The improvement of competitive conditions in Russia due to its accession to the World Trade Organization will help modernize its economy.

“I hope that improved competition will spur economic modernization,” Prime Minister Vladimir Putin said when delivering a report on the government’s performance last year to the parliament.

He acknowledged that some Russian industries may suffer from WTO entry in the short term, but assured that the government was looking for ways to protect the key industries: agriculture, the automobile industry, and agricultural equipment manufacturers.