ABSTRACT
This chapter discusses the comparison of the trade policies and outcomes of economic opening by China, India and Russia. During the 1980s and 1990s, however, they launched an economic opening and liberalization policy, which created economic structures that depend a great deal on foreign trade and inward foreign direct investment. India and Russia liberalized not only trade but also foreign exchange for account transactions in the first year of the economic opening, but China only made its currency convertible fifteen years after it had started its opening policy. In 2001, India's automotive industrial policy was judged to breach the trade-related investment measures (TRIM) agreement by the World Trade Organization (WTO). India and Russia, which faced deep crises in the early 1990s, had to resort to drastic reforms in order to extract support from Western countries and international institutions, while China made only small steps towards opening because it was facing only a temporary crisis.
