World economy

The practice of free economic zones in Thailand

Author: Kostyunina G.M.

Thailand is a country successfully implementing the policy on free economic zones. It takes the beginning since 1971, when the first industrial zone was formed. At present their total number is 36. The term “industrial” zone is common to other types of SEZ located in both the public and private or joint ownership. In practice, there are Thai export-processing zones, free zones, free trade zones, and science and technology parks. In 2014, the formation of six special economic zones as cross-border ones on the borders with the neighboring countries of ASEAN - Malaysia, Cambodia, Laos and Myanmar - was initiated. Thailand also takes part in the ASEAN’s economic growth zones: the North zone of growth and zone of the Greater Mekong.
The development of SEZs in the country has stimulated industrial production and the evolution of its branch structure from labour-intensive to capital-intensive and technology-intensive, employment growth, FDI infl ows and export growth.

World commodity markets

Climate challenges of the oil industry

Author: Garanina O.L.

The article examines the recent trends in global oil markets in the context of transition towards low-carbon energy system. It also discusses possible implications for international and Russian oil companies. Long-term oil demand projections show that oil demand will be driven by the emerging economies (China, India), while in OECD countries oil demand tends to decline. The article studies new challenges faced by international oil companies (demand uncertainty and “unburnable carbon” problem, raising environmental responsibility of investors), as well as possible ways to adapt oil companies’ strategies to new market conditions. Finally, market risks for Russian oil companies are discussed.

Discussion about development of market economy

Authors: Iljinova V.V., Sidоrov V.A., Yadgarov Ya.S.

The paper presents a spectrum of viewpoints of Russian and foreign scientists concerning the evolutionary aspects of the development of market economy. A modification of basic concepts is shown; an analysis of the economic theory development is made. The relationship between the role of the state and the market mechanisms is examined, and the development of market institutes is considered. Within the interdisciplinary approach an assessment of the modern economic phenomena and processes is made. Prospects for the development of Russia’s innovation system are outlined. The process approach to the market economy realities is demonstrated. Forecasts of the consequences of further enhancement of anti-Russian sanctions and changes in oil prices are made. Current issues in the economy and society are stated, and an original vision of ways how to address them is proposed.

Russian foreign economic relations

Prospects for Russia’s export expansion and its state support

Author: Spartak A.N.

The article reveals opportunities for the increase in Russian exports to rapidly growing markets of developing countries with a view of large-scale changes in their economies and structure of demand. Th e following developments are emphasized: dynamic rise of middle class and consumption expenditures in China and India, increasing comfortable demand for Russian industrial and agricultural goods, business services on part of the so called second echelon highly populated developing countries (with due regard of Russia’s competitive and technological capacities). Conceptual and practical suggestions for the provision of Russian export expansion by means of state support instruments are formulated, viz.: consistent export diversification policy, integration of export development issues into wider industrial policy, coordinated use of all support instruments, shift of export policy focus directly to exporters, complex measures for the promotion of most favoured policy principle for the exporters in regulatory, financial, administrative, organizational, trade policy and other spheres.

Foreign trade agenda: overcoming recession

Author: Obolensky V.P.

The article estimates the results of the development of foreign trade relations in the complicated conditions during the previous three years. It gives evaluation of the process of reorientation of parts of the trade and investment flows from the European to Asian direction. It states that the policy of export promotion and import substitution can push forward the economic growth only if a large-scale production of goods and services comparable with foreign analogues according to the criteria price/quality has been organized. The author concludes that in the present difficult conditions foreign challenges can and must be addressed through the coordinated and consistent cooperation of the state and business in order to overcome the technological gap between Russia and leading countries, which conserves a very strong dependence of Russia on the world market, and to raise competitiveness of the industries and enterprises outside the scope of the fuel and energy complex and the military-industrial complex.

WTO and mega-regional trade agreements

Author: Zagashvili V.S.

The article deals with the impact of transnational production growth and global value chains development on the course of the Doha Round of WTO multilateral trade negotiations and the formation of mega-regional trade agreements (MRTAs). The author considers the contradictions that arise between the WTO and MRTAs, as well as possible directions for expanding the WTO functions of monitoring and coordinating integration activities at the mega-regional level. The scope of the analysis includes changes in the US trade policy, their likely consequences for the American economy, the development of regional integration and the international trade regime.

Investment activity

Development prospects of Islamic private equity funds in Russia

Authors: Aupov A.A., Tukhvatullin A.F.

The article deals with Islamic private equity funds (PEF). The essence of Islamic PEF, principles and limitations of their functioning are revealed. The world market of Islamic PEFs is analyzed; the forecast of their development is given. The analysis of the Russian market of direct investments is carried out, their trends and factors of their development are distinguished, and the forecast up to 2021 is given. The possibility of organization of Islamic PEFs - including with attraction of investments from the countries of the Islamic world - in Russia is justified.

The possibility of creating an investment trust in Crimea

Authors: Dronova O.A., Zavyalova E.B., Taranovskaya E.V.

The authors consider options for attracting foreign capital to finance the development of the economy of Crimea under conditions of anti-Russian sanctions. They note the fears of Western entrepreneurs to openly participate in providing funds to Crimean enterprises, although such wishes exist. In this regard, the authors assess the possibility of creating an international investment trust, in which information on specific participants is not disclosed. They refer to the extensive practice of creating similar foundations in common law countries, primarily in the UK, Guernsey, as well as in Liechtenstein.

Customs regulation

Problems of classification and customs regulation of machines and mechanisms imports

Author: Andreeva E.I.

The author considers the legal basis for the classification of complex technical goods according to the Harmonized System and the classification of combined machines and equipment, as well as their parts and accessories. The main factors to be investigated are composition, combination, type of machine, degree of completeness; application area; nature of the goods. The practice of applying the General Rules for the Interpretation of the Harmonized System for the classification of machinery and mechanisms for customs purposes is considered. The article presents practical issues of classification of complex technical goods and their parts, reveals the reasons and identifies the main classification mistakes. Besides, the author analyzes the violations of classification rules by the foreign trade participants who aim to avoid customs payments and suggests ways to improve the safety of imported vehicles and the collection of customs payments.


Recent trends in the world economy

Author: Belchuk A.I.

Research reviews

Development of economic cooperation between Russia and Slovakia

Author: Telushkin A.A.

Given the new global challenges and escalating crisis inside the EU, the CEE countries including Slovakia have intensified recently their efforts on searching options for further development of cooperation. Slovakia’s stable economic situation and friendly mood provide good conditions for extending mutually profi table partnership with Russia. However, economic sanctions are the main obstacle to this.
The article assesses the impact of sanctions on the Slovak economy, efforts and measures of the government to protect and support the industries. In conclusion, the author estimates the prospects for the development of bilateral relations that the will depend in many ways both on the general EU policy and Slovak leaders’ willingness to implement mutually beneficial projects.


5 - 2017

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