Russia may raise import duties to replace imports

ZHUKOVSKY, Moscow Region, Aug 14 (PRIME) -- The Russian Industry and Trade Ministry will develop suggestions to increase import duties to encourage import replacement and bring them to the government by January 2015, Deputy Industry and Trade Minister Yury Slyusar said on Thursday at Oboronexpo 2014 forum.

“Together with companies we are analyzing the most vulnerable sectors of the economy, and in January we will present our proposals on changing customs regulations,” he said.

Slyusar said the proposals are likely to increase import duties to the World Trade Organization’s highest possible level. The ministry will suggest cutting import duties for raw materials and spare parts. The ministry is also suggesting curbs or bans of the state orders of some foreign goods where local analogues exist.

Earlier on Thursday Deputy Prime Minister Dmitry Rogozin said that the share of imported production in several Russian industries was unacceptable, like in the machine tool industry, where the share of imports reaches 95%. In July, President Vladimir Putin said the country can replace arms imports with domestic production to eliminate political risks.

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