Armenia’s Eurasian integration deal complete

12:07 • 02.01.15
Economy

Armenia’s treaty to join the Eurasian Economic Union (EEU) is entering into force today.


The deal, paving the country’s way to the common economic bloc of Russia, Belarus and Kazakhstan, was signed at the Supreme Eurasian Economic Council’s summit in Minsk, Belarus on October 10, 2014.


Armenia is becoming a full-fledged member of the Union starting from January 2. It will be represented in the EEU executive bodies with a small delegation of three members until the end of 2015, the timeframe of expiry of their term in office, the news agency TASS reports.


The country’s share in the distribution of import customs tariffs will account for 1.13% in the common economic zone. The shares of Belarus, Kazakhstan and Russia will be cut down from 4.7%, 7.3% and 88% to 4.65%, 7.24% and 86.97%, respectively.

In the services sector, Armenia will accede to EEU agreements based on common terms; as for the trade sector, a gradual switchover to the united customs tariff is planned until 2022.


Before the assigned date, the country will apply different EEU customs tariffs to a wide variety goods, including meat products, until 2022 A separate tariff will be in effect for dairy, eggs and honey until 2020; the same tariff will apply to several fruit products until 2019.


Additionally, Armenia will apply zero customs tariffs to petrol until 2018. It will fully adopt the common customs tariffs in 2020. The same principle will apply to organic and non-organic chemical products, drugs, leather etc.

In connection with the EEU membership, the country will also launch separate talks with the World Trade Organization over revising commitments.

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