Source Pravda.Ru

US Ambassador comments on protection of intellectual property rights

Foreign investors are scared to invest in Russia because of the underdeveloped system of protecting intellectual property rights, US Ambassador to Russia Alexander Vershbow announced at a meeting of the EurAsEC members. According to Vershbow, the US is actively negotiating with Russia on its accession to the WTO. But a number of 'hard decisions' should be implemented to enhance Russia's joining the organization, Vershbow stressed. The major problem that Russia should solve before its accession to the WTO is enhancing the protection of intellectual property rights. The underdeveloped system of protection affects the most promising sectors of the Russian economy, he stressed. Moreover, the Russian agriculture policies are aimed at financing a huge number of companies, which cannot show profitability. "Thus, Russia protects these companies from foreign investors," he added. And since the government subsidizes these economy sectors, it is unlikely they will become profitable, he emphasized.