Russia's WTO Entry New Opportunity for Chinese Textile Industry

Russia will become a member of WTO on August 23th. 2012.

Russia's accession into WTO will have a positive impact on Sino-Russian trade, especially for the export of textile enterprises. 

At present, China is Russia's largest trading partner. With its WTO entry, Russia will integrate into the global economy and do the business according to the rules of WTO, and the tariffs will fall from a current average level of 9.5% to 7.4% in 2013, 6.9% in 2014, and 6.0% in 2015. Thus, the export cost of Chinese enterprises will lower greatly, especially for that of textiles and garments.

However, its membership will also enable Chinese enterprises to face new challenges. After Lowering its threshold of market access, clothing, textiles ect. China's main exports to Russia will face the competition of similar products from South Korea, Turkey and other countries. Chinese textile industry need to improve its own competition to gain a long-term development.