Saturday, October 26 2024 16:26
Alina Hovhannisyan

Customs duties for Armenian exporters to be reduced after agreement  with Iran ratified 

Customs duties for Armenian exporters to be reduced after agreement  with Iran ratified 

ArmInfo. The signing of a free trade agreement with Iran will significantly increase the competitiveness of goods from the EAEU countries on the Iranian market, increase export volumes to Iran, satisfy trade turnover, and  allow saving $380 million annually due to exemption from customs  duties. 

This was announced by Armenian Minister of Economy Gevorg Papoyan  during a meeting of the Standing Parliamentary Commission on Eurasian  and Regional Integration on October 25. According to him, this will  open up broad opportunities for Armenia, since the agreement provides  for preferential terms for the export of goods that have a large  share in Armenian exports to the Iranian market. This includes  mineral waters, non-alcoholic beverages, chocolate, baked goods,  tobacco, and lamb, for which zero customs duties will apply.  Industrial goods include copper, zinc and molybdenum ores, silver  products, copper anodes, steam generators, electronic cigarettes,  thermostats, etc. Access will also be provided for batteries, and  customs duties on jewelry and medicines will be reduced.

For certain sensitive agricultural products (eggplant, pepper,  watermelon, melon), it was proposed to maintain and apply seasonal  price quotas of the EAEU for plastic products.

According to preliminary estimates, as the minister noted, the  benefits provided will cover 98% of Armenian exports to Iran, which  is equal to about $98 million. Papoyan reported that on average, the  customs duty rate for exports from Armenia to Iran will drop from 23%  to 8.1%. As a result of the reduction in customs duties, Armenian  businesses will save about $11 million.

According to the Statistical Committee, the foreign trade turnover  between Armenia and Iran in January- August 2024 was increased by  0.9%, amounting to $457.5 million. At the same time, exports grew by  6.8% to $73 million, with a decline in imports by 0.2% to $384.5  million.

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