Russia’s Industry and Trade Ministry has proposed increasing import duties on a number of foreign products bearing in mind the country’s right to revise tariff liabilities under the WTO, Minister Denis Manturov said Thursday at a state council meeting.
“Our country has a right to initiate negotiations to change its tariff liabilities within the scope of the WTO since January 1,” Manturov said.
The ministry is also considering the possibility of reducing duties on imports of some kinds of raw materials and components needed to manufacture industrial goods inside the country.
Prime Minister Dmitry Medvedev said separately at the meeting that the government in early October will prepare a plan to support import substitution in the industrial and agricultural sectors in 2014-2015; he added that funds for the program will be found in any case. Medvedev also added that additional funds will be provided to support some agricultural sectors.
Manturov said that the import substitution program will require no additional state injections, and will ensure increase of domestic production share in all key sectors of the processing industry. “Currently, imports account for over 50% of the total sales volume, and this situation poses serious risks for economy,” he said.
Economic Development Minister Alexei Ulyukayev at the meeting warned against investing in outdated technologies while carrying out the import substitution program.