No price rise expected in Armenia after joining the EEU deputy minister says
03.12.2014,
11:12
No price rise is expected in Armenia after the country’s accession to the Eurasian Economic Union, Armenia’s deputy minister of finance Suren Karayan said at an EEU membership discussion in the parliament on Tuesday.
YEREVAN, December 3. /ARKA/. No price rise is expected in Armenia after the country’s accession to the Eurasian Economic Union, Armenia’s deputy minister of finance Suren Karayan said at an EEU membership discussion in the parliament on Tuesday.
No additional customs duty will be levied on consumer commodities imported from the EEU countries, Karayan said.
Yet, customs duty on goods imported from third countries will be increased, as per Armenia’s EEU membership agreement, the deputy minister said. But the increased customs duty does not imply a price increase as these are not consumer commodities of critical need. These are final products having their local analogues, Karayan said.
In particular, customs duties will be increased on some 10 goods, including milk products from foreign countries, plastic goods, furniture, accessories and perfume.
According to ministry’ estimates, the increased customs duties may give rise to a maximum of 0.3-0.6% extra inflationary pressure within several years, the deputy minister said.
The population will not suffer much from this as the mentioned goods are not of first need, according to Karayan.
Certain increase in prices is possible but it will be under control and in long term only, he said. Apart from this, it will open up opportunities for local production, he added.
Armenia’s National Statistical Service reports the country’s foreign trade turnover rose by 3.6% in January-October compared to the same period of 2013, to about $4,876.5 million. Foreign trade with CIS countries amounted to $1,372.8 million (3.8% increase). Trade with Russia only amounted to $1,136.9 million (7.8% increase), that with the EU countries was about $1,319.3 million (2.4% reduction). Other countries accounted for 44.8% of the foreign trade turnover ($2,184.4mln) that is a 7.3% increase. –0--
No additional customs duty will be levied on consumer commodities imported from the EEU countries, Karayan said.
Yet, customs duty on goods imported from third countries will be increased, as per Armenia’s EEU membership agreement, the deputy minister said. But the increased customs duty does not imply a price increase as these are not consumer commodities of critical need. These are final products having their local analogues, Karayan said.
In particular, customs duties will be increased on some 10 goods, including milk products from foreign countries, plastic goods, furniture, accessories and perfume.
According to ministry’ estimates, the increased customs duties may give rise to a maximum of 0.3-0.6% extra inflationary pressure within several years, the deputy minister said.
The population will not suffer much from this as the mentioned goods are not of first need, according to Karayan.
Certain increase in prices is possible but it will be under control and in long term only, he said. Apart from this, it will open up opportunities for local production, he added.
Armenia’s National Statistical Service reports the country’s foreign trade turnover rose by 3.6% in January-October compared to the same period of 2013, to about $4,876.5 million. Foreign trade with CIS countries amounted to $1,372.8 million (3.8% increase). Trade with Russia only amounted to $1,136.9 million (7.8% increase), that with the EU countries was about $1,319.3 million (2.4% reduction). Other countries accounted for 44.8% of the foreign trade turnover ($2,184.4mln) that is a 7.3% increase. –0--
