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Economy
05 March 2021, 19:28

77 countries removed from Eurasian Economic Union's tariff preferences system

MOSCOW, 5 March (BelTA) – On 5 March the Council of the Eurasian Economic Commission decided in favor of revising the lists of developing countries and the least developed countries that use the unified system of tariff preferences of the Eurasian Economic Union (EAEU), BelTA learned from Aleksei Ashikhmin, a representative of the trade bloc of the Eurasian Economic Commission.

The official said that on the basis of the criteria, which had been previously approved in accordance with the existing world practice, the decision provides for updating the lists of developing countries and the least developed countries, which enjoy economic aid in the form of tariff preferences as they import goods into the customs territory of the Eurasian Economic Union. The system of tariff preferences is designed to assist with the economic growth of the countries that objectively need the Eurasian Economic Union's economic aid.

A developing country is classified as such if its income is low or below average according to the World Bank classification. By considerably enhancing the competitive ability of their products in the previous period, many developing countries have seriously improved indicators of their economic wellbeing and have surpassed the levels that allowed them to use the Eurasian Economic Union's tariff preferences.

In line with the decision the Council of the Eurasian Economic Commission made on 5 March 75 developing countries and two least developed countries will be removed from the relevant lists of users of the Eurasian Economic Union's unified system of tariff preferences.

In order to allow commercial entities to adapt to the new foreign trade conditions, the decision of the Council of the Eurasian Economic Commission will come into force six months after its official publication.

More details about this decision will be available once it is officially published on the website of the Eurasian Economic Commission.

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