PH retains GSP status under EEU

·1 min read

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

The EEU, 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) starting Oct. 12.

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

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.

Compared to these countries, the Philippines continued to enjoy lower tariffs when exporting to EEU members.

In an earlier statement, the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB) said products covered by the EEU GSP are eligible for a 25 percent discount on customs duties. These include food, furniture and industrial goods.

Food products 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. (PHLEXPORT NEWS AND FEATURES)

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