Liberalization of Russia’s trade with the European Union, BRICS, and Trans-Pacific Partnership countries

Abstract

The general trade effects and changes in the commodity and geographical trade structures for Russia under the condition of integrating trade with countries of the European Union, BRICS and Trans-Pacific Partnership have been estimated in the article. It has been stated that it is preferable for the Russian economy to approach European Union countries in order to obtain the maximum values of the welfare effect and trade-creation effect, and to proportionally increase the export and import volumes with the BRICS countries. Based on the prolongation of the shortterm tendencies, the long-term challenges to the Russian economy and possibilities of liberalizing trade with the mentioned trade unions have been specified.