Eurasian Economic Commission approves common tariff for Customs Union

The Council of the Eurasian Economic Commission has approved the new common tariff for the Customs Union, ITAR-TASS reports.

The average import fee will drop from 9.6% to 7.5-7.8%, according to WTO standards. About 90% of tariff lines will remain at the current level. Tariffs will drop for about 1,000 types of products, Russian Deputy Minister for Economic Development Andrey Slepnyov said.

The Eurasian Economic Commission was formed by Russian, Belarusian and Kazakh presidents in late 2011 to regulate the Customs Union and the Single Economic Space. It is a supranational structure non-subordinate to any government. Its decisions are obligatory.

Besides keeping the Customs Union and the Single Economic Space functioning and developing, the commission works on further integration progress.