addressing sharp fluctuations of exchange rate of currency of the Russian Federation, as well as for maintaining the stability of balance of payments (Article 6 of Federal Law No. 173-FZ).

25. He further noted that Federal Law No. 173-FZ had introduced a "negative list" approach: if the procedures for currency transactions and for using bank accounts (including the requirement of special bank accounts) were not established by the State bodies for currency regulation (the Government of the Russian Federation and the Bank of Russia) within the scope of this Federal Law, currency transactions could be carried out, accounts could be opened and transactions through the accounts could be carried out without restrictions.

26. Federal Law No. 173-FZ had also stipulated that State bodies for currency regulation were not to introduce more than one reservation requirement with respect to each particular type of currency transactions simultaneously. The CBR established the procedures for the reservation and return of the reservation amount. The amount of reservation was required to be deposited in Russian currency. Residents and non-residents calculated the amount of the reservation themselves. The reservation amount for a foreign currency transaction was calculated at the official CBR rate as of the date the amount of the reservation was entered. Early return of the total or part of the reservation amount had been authorised in cases stipulated by Federal Law No. 173-FZ. Interest had not been charged for the amounts of reservation deposited in accounts of authorised banks or the CBR. According to Federal Law No. 173-FZ, reservation requirements and use of special bank accounts had been in force until 1 January 2007.

27. The representative of the Russian Federation further explained that, pursuant to Article 7 (which ceased to be effective as of 1 July 2006) of Federal Law No. 173-FZ, the Government of the Russian Federation could use the above-mentioned instruments to regulate currency transactions pertaining to capital movement connected with foreign trade operations in the following situations: (i) delayed payment for exported goods, specified in Sections XVI, XVII and XIX of the Commodity Nomenclature for Foreign Economic Activity for the period exceeding three years (HS Codes 84 - 89, 93); (ii) delayed payment for the period above five years for building and construction works performed by residents outside the territory of the Russian Federation and also for delivered goods necessary for performance of these works; (iii) delayed payment (due from a non-resident to a resident) for more than 180 calendar days in connection with realization of foreign trade activity; (iv) granting commercial credits by residents to non-residents for more than a 180 calendar day period as an advance payment regarding the realization of foreign trade activity; (v) granting commercial credits by residents to non-residents for a period exceeding three years in the form of advance payment for import of goods, specified in Sections XVI, XVII and XIX of the Commodity Nomenclature for Foreign Economic Activity. In these situations the Government of the Russian Federation had the authority to introduce a temporary reservation requirement of 50 per cent of the currency transaction amount, with such measure in effect for a maximum of two years. In the situations designated in paragraphs 3 and 4 of Article 7 of Federal Law No. 173-FZ (iii and iv respectively in the above list of situations), the currency reservation requirement would not apply, if the payment was guaranteed by an irrevocable letter of credit covered for the account of payer; a bank guarantee issued by a bank situated outside the territory of the Russian Federation, given for the benefit of the resident; an insurance contract; or, a bill drawn by a non-resident for the benefit of the resident and guaranteed by a bank outside the territory of the Russian Federation. In 2005, the Government of the Russian Federation had partially exercised its powers in the field of regulation of currency transactions pertaining to capital movement between residents and non-residents, having established reservation requirements with respect to currency transactions by residents mentioned in paragraphs 4 and 7 of Article 7 of Federal Law No. 173-FZ. It had issued the following acts to that effect:

- Resolution of the Government of the Russian Federation No. 204 of 11 April 2005 "On the Procedure for Making Settlements and Transfers in Acquisition of Stakes, Deposits, Shares in Property (Authorised or Share Capital, Share Fund of Cooperative) of Legal Entities by Residents from Non-Residents, in Entering Contributions by Residents Under Contracts of Simple Partnership with Non-Residents"; and