Businesspeople of EAEU countries to save over US$2.2 billion

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Businesspeople of the EAEU countries will be able to save more than one trillion tenge (over US$2.2 billion) due to the lifting of customs duty rates, EEC Minister for Trade Andrey Slepnev said during the video bridge between Moscow, Minsk, Bishkek, Yerevan and Nur-Sultan. In total, it was decided to establish the rate of zero percent for 1,500 goods, including food, chemicals, building materials, and so on. In the near future, an additional package of agreements is expected to be adopted by the EAEU partner countries. The lifted tariffs will be valid until the end of September 2022.

“We estimated that the total amount of money that businesses will save on the exemption from duties will be about 200 billion rubles. I mean during this period of validity of the three packages. These are serious funds that can be used to partially compensate for the problems that have arisen in the areas of calculation and logistics. This is direct support for business,” the trade minister said.

Certain measures will also be taken to stimulate business processes within the EAEU, Slepnev added.

“Expanding our mutual trade is very important. It's about balances. It’s about promoting mutual investment. To that end, it is necessary to synchronize the incentive measures that are taken at the national level,” Slevpev noted.

 

 

Translation by Assem Zhanmukhanova

Editing by Galiya Khassenkhanova