Armenian parliament ratifies protocol to EEU treaty, which extends preferential customs duties for another 12 months

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YEREVAN, May 28. /ARKA/. On Wednesday, Armenia’s National Assembly ratified a protocol to the Eurasian Economic Union (EEU) treaty, which extends the period of preferential customs duties on import of goods from third countries for 12 months.

Deputy Economy Minister Varos Simonyan recalled that after joining the Eurasian Economic Union in 2015, Armenia was allowed to import some 930 types of goods at previous customs duties for a period of 5 years, which expired on January 1, 2020.

But after a series of negotiations with the Eurasian Economic Union, the preferential period for Armenia was extended for a year. However, this does not apply to imports of vehicles.

According to Simonyan, the import duties on almost 647 types of goods from third countries will remain the same as in 2019 until January 1, 2021. The list includes poultry meat, butter, frozen cattle meat, sunflower oil, margarine and other oils, baby food, processed leather raw materials, timber, precious and semiprecious stones, etc.

According to him, the ratification of this agreement will allow entrepreneurs importing from third countries to save about $30 million due to the lower customs duties and invest the money in the development of their businesses.

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