Russia To Lower Tariffs On U.S. Wines, Providing Major Export OpportunityDecember 19, 2012
Russia is planning to lower its tariff on U.S. wines from 20% to 12.5% over the next four years, after President Obama’s recent signing of a bill extending permanent normal trade relations with Russia and Moldova. The plan’s first reduction, which will take place no later than September 1, 2013, will bring the tariff down to 18.125%. Subsequently, the rate will continue to drop by 1.875% every 12 months until it reaches 12.5% in 2016.
The bill is expected to significantly boost sales for the 50 California wine brands currently being sold in Russia, the world’s ninth-largest economy. According to The Wine Institute, U.S. wine exports to Russia were up 26% to $8.62 million in 2011, with volume up 340% to 2.2 million liters.
Tagged : Russia, wine