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Kazakhstan's accession into the World Trade Organization (WTO) will require additional decrease of the Common Customs Duty of the Customs Union, RIA Novosti writes citing Minister of Trade of the Eurasian Economic Commission Andrey Slepnev. "Kazakhstan is indeed capable of joining the WTO this year. This will require an adjustment of the Common Customs Rate (CCR)," he said at the conference called Russia's accession into WTO: expected consequences for Russian and global markets. He explained it by the fact that Astana had been negotiating the WTO accession on the terms different from those of Moscow's accessing before it decided to enter the WTO jointly with Russia. According to Slepnev, the reduction volume will be known within 2 weeks. The Minister noted that adjustment of the CCR in line with Kazakhstan's obligations will be proportional to the position of Kazakhstan's economy in the overall economy of the Customs Union. "If the CCR is 10 percent and Kazakhstan agrees for zero (under WTO), that doesn't mean that we will go down to zero. Based on the fact that the whole Kazakhstan is responsible for around 10 percent of the total CU market, we will reduce the CCR by 1 percent," he said. As for Belarus' accession into the WTO, according to Slepnev, its conditions will be similar to the ones for Kazakhstan. "Belarus has to join on the conditions of Kazakhstan's joining, i.e. on conditions of the customs rate. We will then discus that step that Belarus is supposed to take in its economy to set up the mechanism of functioning within the WTO," the Minister said.
Kazakhstan's accession into the World Trade Organization (WTO) will require additional decrease of the Common Customs Duty of the Customs Union, RIA Novosti writes citing Minister of Trade of the Eurasian Economic Commission Andrey Slepnev.
"Kazakhstan is indeed capable of joining the WTO this year. This will require an adjustment of the Common Customs Rate (CCR)," he said at the conference called Russia's accession into WTO: expected consequences for Russian and global markets.
He explained it by the fact that Astana had been negotiating the WTO accession on the terms different from those of Moscow's accessing before it decided to enter the WTO jointly with Russia. According to Slepnev, the reduction volume will be known within 2 weeks. The Minister noted that adjustment of the CCR in line with Kazakhstan's obligations will be proportional to the position of Kazakhstan's economy in the overall economy of the Customs Union. "If the CCR is 10 percent and Kazakhstan agrees for zero (under WTO), that doesn't mean that we will go down to zero. Based on the fact that the whole Kazakhstan is responsible for around 10 percent of the total CU market, we will reduce the CCR by 1 percent," he said.
As for Belarus' accession into the WTO, according to Slepnev, its conditions will be similar to the ones for Kazakhstan. "Belarus has to join on the conditions of Kazakhstan's joining, i.e. on conditions of the customs rate. We will then discus that step that Belarus is supposed to take in its economy to set up the mechanism of functioning within the WTO," the Minister said.
