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A study by the World Economic Forum, the think tank that holds a high-profile annual meeting in Davos , Switzerland, each year, placed Russia 114th out of 121 nations in how easy it is to trade with, the Wall Street Journal writes Tuesday.

The report, first produced last year, analyzes components of trade friendliness such as customs paperwork, roads, tariffs and corruption.

The survey found that the most open economies in the world were Singapore , Hong Kong and Switzerland . The United States ranked 16th.

Russia fell six places from 103rd since the WEF's first global trade survey in 2008. And the picture is likely to get worse. All data is from the previous year, so Tuesday's report doesn't include the 2009 import tariff increases Russia implemented in response to the sudden global downturn on goods including cars, steel and plastics.

Russia is a big exporter of fossil fuels and metals, but not much else. In recent years, it swallowed billions of dollars worth more imported cars, cosmetics and other Western consumer goods.

Last month, Russia said it would withdraw its bid to join the 153-nation WTO, a Geneva-based institution that oversees global trade and adjudicates disputes. WTO members commit to trimming tariffs and getting rid of unnecessary obstacles to trade. Joining the WTO would have forced Moscow to open its market of 141 million consumers.

Instead of signing up for the WTO, Russia said last month it would launch a customs union next year with two former Soviet republics, Belarus and Kazakhstan . Those three countries would then apply to the WTO together, the Kremlin said. Kazkahstan ranked 93rd in Tuesday's WEF ranking. Belarus wasn't ranked at all. Trade officials say a joint bid for WTO membership would be unprecedented and likely would take years.