Business must change standards
Representatives of the academic community, state authorities and business have discussed the development of business cooperation between the European Union and Russia at the Ministry of Economic Development.
Antonina Levashenko, Head of RANEPA Russia-OECD Center spoke at the conference about the OECD’s Responsible business conduct (RBC) standards and their impact on the export competitiveness of companies in Russia and the EAEU. In her remarks, the speaker noted that many of these standards have already been implemented at the legislative level in the EU.
For example, the OECD conflict minerals guidance will become legally binding in the European Union from 2021, which means that companies will have to prove that valuable minerals (tin, tantalum, tungsten, gold) they used have not been mined in conflict zones. Similar actions to introduce RBC into the EU legislation are currently being taken in other sectors, for example, in agriculture, in the light industry, and in financial markets.
Antonina Levashenko called on regulators and the business community to work out measures of assistance and training for small and medium-sized businesses in the Russian Federation to adapt to the new requirements of the EU market.