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Eurasian Economic Commission zeroed import duties on ether alcohols and their derivatives for footwear industry

Legislation
16:19 | 20.03.2017 | Business-News

The Eurasian Economic Commission (EEC) zeroed the rates of import duties on ether alcohols and their derivatives widely used in the Eurasian Economic Union member states in the footwear production. This decision was taken today at the board meeting in Moscow, the press service of the EEC told BELTA.

 

The Member of the Board – Minister in charge of Trade of the EEC Veronika Nikishina clarified that this measure would be valid until February 28, 2019, inclusively.

 

"The introduction of a zero rate on import of the mentioned chemical products will support the manufacturers of leather products and footwear. The manufacturers' expenses on the procurement of chemicals grew by 2.5 times due to the increase in exchange rates," the Minister of the EEC noted. "Therefore, the setting of import duties to zero must allow the enterprises to cut down expenses and offer more competitive prices in the domestic and foreign markets."

 

According to the estimates of the Russian Union of Tanners and Shoe Manufacturers, this measure must allow the enterprises of the branch to whittle down expenses by USD 735.3 thousand per annum and increase the production profitability by 13% as compared to the current level.

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