November 7, 2021

Under the EAEU, PH keeps its favorable tariff status.

When exporting specific products to Eurasian Economic Union member states, the Philippines continues to benefit from lower tariffs (EAEU).

Since October 12, the EAEU, which comprises Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia, has kept the Philippines on its list of developing countries eligible for special tariffs under its Generalized System of Preferences (GSP).

This is despite the EAEU Council’s decision to lower the number of developing nations eligible to preferential tariffs, which apply to 75% of the baseline tariff rate, from 103 to only 29.

Brazil, Vietnam, Hong Kong, India, China, South Korea, Singapore, Thailand, Turkey, and South Africa are among the countries/regions that have switched from preferential pricing to basic tariffs.

The Department of Trade and Industry-Export Marketing Bureau formerly said that products covered by the EAEU GSP are eligible for a 25% duty reduction.

Food, furnishings, and industrial goods, as well as food products such as meat, fish, fruits, coffee, cacao, coconut products, sauces, and condiments, are among them.

Articles of wood, basket ware, artificial flowers, statuettes, pottery, and imitation jewelry are among the furniture, presents, and houseware on the list.

Natural rubber and other industrial items are also mentioned.

In the meantime, the number of LDCs that receive special tariffs or are exempt from paying has been lowered from 50 to 48.

Equatorial Guinea has been withdrawn, while Vanuatu has been promoted to a normal favored country.

The EAEU contains high- and middle-income countries (USD4,046 to USD12,535), as well as high- and middle-income countries (USD4,046 to USD12,535), as defined by the World Bank as preferable countries/regions.

The Eurasian Economic Union (EAEU) was established by the Treaty on the Eurasian Economic Union, which allows free movement of goods, services, capital, and labor within the Union and pursues a coordinated, harmonized, and single policy in the sectors determined by the Treaty and international agreements.

It improves the member states’ living standards by upgrading their economies, increasing their competitiveness and cooperation amongst them, and promoting steady growth.

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