As Russia takes a step nearer joining the world's trading elite Conor Sweeney, in Moscow examines what it will mean for those doing business there
James Bond fought the Cold War in movies like From Russia with Love but his latest escapade can now be purchased on Moscow's streets, even before its cinema release this weekend.
The easy availability of Casino Royale indicates more than just a Muscovite taste for 007, but suggests that both the consumer market economy and DVD piracy are flourishing.
Long gone are the grim grey streets of the Russian capital, with consumer goods and well-known brands both in ample supply and demand.
However, the question of intellectual property rights, such as dodgy DVDs, had threatened to scupper talks with the US on World Trade Organisation (WTO) membership - a concern that was conveniently forgotten this week when the US president George W Bush made a 90-minute visit to Moscow.
He was treated to a caviar and blinis brunch by Russia's president, Vladimir Putin at a Moscow Airport as they put the final touches to bilateral negotiations.
Tomorrow in Vietnam, they'll sign off on a deal which should allow Russia to join the WTO sometime next year - a crucial final step into the globalised economy, 13 years after the Kremlin first requested entry.
In the end, America's desire for Russian political support over Iran and North Korea overcame complaints from Hollywood and the music industry about piracy. Like most issues involving big countries, there's no escaping the links between business and politics.
The latter could still derail Russia's WTO bid, as it must also iron out other bilateral concerns with Moldova and Georgia, both countries involved in territorial disputes with Moscow.
Not that non-membership of the WTO has stunted Russia's economic development in the past decade, but it will give the country's business reputation a much-needed polish.
The biggest problem facing the country remains the uneven spread of economic development, which has been largely fuelled by oil and gas sales as well as other commodities like steel and aluminium.
Left behind are the aviation and motor sectors, with few buyers anywhere for Russian planes or cars.
The crucial advantage to joining the WTO for Russia appears very similar to the argument in Britain for joining the single market - it's better to be inside setting the rules than outside and forced to play by them anyway.
It's also a matter of prestige for Russia at this stage and it will give it a voice in setting international trade rules that will affect it anyway," explained the spokesman for the EU's trade commissioner, Peter Mandelson yesterday. Ireland, like the rest of the EU, negotiates collectively through the Commission on WTO issues. It will be bound by a separate EU/Russia agreement, which must still be signed.
"We clearly support Russia's membership of the WTO, though there are one or two issues that remain outstanding from our point of view," he said. Asked if he thought Russia could join the WTO next year, he was positive: "I don't think that is unrealistic, it's in all our interests that Russia is in the WTO."
But since Russia's economy has already opened up somewhat, membership of the WTO isn't going to provoke talk of a sudden rush into the country's vast hinterland by Irish or other European firms.
Somewhat sanguine on the real winner from WTO membership, the chief strategist with Alfabank in Moscow, Chris Weafer, believes that significant barriers will remain for foreign investors.
"It is most unlikely that foreign companies will find their ability to compete made any easier. Russia's bureaucrats will still put up formidable obstacles," he said last night.
"If you're an Irish or international company looking to compete in Russia, you must understand the structure of the industry you're in. For example, you shouldn't compete against the state, but increasingly find ways to work with the state - that's going to be the easiest and most profitable way to do business in Russia," suggests Mr Weafer, originally from Mullingar, Co Westmeath.
He suggests that apart from real estate investments, there are three areas which Irish industries could consider: the technology sector; aviation/aircraft financing and eventually agriculture.
"Because Ireland, politically, has been generally neutral, Irish firms should gain relatively easier access compared to companies from other countries where there's a political angle," he points out.
