Grachev N.I. Economic Strategy, Membership in the WTO, and the State Sovereignty of Russia

Grachev Nikolay Ivanovich

Doctor of Juridical Sciences, Professor, Department of Civil and Arbitration Proceeding, Volgograd State University

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Abstract. The globalization processes have generated a substantial contradiction between the demand to create an effective fast-growing national economy and the need to ensure national sovereignty. Keeping in mind the necessity of finding an optimal solution for this contradiction, this article reviews the basic provisions of the Protocol on Russia's accession to the WTO and the decree of the Constitutional Court of the Russian Federation on the matter. As a result, the author makes conclusion that Russia's participation in the WTO under the terms of the ratified Protocol predetermines the country's loss of competitive ability on the international stage and fails to guarantee the maintenance of its sovereignty. In order to fit into the world economy without losing sovereignty, the Russian Federation should take on assertive protectionism as its foreign economy strategy. Such policy involves Russia's exit from the WTO, a legal opportunity whereto has currently appeared in connection with force majeure circumstances provoked by economic sanctions on the part of the West. But most importantly, further build-up of efforts to create a multipolar world is needed.

Key words: state, sovereignty, World Trade Organization (WTO), economic policy, globalization, protectionism.

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