The distribution of import customs duties in the Eurasian Economic Union is a complex topic, and not just a mathematical formula.

As a result of long discussions, a solution was found in 2019, said Armenian Deputy Prime Minister Mher Grigoryan at a joint meeting of the boards of the supreme audit institutions of the Eurasian Union on Thursday.

According to him, the formula reflects the level of economic development of each individual country. 

“Many factors relevant to the economies of the Eurasian Union member states were taken into account,” he said.

Grigoryan also note that the Union has already shown its viability, as evidenced by the volume of domestic trade and foreign trade, as well as the desire of many countries to do business with the Eurasian Union.

“All decisions are made by consensus in the union, which from the point of view of the institutional approach is a positive factor, but it affects the speed of decision-making. However, every year this component improves, and decisions are made more quickly,” he noted.

The Vice PM expressed satisfaction that this was done during the period of Armenia’s presidency of the Union, during which free trade agreements were signed with Serbia and Singapore, an agreement on a free trade zone with Iran entered into force, which will open up new opportunities for business.

“Yerevan has done everything to strengthen the integration of the participating countries and expand the geography of cooperation,” Mher Grigoryan noted.

A joint meeting of the boards of the Eurasian Union supreme financial control bodies took place in Yerevan on Thursday.