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Some RF sectors may experience negative consequences from joining WTO

November 16, 2011, 15:47 UTC+3
Russia has conducted ten studies of consequences from Russia’s joining the WTO, Medvedkov said
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MOSCOW, November 16 (Itar-Tass) —— Negative consequences from Russia’s joining the World Trade Organization /WTO/ may be for only several sectors, and they will be caused by moderate lowering of import duties, Director of trade negotiations department at Russia’s Ministry of Economic Development and head of Russia’s delegation at the negotiations on accession to WTO Maxim Medvedkov told a news conference at ITAR-TASS on Wednesday.

Weighted average import tariff in Russia makes 10.293 percent now, the initial level of the tariff after the joining will make 11.85 percent, as Russia has included higher duties in the tariff for certain goods. Following the transition period for certain goods, the final level of import tariff will make 7.147 percent. As a rule, transition periods last for 2-3 years, and for most sensitive goods – 5-7 years.

Russia has conducted ten studies of consequences from Russia’s joining the WTO, Medvedkov said.

“The most pessimistic one is possible lowering of Russia’s GDP by 0.5 percent,” he said. “Other studies, including that by the World Bank, say that the joining will not harm in any way the country’s economy or its sectors,” he said.

 

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