Russia Removes EAEU Export Tariffs To Zero For Essential Industries

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Russian President Vladimir Putin has given approval to an initiative to introduce ‘green trade corridors’ to promote the movement of goods in the Eurasian Economic Union (EAEU) amid the coronavirus pandemic.

The EAEU includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. Free trade agreements have been signed with China, Iran, Serbia, Singapore and Vietnam, with others in the pipeline, while Free Trade Zones are also springing up in EAEU orbits.

President Putin stated that “For the import to EAEU territory of socially important goods, food, drugs, medical equipment and individual protective gear ‘green corridor’ works. I agree with colleagues who said that expansion of that practice may be considered. Import customs duties on such goods have been removed, while respective customs procedures have been eased and expedited.”

The Russian president particularly emphasized the anti-crisis efforts by EAEU nations, adding that last Friday’s meeting of the intergovernmental council of the five EAEU states (Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia) took “principal decisions aimed at mitigating the consequences of the coronavirus spread and supporting the stable social and economic environment in the countries” of the Eurasian Economic Union.

Putin also stated that “the governments of the Union’s states agreed to assume joint measures to restrict the supply to third countries of critically important medicines and equipment and socially important goods to prevent their lack on the Union’s market, and if necessary — to provide assistance to each other in delivery of humanitarian help, essential goods.”

He also suggested that EAEU customs duties on components and materials for significant sectors be reduced or slashed to zero. “It is necessary to consider reduction or slashing to zero of customs duties on components or materials for economically and socially significant sectors, and overall supporting industrial production of our countries, those sectors of the economy that have been affected by the pandemic most of all,” he said, noting that “the issue is first of all about air transport, tourism, hospitality business, entertainment and leisure field, catering, culture and sports.”

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Russia Briefing is written by Dezan Shira & Associates. The firm has 28 offices throughout Eurasia, including China, Russia, India, and the ASEAN nations, assisting foreign investors into the Eurasian region. Please contact Maria Kotova at russia@dezshira.com for Russian investment advisory or assistance with market intelligence, legal, tax and compliance issues throughout Asia.

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