Market protection will be sufficient but not endless, businesses must prepare for competition - Russian minister

MOSCOW. April 14 (Interfax) - The Russian government will continue protecting domestic markets, including through import duties on certain product categories from unfriendly countries, with protection lasting long enough for project payback but not indefinitely, and businesses must prepare for competition, Economic Development Minister Maxim Reshetnikov said.

"Just don't ask for further duty increases. How much higher can we raise cosmetics duties from unfriendly countries?" Reshetnikov said regarding a request from a speaker at the nationwide My Business SME support forum to protect domestic cosmetics producers through import tariffs.

"At our customs tariff subcommittee meetings where these decisions [on foreign cosmetics duties] get made, they're adopted with tears in their eyes. Especially the last one before March 8 - we feared some members wouldn't be allowed home afterward," Reshetnikov said in jest regarding decisions on cosmetic product duties.

"Market protection is certainly needed. We understand and utilize this toolkit," he said.

The protection period "will be sufficient for investment and payback, but won't last forever," he said.

"We must understand this so that you are prepared for competition," he said.