Russia will cut import tariffs on fur products after its entry into WTO

A Russian textile industry official said that after Russia's accession to the WTO, the import tariffs for processing furs will decline by 1/4 before 2014. The import tariffs on fur products will also have the same decrease before the end of 2015. The industry has called for the fur traders in Russia to start preparing now to deal with the downward adjustment of import taxes.

It is understood that after Russia has become a member of the WTO, it will reduce the import tariffs on furs for processing and fur processing from the current 10% to 7.5% by 2014. Drop to 5% by 2015. At present, the import tariff for a fur product with a price of not less than 30 Euros (about 254 Yuan) is usually 10%, but it will become an ad valorem duty of 20% when it enters the customs. After joining the WTO, Russia will reduce the tariff to 10% in 2015.

Insiders pointed out that the reduction of import tariffs will cause the price of imported fur products to drop, which will in turn adversely affect domestic producers. Domestic fur producers must find ways to increase labor productivity and quality in order to compete with imported products.

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