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
- American Father Goes on Hunger Strike Over Missing Son in Kazakhstan
- Almaty Mural by British Artist Removed During Building Repairs
- Kazakhstan Approves Registration Procedure for Self-Driving Cars
- Illegal Pony-Ride Operators Accused of Animal Cruelty in Burabay
- Cameras to Automatically Detect E-Scooter Violations in Almaty
- Police Name Almaty Districts with Highest Number of Crimes
- Oil Slick Reported Near Atash Beach on Kazakhstan’s Caspian Coast
- AFM Plans Body Cameras and GPS Tracking for Detainee Escorts
- Nine Underexplored Basins Made Available for Oil Exploration
- 5.5 Billion Tenge Gas Debt Settled Without Trial in Aktobe
- Nearly 50 Forest Fires Break Out Across Kazakhstan in a Week
- Twenty Evacuated After Fire at Aktogay Concentrator
- Fire Breaks Out at Oil Field in Mangystau Region
- Two Kazakhtelecom Employees Die in Separate Workplace Incidents
- Ukraine Agrees to Avoid Targeting CPC Infrastructure
- Man Sentenced to Community Service for Stalking Woman in Almaty Region
- KMG Denies Report of $80 Billion ExxonMobil Kashagan Project
- Almaty Suspect Detained Over Fake Plates Imported from Russia
- EAEU Countries Agree to Recognize Each Other’s Academic Titles
- KNB and Military Auction Off Body Armor, Gas Masks and Nazarbayev Portraits
