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
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