Who Benefits From Cheaper Trade With Mongolia as the EAEU Introduces Preferences
Photo: eec.eaeunion.org
Member states of the economic union could save up to $100 million a year thanks to lower duties, Orda.kz reports.
The Eurasian Economic Union is preparing to roll out a temporary trade agreement with Mongolia. The Chairman of the EEC Board, Bakytzhan Sagintayev, held talks with Nyam-Osoryn Uchral, head of the Mongolian government’s secretariat. The key topic was ratifying the document, which would give EAEU countries significant advantages in the Mongolian market.
The agreement will cover more than 90% of exports from the bloc’s member states—worth about $2 billion a year. According to the Eurasian Economic Commission’s estimates, businesses across the «Eurasian five» could save up to $100 million annually as customs duties are reduced.
The EEC said preparations for the agreement’s entry into force are already in full swing. The Commission’s Council has approved a roadmap to launch the deal.
As a reminder, the EEC has once again lowered the duty-free threshold for goods imported through online shopping and approved uniform rules for all member states. The limits and rates have been revised several times, including during and after the pandemic, to make online trade easier for individuals. Previously, EAEU countries had a higher threshold.
Original author: Alexander Zhdanov
Latest news
- A Russian Teen Who Crossed Into Kazakhstan on Foot Wins Appeal Against Expulsion
- Regional Revenues, Global Instability, And The Referendum: What Tokayev Told Deputies
- Digitalization Of Customs Or New Barriers? What Entrepreneurs Fear In Kazakhstan’s New KEDEN System
- Astana Could Become An International Aviation Leasing Hub
- Kazakhstan’s First Tagged Eurasian Black Vulture Found Dead in India
- Kazakhstan Replaces Russian Turbines With Chinese Equipment for Ekibastuz Power Plant No. 2
- How Kazakhstan, Uzbekistan, And Azerbaijan Will Export Electricity To Europe
- Kazakhstan Explains How Russians Who Fled Mobilization Can Be Deported
- Kazakhstan and Japan discuss hydrogen partnership with export potential
- Russia Thanks Tokayev for Initiative to Support Russian Language
- Almaty Could Restrict Cars Under Beijing-Style Anti-Smog Plan
- Tigers in Kazakhstan Are in No Rush to Breed
- What Changes Are Being Prepared Under the New Tax Code
- Alcohol and Tobacco Prices in Kazakhstan See Sharpest Monthly Rise in 15 Years — Analysts
- Middle East Conflict Will Not Lead to Higher Gasoline Prices in Kazakhstan — Minister
- Five Regions of Kazakhstan Face Higher Flood Risk This Spring
- Kazakhstan Ratifies Turkic States Civil Protection Deal
- Astana Enters Top 100 Safest Cities as Smart City Project Expands
- Almaty Cameras to Record New Driver Violations Starting March 12
- Kazakhstan Suspended 11 Polling Stations Abroad Due to Middle East Escalation
