10 Nov 2011 16:10

Russia has to halve agricultural subsidies by 2018 - WTO

GENEVA. Nov 10 (Interfax) - In the context of joining the World Trade Organization, Russia has undertaken to cut overall subsidies to agricultural organizations by half over the next several years.

A press release issued by the WTO says that support for the country's agricultural complex will be no more than $9 billion in 2012, and that by 2018 it will be down to $4.4 billion.

In order to avoid concentrating state support on certain kinds of agricultural products, Russia is obligated before 2018 to be directing not more than 30% of overall subsidies to them.

Russian agricultural enterprises will not be receiving export subsidies, and VAT breaks for certain product categories will be done away with once Russia becomes a WTO member.