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Russia boosts trade tariffs to protect industry

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The Russian government intends to increase foreign trade tariffs in a bid to protect domestic industry. Meanwhile, the country postpones plans for the entry into the WTO.

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The Russian Ministry of Economic Development today presented plans for customs and tariff policies in the period 2010-2012. According to plans for 2010, tariffs on imported products will be increased, while tariffs will be decreased on raw materials and half-fabricated goods. In 2011 and 2012, imports of high-tech goods will be facilitated with low tariffs and zero-taxes on processed Russian products, Vedomosti reports. According to the newspaper, Russia is postponing its planned entry into the World Trade Organisation. That gives the country space for manoevering in trade and customs issues, representatives of the Economic Development Ministry admit.