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Russia extends zero duty on wheat exports as production continues to boom

Russia extends zero duty on wheat exports as production continues to boom
Russia is looking to solidify its position on the global agriculture export market after the government announced that it is extending the term of the zero rate on wheat exports until July 1, 2021.

According to a decree posted on the official government website: “The decision will facilitate the export of produce of the agro-industrial sector.”

The zero wheat export duty, introduced in Russia three years ago, was valid until July 1, 2018 with a subsequent extension until July 1, 2019.

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Last month, Russia’s Agriculture Minister Dmitry Patrushev said there were no reasons to abolish the zero duty rate on wheat exports while the situation on the market was stable.

During his recent Direct Line Q&A session, President Vladimir Putin said that Russia’s agricultural exports are expected to double, reaching $45 billion in the next five years.

Referring to Russia’s booming agriculture sector, the president said that the country has ensured its independence on the global wheat market. Earlier, Putin ordered the creation of a Russian brand of ‘green’ non-GMO products on the basis of the country’s enormous natural resources.

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In 2016, Russia became the world leader in wheat exports. The country’s share of the global wheat market has quadrupled since the early 2000s.

Overall, Russian agricultural production surged by 20 percent over the past five years. According to Patrushev, Russia will soon become one of the world’s 10 leading exporters of agricultural products.

For more stories on economy & finance visit RT's business section

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