Russia's Accession To The WTO&Nbsp Will Reduce Import Tariffs From 10% To &Nbsp; 7.8%

The World Trade Organization said in a statement Thursday that if Russia formally enters the world Trade The organization will reduce the national average import tariff from 10% to 7.8%.

　　 Russia After signing an agreement with Georgia, it has overcome the last serious obstacle to becoming a member of the WTO. WTO's working group said it approved the candidature of Russia, which paved the way for a formal vote on Russia in December.

As part of Russia's accession to the trade bloc agreement, Russia will open 50% of its banks to foreign investment. system It also allows foreign insurance companies to directly set up branch offices of foreign insurance companies after Russia joins WTO 9 years.

The date of accession is expected to be in the first half of 2012.

1/3 of the products must be cut tariffs on the day of joining the WTO, and the other 1/3 tariffs will be reduced within three years.

The import tariffs on poultry will be the longest in 8 years, and tariffs on vehicles, helicopters and civil aircraft will be reduced in 7 years.

If Russia joins WTO, the biggest import tariff reduction will appear in the following industries according to its agreement:

- sugar duty is reduced from $243 per ton to $223 per ton.

- wood and paper duty decreased from 13.4% to 8%

- Dairy duty decreased from 19.8% to 14.9%

- the average tariff on agricultural products dropped from 13.2% to 10.8%

- vehicle tariffs fell from 15.5% to 12%

- the average tariff on manufactured goods dropped from 9.5% to 7.3%

- grain duty fell from 15.1% to 10%

- oil seeds, grease and oil tariffs fell from 9% to 7.1%

- tariffs on chemicals fell from 6.5% to 5.2%

- tariff on electric machinery decreased from 8.4% to 6.2%

- Cotton duty is reduced to zero.