A view of Tagmet metal works. The EU has agreed to widen quotas on imports of some kinds of Russia’s steel/steel product for 2008 and 2009.
Photo: Sergey Veniavsky
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EU Opened the Steel Curtain a Bit
The EU has agreed to widen quotas on imports of some kinds of Russia’s steel/steel product for 2008 and 2009. The 2007 quota of 2.2 million tons will extend to 2.9 million tons in 2008 and to 3.03 million tons in 2009. It will be completely abolished once Russia enters the WTO.
Russia and the European Union inked a new trade agreement during their recent summit in Portugal’s Mafra. Amid other things, the document sanctions Russia to deliver a wider range of steel product to Europe starting from 2008.
The two-year agreement widens the 2007 quota on steel that Russia exports to the EU first to 2.9 million tons in 2008 and to 3.03 million tons in 2009. Although re-distribution of steel product will be limited within the autonomous quota, the new quota is 15 percent above the last year’s one. Besides, the EU has confirmed its promise to immediately abolish all quotas on steel once Russia joins the WTO.
The export of Russia’s steel and steel product to the European Union has been restricted since 2002. Then, the EU imposed the quotas on steel imports following the U.S. decision to introduce import duties of 15 percent to 30 percent.
www.kommersant.com
All the Article in Russian as of Oct. 29, 2007
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