Eighteen Years To Open The Door Of WTO, &Nbsp; Russian Textile And Light Industry Is Facing New Opportunities.

After 18 years of hard work, Russia finally struck the world.

At present, the Russian side is still waiting for the approval of its accession to the WTO Ministerial Conference held on December 15th ~17, but Russia and Georgia reached the final conclusion in November 9th.

In accordance with the commitments made by Russia, after the accession to the WTO, the Russian government agreed to reduce the current tariff rate from 10% to 7.8%, of which the tariff on agricultural products dropped from 13.2% to 10.8%, and the tariff on industrial products dropped from 9.5% to 7.3%.

In the past, Russia has been worried about entering the WTO, and worried that the open policy such as lowering import tariffs will have an impact on its domestic industry.

Anatoly Topilin, an expert in the Russian Macroeconomic Research Institute, thinks that

In fact, the Russian government has also taken account of these problems.

In the WTO accession commitments, the Russian government also said that tariffs on imports of 1/4 would still fall to the promised level after 3 years of WTO entry.

The impact of joining the WTO, as Boris Fomin, President of the textile industry and light industry business committee of the Russian chamber of Commerce and industry, said, "there are two sides to every coin. Russia's accession to the WTO has advantages and disadvantages, but in general, the advantages outweigh the disadvantages."

Boris Fomin takes textile and light industry as an example. The industry is one of the weakest industries in Russia. In its textile and light industrial market of 2 trillion ~3 trillions of rubles, the share of local products is only 20%~25%, and the rest of the market share needs to be maintained by imports.

Even so, he is not worried about the possible impact of WTO entry.

Fu Ming even thought that after joining the WTO, it would eliminate about 50% of the gray import of the import share, and the Russian textile light industry market would be more standardized, and the local enterprises would have the chance to grow.

At the same time, trading partners are willing to invest in a fairer and more legitimate Russian market.