Time in Yerevan: 11:07:36,   28 May

Average 3% drop in prices of some products expected after EEU customs privilege extension

Average 3% drop in prices of some products expected after EEU customs privilege extension

YEREVAN, MAY 22, ARMENPRESS. Within the framework of the Eurasian Economic Union, Armenia will receive the opportunity to extend the privileged customs duty period for imports of goods from non-member countries.

According to estimates, in the event of extending the privilege for 1 year the prices of some food products and industrial significance products will drop on an average of 3%, Deputy Minister of Economy of Armenia Varos Simonyan said during a parliamentary committee hearing on the bill to ratify the protocol on amendments. 

The privileged customs duties came in force in 2015 and expired on January 1, 2020.

The agreement on prolonging it for another year for Armenia, as well as Kyrgyzstan, was made during the EEU summit on December 20 in 2019 in Russia.

647 different types of products are covered with the rule.

According to preliminary estimates Armenian businesses will save around 30 million dollars from the move.

Editing and Translating by Stepan Kocharyan

 





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