The EAEU will increase import duties on certain goods of light industry and electronics
The increase in rates will affect light industry products, some types of electronics and valves. The decision to raise rates was made in connection with the increased volume of supplies due to lower import prices
The Council of the Eurasian Economic Commission decided to increase the rates of import customs duties on goods for which there is an increased volume of supplies due to a significant decrease in import prices. This is stated in the ECE report.
It is noted that the measure was adopted following the results of monitoring conducted by a high-level working group and headed by EEC Minister for Trade Andrei Slepnev. The increase in rates will affect light industry products, some types of electronics and valves.
“The measure is aimed at protecting existing industries in the countries of the Eurasian Economic Union, preserving jobs, as well as developing industrial cooperation and import substitution,” Slepnev said.
EEC is a permanent supranational regulatory body of the Eurasian Economic Union (EAEU).
The EAEU is a regional international organization whose main goals are economic integration and free trade between the participating countries. Now the EAEU includes five states: Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
The decision will come into force 10 days after the date of official publication and will be valid until the end of September 2027.
In December, Slepnev said that the free trade agreement between the EAEU and Indonesia will allow diversifying the range of supplies of the EAEU and “to gain a foothold in the market with growing consumer demand.”.
According to him, the average Indonesian duty rate for suppliers of the Eurasian association will be reduced by more than five times. “For the business of the EAEU countries, this is a chance to take a stable position in the market, which has so far been closed by high tariff barriers,” the EEC Minister said.
