EU LODGES WTO COMPLIANT AGAINST RUSSIA OVER INCREASING IMPORT TARIFFS (STA BREAKING NEWS and ARCHIVES)

by STANews , Monday, November 03, 2014, 21:30

The European Union has filed a complaint against Russia with the World Trade Organization (WTO) contesting Russia’s heavy import duties on paper products, refrigerators, freezers, and palm oil.

The EU claims that Russia is charging higher tariffs than it promised a violation of the World Trade Organization agreement. If Russia doesn’t address the issue within 60 days, the EU can ask the WTO to give a ruling on the case.

“Russia diverges from what was decided at the time it joined the WTO in two ways: either it applies a higher duty rate, e. g. 15 percent instead of 5 percent, or it fixes a minimum amount that needs to be paid even if not justified by the agreed duty rate expressed in a percentage of the product value,” the EU’s press release, posted Friday, says.

The EU said the higher duties have a “clear negative impact” on EU paper, refrigerators, and palm oil that are being taxed. Each year these exports are worth €600 million.

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http://rt.com/business/201203-eu-wto-complaint-russia-taxes/