MOSCOW, 24 November (BelTA) - The Council of the Eurasian Economic Commission extended for two years the regulation on a specific subsidy with a view to supporting industrial goods recognized as jointly produced by the countries of the Eurasian Economic Union, BelTA learned from the EEC press service.
This regulation establishes a minimum level of participation of co-producers in the manufacture of goods at 15% for them to be recognized as jointly manufactured goods.
“Under the agreement on voluntary harmonization of specific subsidies as from 2017, the authorized bodies of the member states can apply to the EEC for a specific subsidy. Upon receiving the EEC approval of a specific subsidy (to specific enterprises or industries), the member state insures its producer (the recipient of such a subsidy) from the risk of facing a countervailing measure (return of the subsidy with interest to the state budget)," the press service noted.
Industrial subsidies are harmonized by the EEC on the basis of the criteria for admissibility and inadmissibility of specific subsidies, one of which is aimed at supporting industrial goods recognized as jointly produced by the member states.
"The decision will contribute to the cooperation in the EAEU," the press service added.
The procedure for recognizing the goods as jointly produced by the EAEU member states was approved by Resolution No. 93 of the EEC Council of 11 June 2019. The document establishes the framework for the EAEU member states to recognize the goods as jointly produced so that they can apply to the EEC to approve a specific subsidy for such goods.
