Armenia to receive more import customs duties from EAEU

PanARMENIAN.Net - Armenia will receive 1.2% of all import customs duties of the Eurasian Economic Union (EAEU) instead of the previous 1.1%, according to a draft decision published on the government’s website.

Under the proposed changes in the registration and distribution and of import duties (other equivalent duties, taxes and collections), Belarus and Kazakhstan will receive 4.5% and 7%, respectively, while Kyrgyzstan and Russia will get 1.9% and 85.2%, respectively.

A trade bloc established in 2015, the EAEU was based on the Customs Union of Russia, Kazakhstan, and Belarus. It was later joined by Armenia and Kyrgyzstan. In 2016, Vietnam officially became the first non-regional country to join the bloc. The union is designed to ensure the free movement of goods, services, capital and workers between member countries.

More than 40 countries and international organizations, including China, Indonesia and Israel, as well as some South American countries, have expressed interest in a free trade deal with the EEU. The trade bloc has also held negotiations with South Korea, Egypt and India.

In December, Russian President Vladimir Putin said Serbia could be also included in the EAEU’s free trade zone in the future.