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Russia is entering into the WTO: less duties on imported goods

15 November 2011

Russia is entering into the WTO: less duties on imported goodsNovember 10, 2011 after 18 years of negotiations, Russia has joined the World Trade Organization and will participate at the upcoming summit of the Organization to be held in mid-December. This will involve greater trade openness on the part of the country: lower import duties (ceiling which drops from 10 to 7.8%) and greater competitiveness in exports, with a major push needed to modernize the former Soviet enterprises. Will also be phased out agricultural subsidies will be introduced and the defense of intellectual property, particularly welcomed by the pharmaceutical industry. Russian banks allow foreign investors to enter their capital up to a 50% stake. They will fall also restrictions on the export of steel imports into the EU. No effect on exports instead of oil and gas, which are not covered by WTO rules. The final membership of the Duma will take place next March at the Organization.