EEU to save $100m shortfall in revenue by excluding 75 countries from EEU tariff preferences system
<p> MINSK, Mar 17 - PrimePress. The decision made by the Council of the Eurasian Economic Commission (EEC) to remove 75 developing countries and two least developed ones from the list of users of the unified system of tariff preferences of the Eurasian Economic Union (EEU) will help EEU member states annually save over $100m in budget funds. </p> <p> </p> <p> Igor Nazaruk, director of the EEC Trade Policy Department, made a statement to this effect in a commentary published by the Eurasia. Expert portal. </p> <p> </p> <p> As previously reported, the Council of the Eurasian Economic Commission (EEC) on March 5, 2021 decided to remove 75 developing countries and two least developed ones from the list of users of the unified system of tariff preferences of the Eurasian Economic Union (EEU). Among the countries excluded from the list are Turkey, South Korea, China and Brazil. In order to ensure that economic operators adapt to the changed foreign trade environment, the council's decision will enter into force six months after its official publication date. </p> <p> </p> <p> The system of tariff preferences is aimed at promoting the economic growth of countries that objectively need economic assistance from the EEU. According to the established criteria, a "developing" country for the purpose of tariff preferences is considered to be a country with an income level of "low" or "below average" according to the World Bank classification. </p> <p> </p> <p> The expert pointed out, however, that the granting of tariff preferences to developing and least developed countries by the EEU is a separate autonomously applied trade regime, unrelated to the free trade regime, which in turn is established on a reciprocal basis. </p> <p> </p> <p> The expert believes that the implemented revision of the preferential system, among other things, can have a positive effect on the economies of the EEU member states by creating more favourable conditions for domestic goods. However, the exclusion of a country from the "developing" or "least developed" category does not impose any restrictions on imports from that country, but only equalises the competitiveness of that country's goods in relation to other imports within the EEU. End </p> <p> </p>
2021-03-18
Primepress
EEU to save $100m shortfall in revenue by excluding 75 countries from EEU tariff preferences system
MINSK, Mar 17 - PrimePress. The decision made by the Council of the Eurasian Economic Commission (EEC) to remove 75 developing countries and two least developed ones from the list of users of the unified system of tariff preferences of the Eurasian Economic Union (EEU) will help EEU member states annually save over $100m in budget funds.
Igor Nazaruk, director of the EEC Trade Policy Department, made a statement to this effect in a commentary published by the Eurasia. Expert portal.
As previously reported, the Council of the Eurasian Economic Commission (EEC) on March 5, 2021 decided to remove 75 developing countries and two least developed ones from the list of users of the unified system of tariff preferences of the Eurasian Economic Union (EEU). Among the countries excluded from the list are Turkey, South Korea, China and Brazil. In order to ensure that economic operators adapt to the changed foreign trade environment, the council's decision will enter into force six months after its official publication date.
The system of tariff preferences is aimed at promoting the economic growth of countries that objectively need economic assistance from the EEU. According to the established criteria, a "developing" country for the purpose of tariff preferences is considered to be a country with an income level of "low" or "below average" according to the World Bank classification.
The expert pointed out, however, that the granting of tariff preferences to developing and least developed countries by the EEU is a separate autonomously applied trade regime, unrelated to the free trade regime, which in turn is established on a reciprocal basis.
The expert believes that the implemented revision of the preferential system, among other things, can have a positive effect on the economies of the EEU member states by creating more favourable conditions for domestic goods. However, the exclusion of a country from the "developing" or "least developed" category does not impose any restrictions on imports from that country, but only equalises the competitiveness of that country's goods in relation to other imports within the EEU. End