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Russia's accession to the WTO benefits Taiwan's fastener industry

Director General of the Bureau of Foreign Trade, Ministry of Economic Affairs of Taiwan, Cho Shih-chao, pointed out that after 18 years of negotiations, Russia has finally been approved to join the WTO (World Trade Organization). Since Russia has been listed as a key market for Taiwan's export expansion in the next two years, Russia's accession to the WTO will lead to a more transparent trade system and lower tariffs, helping Taiwan further seize market opportunities in Russia. According to the Bureau of Foreign Trade statistics, Taiwan's total exports to Russia in 2010 amounted to US$1.08 billion, with a year-on-year increase of 85.8%. Cho Shih-chao described Russia as a "market with amazing growth potential." The Bureau of Foreign Trade said that Taiwan's main exports to Russia include telephones, disk drives, panels, steel screws, and parts and accessories for information products. From 2008 to 2010, the average tariff rate in Russia was 10.3%, the average tariff rate for agricultural products was 15.6%, and the average tariff rate for industrial products was 9.4%. Cho Shih-chao stated that the 8th WTO Ministerial Conference will adopt Russia's accession case, and it is expected that tariffs will begin to be lowered on January 1 next year, with a 2-3 year transition period for tariff reductions, resulting in an average tariff reduction to 7.1%, agricultural product tariffs to 11.3%, and industrial products such as fasteners to 6.4%. It is worth mentioning that Russia has agreed to join the Information Technology Agreement (ITA) three years after accession, and tariffs are expected to be reduced to zero after three years. The Bureau of Foreign Trade believes this is a significant benefit for Taiwan's information and communication technology product exports to Russia.

2019-10-14 15:22

　　Director-General of the International Trade Bureau of Taiwan's Ministry of Economic Affairs, Cho Shih-chao, pointed out that after 18 years of negotiations, Russia has finally been approved to join the WTO (World Trade Organization). Since Russia has been included in Taiwan's key markets for the next two years, Russia's accession to the WTO will lead to a more transparent trade system and lower tariffs, which will help Taiwan further seize market opportunities in Russia.

 

　　According to the International Trade Bureau's statistics, Taiwan's total exports to Russia in 2010 amounted to US$1.08 billion, with a year-on-year increase of 85.8%. Cho Shih-chao described Russia as "a market with astonishing growth potential".

 

　　The International Trade Bureau stated that Taiwan's main exports to Russia include telephones, diskette/flash drives/hard disks, panels, steel screws, and parts and accessories for information technology products. From 2008 to 2010, the average tariff rate in Russia was 10.3%, the average tariff rate for agricultural products was 15.6%, and the average tariff rate for industrial products was 9.4%.

 

　　Cho Shih-chao indicated that the 8th WTO Ministerial Conference will approve Russia's accession, and it is expected that tariffs will begin to be lowered on January 1 next year, with a 2-3 year transition period for tariff reduction, bringing the average tariff down to 7.1%, agricultural tariffs down to 11.3%, and industrial products such as fasteners down to 6.4%.

 

　　It is worth mentioning that Russia has agreed to join the Information Technology Agreement (ITA) three years after accession. Tariffs are expected to be reduced to zero after three years. The International Trade Bureau believes this is a significant benefit for Taiwan's ICT product exports to Russia.

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