China will no longer enjoy the GSP tariff preference of the Eurasian Economic Union

According to the resolution made by the Eurasian Economic Commission in March this year, from October 12, China will no longer enjoy the GSP tariff preference of the Eurasian Economic Unio, and the MFN tax rate of the Unio will be restored for relevant commodities.

On March 5, 2021, the Eurasian Economic Commission made Resolution No. 17 to reduce the list of developing economies and least developed economies enjoying the GSP tariff preference of the Eurasian Economic Unio (hereinafter referred to as the "unio"). On April 11, the resolution was officially issued, stipulating that the new list will enter into force six months later, that is, October 12. After the new list comes into force, the goods exported from China to Russia, Belarus and Kazakhstan, and the exported goods are within the scope of the list of goods enjoying the GSP tariff preference of the Eurasian Economic Unio, will no longer enjoy the original preference of exemption from 25% import tariff.

In this adjustment, the Eurasian Economic Unio excluded 75 economies such as China, Brazil and Turkey from 103 developing economies, and excluded 2 from 50 least developed economies (one of which was transferred to developing economies). Among the new beneficiary economies, there are 29 developing economies and 48 least developed economies.

The General Administration of Customs of China also announced a few days ago that from October 12, 2021, the customs will no longer issue GSP certificates of origin for goods exported to member countries of the Eurasian Economic Unio.

Source: Linyi Council for the promotion of international trade