Customs duties to remain unchanged for some products

15:36 • 06.02.14
Economy

If the customs duties are higher for 60% of 11,000 types of products in the Customs Union than in Armenia, it does not mean their price will rise, Armenia’s Minister of Economy Vahram Avanesyan told reporters on Thursday.

“The customs duties will not change for all the products. The products imported from the countries Armenia has free trade agreements with – the Commonwealth of Independent States (CIS) members – are part of the aforementioned 60%, and the customs duties will remain unchanged in this case,” the minister said.

Armenia is preparing a list of products to exempt from customs duties. The country intends to apply to the Customs Union for exemption of the products from customs duties.

“The list will soon be ready, and we will start negotiations with the Customs Union. They products are of social and economic importance – food, medicine, raw materials,” the minister said.

If the Customs Union rejects Armenia’s application without offering explanations, Armenia’s government will not employ compensations mechanisms.

He forecasts a 1.5% rise in prices after Armenia joins the Customs Union.

Asked if he will resign if higher-than-forecast price rise is recorded, Minister Avanesyan said:

“First, it is a rise in prices for specific products rather than general inflation in Armenia that is in question. That is, if 4% inflation is recorded in Armenia, 1.5% must be added. I am not going to resign for my forecasts or assessments. If Armenia does not join the Customs Union, the gas price will rise, and 4.5% inflation would be recorded and the funds would be transferred to Russia’s state budget, in contrast to increased customs duties, with funds to be transferred to Armenia’s budget.”
 

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