The proposal for a zero rate is planned to be in effect until March 31, 2028.
According to the Eurasian Economic Commission, the initiative from Russia is driven by a shortage of terephthalic acid in the EAEU territory. This decision is aimed at supporting local production of polyethylene terephthalate and dioctyl terephthalate, which are used in the production of packaging, plastic containers, technical threads and fibers, as well as in linoleum, wallpapers, and other goods.
“The implementation of this measure will reduce the production cost of polyethylene terephthalate and improve the competitiveness of Russian products in the domestic market,” the statement notes.
Reference:
According to EEC data, the current duty on terephthalic acid is 5% of the customs value, however, a zero rate has been applied since 2014.
