Russian WTO membership to generate loss of 445 billion rubles in 2 years

Russia will lose 188 billion rubles in 2013 and 257 billion rubles in 2014 as a result of joining the WTO, Russian Minister for Economic Development Andrey Belousov said during talks on ratification of the protocol on WTO membership at the parliament, RIA Novosti reports.

Tariff protection will drop by 3.5%. The average tariff is at 9.5%, it will drop to 7.6% in 2013, 6.9% in 2014, 6% in 2015.

The binding level is 12%. Transition periods of 5-7 years are allowed.

Reduction of the price for rubles by 1% increases tariff protection by 0.92%. The ruble lost 15% of price in May, which is equivalent to increase of tariff rates by 2%.