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China's garment exports to spur on Russia joining WTO
03
Aug '12
The clothing industry in China would benefit from Russia’s accession to the World Trade Organization (WTO), according to the Chinese Ministry of Commerce.
 
Russia currently levies about 12 percent tariff on woolen clothing and the tariff concessions would come down after Russia becoming member of the WTO, Ren bai Ming, Vice director of the International Market Research Institute of Chinese Ministry of Commerce, said.
 
After Russia’s joining the WTO, the average Russian tariffs will decline by 3.5 percent. By next year, the average tariffs will fall to 7.6 percent, and to 6.9 percent by 2014 and to about 6 percent by 2015.
 
This decrease in protection tariffs would help increase Russia-China bilateral trade, and would especially help in increasing exports of superior garment and textile products to Russia, according to the Ministry.
 
According to a survey, about 10-15 percent of Russians have the capacity to purchase premium branded clothing.
 
At present, however, majority of the Chinese clothing companies have not yet established their own brands in Russia, but may consider doing so after Russia joins the WTO.
 

Fibre2fashion News Desk - India

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