Russia Will Lower Tariffs After Its Smooth Entry Into The Market, And China'S Shoe Makers Will Take The Lead.

Today, Russia will officially become a member of the WTO after 30 days of ratification of the WTO accession agreement by its own legislature.

Accession negotiations began in 2000.

In December 16, 2011, the eighth Ministerial Conference of the World Trade Organization formally approved Russia's accession to the WTO in Geneva.

In July 21, 2012, Russian President Putin signed a federal bill to ratification of Russia's accession to the WTO. This means that Russia's relevant legal procedures for its accession to the WTO will become a member of WTO in August 22nd.

It is understood that Russia will lower tariffs after joining the WTO. The average tariff level of Russia will be reduced by nearly 1/3 in the next three years, and the trade threshold will gradually decrease, which will help the circulation of commodities between China and Russia.

After accession to the WTO, the average level of Russian tariff protection will drop by 3.5 percentage points, and this decline will be gradual.

The current weighted average tax rate is 9.5%, which will drop to 7.6% in 2013, 6.9% in 2014, and 6% in 2015.

For Chinese companies, such changes can reduce their export costs and increase the export of superior products.

Russia's accession to the WTO

The Russian market is full of anticipation.

In Chengdu,

Wu Xifan, general manager of the limited liability company, seems to see that Russia's accession to the WTO will create a more favorable situation for Sichuan enterprises in terms of raw materials import and export, financial environment and customs duties.

"We may consider the Russian market."