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EU Hails Victory In WTO Russia Tariff Dispute
26/06/2017 12:00
The EU has said that, as a result of dispute proceedings it launched in 2014, Russia has lowered tariffs on certain paper, refrigerators, and palm oil products.
The EU had challenged 12 tariff measures, which it said were set above the level to which Russia committed while joining the WTO, and were severely hampering trade in important sectors. EU exports of the products concerned to Russia were worth approximately EUR600m (USD671m) a year before the dispute was launched.
In August 2016, the WTO found in the EU's favor regarding 11 of the 12 measures challenged. Russia agreed to amend the measures by May 11, 2017.
On June 8, 2017, Russia informed the WTO that it had complied with the recommendations and rulings within the required timeframe.
The EU had challenged 12 tariff measures, which it said were set above the level to which Russia committed while joining the WTO, and were severely hampering trade in important sectors. EU exports of the products concerned to Russia were worth approximately EUR600m (USD671m) a year before the dispute was launched.
In August 2016, the WTO found in the EU's favor regarding 11 of the 12 measures challenged. Russia agreed to amend the measures by May 11, 2017.
On June 8, 2017, Russia informed the WTO that it had complied with the recommendations and rulings within the required timeframe.
June 26, 2017
Source: Tax News
Source: Tax News
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