The lacks of the investment legislation. The introduction of Russia into the WTO.

  Какие изменения необходимо привнести в российское законодательство, чтобы оптимально соответствовать требованиям и стандартам ВТО в вопросах зарубежного инвестирования? Необходимо укрепить правовые гарантии для внешних инвесторов путём введения порядка рассмотрения инвестиционных споров с их участием в международном арбитраже. Особое внимание необходимо уделить либерализации правового режима для зарубежных вложений, связанных с внешней торговлей. Для достижения успеха необходимо обеспечить иностранным инвесторам либеральный предсказуемый правовой режим, соответствующий стандартам ВТО. Кроме этого, стоит уделить внимание свободным экономическим зонам.

 

The analysis of the attraction of the foreign investments into the Russian economy makes up to agree with an estimation of the experts of the Bureau of the economic analysis that Russia has lost the ten years' period of the competition for “the cultural western and eastern investor”. There is a question how to overcome this omission?

The big work should be carried out on the actualization of the laws, basically, on the maintenance of their unconditional execution. This fact is a weak place of the Russian economy and the society, which has not got rid of the legal nihilism. Promised in the near future the introduction of Russia into the WTO even aggravates this problem. It is necessary to make much on the entering of the Russian economy into the formed world investment order. For this purpose we have to lead the legislation of Russia, including the foreign investments, to the full conformity with the international standards and requirements of the WTO.

Firstly it is important to strengthen the legal guarantees for the external investors, in particular by the introduction of the consideration of the investment disputes with their participation in the international arbitration. Such norm is stipulated in the bilateral contracts of Russia with many other countries but is absent in its internal legislation. Without it it will be difficult for Russia to compete for the attraction of the foreign investments even with the nearest neighbors on the PostSoviet space.

One can’t note that the modern world market of the capital is the market of the investors, the arena of the sharp rivalry of the country-recipients of the investments. In order to the achieve the success it is necessary to provide the foreign investors a liberal, stable, predicted legal regime which will correspond the standard of the WTO where 140 countries of the world enter and China is recently accepted.

The problem of the development of free economic zones (FEZ) is not less actual. Now the Kaliningrad and the Sakhalin zones work perfectly. Wide recognition was received with the experience of the creation of FEZ in China where they became a window into the world economics, large inflow of the foreign capital. Finishing the law about FEZ it is important not to limit a range of the used forms. It is necessary to find the application of these forms (for example to technopolises).

In connection with the forthcoming introduction of Russia into the WTO the special attention is necessary to pay for liberalization of a legal regime for the foreign investments connected with the foreign trade. Within the framework of the WTO on the given question there is a special agreement about TRIM (Trade Related Investment Measures) where the question is the restrictions on the use in the calculations of the foreign currency, about special requirements to a share of export in the production of these enterprises.

In the Russian legislation, at least at a federal level, there are no such requirements. However the countries with the federal device which enter the WTO should harmonize its standards and regional legislation. With the purpose of the maintenance according to the principles of the WTO the easier approach of the foreign investors on the home market of Russia, it would be necessary to reduce gradually the list of the branches of the manufactures closed for them.

In this connection it is expediently not to accept the project of the federal law taking place in the State Duma called “About the list of the branches, the manufactures, the kinds of activity in which activity of the foreign investors is forbidden or limited” before Russia joins the WTO officially.