EAEU Drastically Reduces Countries Eligible Under GSP Regime
The Eurasian Economic Union recently cut the number of countries to which it extends preferential tariffs from 103 to 29, leaving out many major Asian countries, the Hong Kong Trade Development Council reported Nov. 23. The preferential tariffs, provided under…
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the EAEU’s Generalized System of Preferences scheme, now no longer apply to China, India, South Korea, Singapore and others. But the Philippines remains on the list, HKTDC said, and their exporters will still benefit from a 25% reduction in customs duties when shipping certain furniture, industrial goods such as natural rubber, agricultural products and more.