Phl To Continues Benefiting From Lower Eurasian Economic Union Tariffs

The Philippines continues to enjoy lower tariffs when exporting certain products to member states of the Eurasian Economic Union (EAEU).

Photo Insert: Coconut oil continues to be one of the Philippines' top exports.

The EAEU, which includes Russia, Belarus, Kazakhstan, Kyrgyz, and Armenia, retained the Philippines among the developing beneficiary countries subject to preferential tariffs under its Generalized System of Preferences (GSP) since October 12.

This, even after the EAEU Council decided to reduce the number of developing countries subject to preferential tariffs, which are applied to 75 percent of the basic tariff rate, from 103 countries/regions to just 29.

Countries/regions that have transitioned from preferential tariffs to basic tariffs include Brazil, Vietnam, Hong Kong, India, China, South Korea, Singapore, Thailand, Turkey, and South Africa.

In an earlier statement, the Department of Trade and Industry-Export Marketing Bureau said products covered by the EAEU GSP are eligible for a 25-percent discount on customs duties.

These include food, furniture, and industrial goods and food products that include meat, fish, fruits, coffee, cacao, coconut products, sauces, and condiments.

Furniture, gifts, and houseware in the list are articles of wood, basket ware, artificial flowers, statuettes, ceramics, and imitation jewelry. Also included are industrial goods like natural rubber.

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