Over the past years Russian Federation (RF) has made significant progress in its market reforms. The country‘s economic growth for this period is a consistent and sound economic strategy focused on modernizing the country‘s financial system and developing market infrastructure. Russian GDP growth rates for 2011, 2012 and 2013 are 4.3%, 4.0% and 3.9%, respectively.
Russia is currently the fastest growing export market (M&A activity in Russia 2012) and the third largest after Europe and North America. Opportunities are increasing, in part due to the modernisation of the economy and the development of infrastructure. However there are requirements that must be met in order to supply goods and services to Russia.
Russia has its own certification system for controlling the import and sale of goods and equipment – GOST-R. GOST means «national standard» and R stands for «Russia». Because there is no treaty between Russia and the European Union for the mutual recognition of certificates, experts must review the certificates to verify that they conform to Russian standards when machines, packaging and products for the cosmetics, food, chemicals and other industries enter the country.
One precondition for Russia’s accession to the World Trade Organization was that Russia had to reform the Technical Regulations in order to harmonize the national standardization system with the European system and to raise it to a level that is consistent with the requirements of today’s business environment.