Taiwan Fastener Industry Benefited by New WTO Member Russia

2011-12-19

Russia will become a new member of WTO and its tariff will begin to reduce at the beginning of 2012. The current tariff in Russia is 10.3% on average, 15.6% for agricultural products, and 9.4% for industrial products. After it officially becomes a WTO member, it will lower the tariff step by step and will lower to 7.1% on average, 11.3% for agricultural products, 6.4% for fastener related products within 3 years. In addition, ITA products will also bear lower tariff and reduce to zero within 3 years.