Russia will cut tariffs on timber sales to the European Union by two-thirds as soon as it joins the World Trade Organization, which could be by the end of the year, EU Trade Commissioner Karel De Gucht told reporters Friday.
"They could become a member by the end of this year, which means, roughly speaking, the duty [on timber] will diminish by two-thirds," he said.
Russia's export duties on timber are currently set at about 15 percent. Moscow agreed late last year to make cuts to the duties and rail freight fees, prompting the EU to drop its long-standing veto to Russia's WTO membership.
(Reuters)
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