The Eurasian Economic Commission's Board has decided to reduce the rates of import customs duties on raw glycerin, glycerin water and glycerin liquor of heading 1520 00 000 0 of the CN FEA of the EAEU from 5% to 0% for a period of two years.
"Zeroing the rate on these raw material will enable reducing the cost price of purified glycerin, which is further used in the food, cosmetic and pharmaceutical industries. This, in turn, will help increase industrial and agricultural production, as well as improve the competitiveness of the EAEU countries' products," noted Vahagn Ghazaryan, Director of the EEC Tariff and Non-Tariff Customs Regulation Department. Along with that, he emphasized that crude glycerin is not manufactured in the territory of the Eurasian Economic Union.
Besides, the rate in respect of ferroniobium (code 7202 93 000 0 of the CN FEA of the EAEU) used for the manufacture of special steels: high-strength pipe steel, structural steel, weldable and cold-resistant steel was reduced from 5% to 0% for a period of two years. The relevant alloy helps improve ductility properties and corrosion resistance when added to heat-resistant and stainless steels, and the introduction of ferroniobium into structural steels improves weldability, strength and ductility properties.
"The introduced measure will contribute to eliminating the shortage of ferroniobium in the EAEU market, reducing the cost price of special steel production, improving competitiveness and increasing the capacity utilization of our countries' enterprises," Vahagn Ghazaryan said.
The decisions shall come into effect after 30 calendar days have elapsed from the date of their official publication.