Eurasia Takes Initial Steps for Trade with Coronavirus Looming Large
Precise controlling of the customs and tariff policies over selected commodity groups, regulating and coordinating measures aiming to protect the domestic markets from downfall, measures to stabilize the financial markets situation are of a range of policies the Eurasian Union is taking amid COVID-19; while imports tariff for some goods such as components and parts (intermediate goods), and the raw material is cut.
Eurasian Economic Commission and the member states are considering a package of measures to retain economic stability, have bilateral trade, and preserve the workforce’s movement freedom in the Eurasia Zone amid the virus disease outbreak.
Andrea Slepenov, Trade Minister for EAEU on the package for fighting against the spread of the coronavirus’s impact on trade said: Due to fall of the domestic and global markets, we need to review our strategies and policies.
“Digitalized trade is now of great importance thanks to the current situation,” the minister said. “E-trade has not only taken the chance of growing in goods trading but also in trading procedures like transit and B2B transactions.” He added.
Each country approaching the issue of fighting the virus in a different fashion; unannouncedly and temporarily. Thus, WTO has called on the member states that they announce the measures they have taken in such an extraordinary situation.
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