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
- Kazakhstan’s Parliament Adopts Several Constitutional Laws
- Will the $10 Billion Boeing and Airbus Deal Hit Kazakhstan’s Aviation Sector?
- Russia’s New Entry Rules Could Complicate Travel for Kazakhstanis
- Dog Meat Allegedly Found Near Astana Sparks Public Outcry
- Imported Chocolate, Cocoa and Optics Have Risen Sharply in Price in Kazakhstan
- A Chinese Oil Company Was Fined Almost Half a Billion for Drilling Waste in Mangistau
- Pilots Top Kazakhstan’s Salary Expectations as Job Market Activity Rises
- Launch of Stadler Railcars in Kazakhstan Delayed Again Over Safety Concerns
- Kazakhstan and Kenya Prepare to Sign Cooperation Agreements
- Kazakhstan to Shut Down 3G Networks Across the Country
- Tokayev Signs Amendments on Responsible Treatment of Animals
- Kazakhstan Promises High Tariffs to Attract Investors for New Gas Power Plants
- Kazakhstan Spent $4 Million to Evacuate Citizens from the Middle East
- Astana Preparing for New Second Airport: Most Likely Location Revealed
- Government Reviews Tax Relief Measures for Businesses Amid Growing Administrative Pressure
- Kazakhstan Plans Direct Flights to Tokyo and New York
- Kazakhstan Airports Test Biometric Check-In That Replaces Passenger Documents
- Akimats May Get Right to Subsidize Domestic Flights in Kazakhstan
- Kazakhstan Promises Personalized Free Medicine System by 2027
- Astana Residents Urged Not to Interfere With LRT Operations After Passenger Surge
