Corrected: Econ Ministry against accelerated copper, nickel duty reduction
(to correct the name of Alexei Likhachev in first para of news item issued at 4:22 p.m.)
MOSCOW. Jan 28 (Interfax) - The Russian Economic Development Ministry does not support an initiative to lower nickel and copper export duties faster than WTO commitments stipulate for fiscal reasons, Deputy Economic Development Minister Alexei Likhachev told reporters.
"This issue is under consideration, but the decision will be no rather than yes," he said, when asked whether a proposal by the metals industry to speed up the introduction of zero export duties in a bid to support the industry was being discussed.
"The duties are already 3.5% and they will be zero by 2016 [in keeping with Russia's WTO commitments]. The budget stands to lose approximately $240 million [from the accelerated reduction of the duties]," Likhachev said.
"This is a purely fiscal aspect. The losses for the budget would be too great. But it is also an expert point of view. The final decision will be reached by the commission for customs-tariff regulation will have the final say," Likhachev said, adding that the Econ Ministry's position was to oppose the proposal.
