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Update on EAEU GSP
On 12 October 2021, the Eurasian Economic Union (EAEU), which includes Russia, Belarus, Kazakhstan, Kyrgyz and Armenia, have significantly reduced the number of beneficiary countries that may avail of preferential tariffs under their Generalized System of Preferences (GSP). Only 29 of the 103 developing countries are now able to avail of preferential tariffs, which apply to 75% of the basic tariff rate.
Fortunately, the Philippines will continue to enjoy lower tariffs when exporting to EAEU, which covers exports of fish and crustaceans, molluscs and other aquatic invertebrates (except sturgeon and salmon, and their caviar); coffee, tea, spices, sauces and preparations therefor; mixed condiments and mixed seasonings; parts of furniture; and imitation jewelry, among others.
On the other hand, Brazil, Vietnam, Hong Kong, India, China, South Korea, Singapore, Thailand, Turkey, and South Africa were removed in the list of EAEU GSP beneficiaries.
The EAEU is regarded by the DTI-EMB as an emerging market for Philippine exports. PH exports to the EAEU increased by 16.6% over the last five years (2016-2020). In 2020, Philippines exports to the EAEU amounted to USD 93.58 million or 14.35% of PH total exports to the world. Electronics and parts, desiccated coconuts, seaweeds, and carrageenan topped the list of exported products to the bloc. Despite the pandemic, Philippine exports to the EAEU increased by 47.1% in the first eight (8) months of the year to USD82.2 million from USD55.9 million in same period last year.
For more information, you may contact DTI-EMB’s Market Innovation Division at email@example.com