Customs Union amends single customs tariff in light of Russia's accession to WTO

Belarus, Russia and Kazakhstan have finished introducing amendments to the single customs tariff taking into consideration Russia's accession to the WTO, Deputy Foreign Minister of Belarus Alexander Gurianov told an extended session of the standing committee at the Advisory Board for Foreign Investments under the Council of Ministers of Belarus on 28 June, BelTA has learnt.

Belarus is analyzing the impact of Russia's accession to the WTO and Belarus' possible accession to this organization. "We carry on the assessment and I would like to say that from the very beginning we gave significant consideration to the obligations Russia will assume after joining the WTO. Many focus on the changes in the tariff protection. I would like to say that it is not only about that. Other issues include regulation of foreign trade in goods and services, intellectual property protection, investments, financial markets and so on," the Deputy Foreign Minister said.

"Within the framework of the Customs Union and the Single Economic Space we are studying the obligations that are within the scope of reference of our integration project. The other issues still remain to certain extent within the scope of reference of national legislations," he said.

"Yesterday we finished the work to introduce amendments to the single customs tariff of our tripartite integration project. The business community should get prepared for the changes that will come into force somewhere on 1 September after Russia will assume new obligations as a WTO member. We will soon adopt the document. Before it comes into force, there will be an opportunity to learn about the changes in the tariff protection," Alexander Gurianov said.

"In any case, we see no catastrophe for the business community. Taking into consideration the transition periods, the average weighted rate is expected to reduce from somewhere 10.5% to about 7.5-8% within seven years," he added.