EDB: Removal of EEU non-tariff barriers expected to raise Belarus' GDP by 2.8%

       The Center for Integration Studies of the Eurasian Development Bank (EDB) published the first comprehensive assessment of the impact of non-tariff barriers on mutual trade in the Eurasian Economic Union (EEU) and provided the recommendations on the ways of removing them, we learned from the EDB press center
      The report has been prepared based on a poll of 530 Russian, Kazakh and Belarusian exporters. “The report provides a number of scenarios as to how reduce non-tariff barriers. In the base scenario, Belarus will derive the highest benefits: its real GDP is expected to grow by 2.8% and welfare by an aggregate of 7.3%,” the press center said. The research has shown that reductions in non-tariff barriers will be particularly important to the producers of machinery and equipment because the costs associated with non-tariff barriers are the highest in this sector. Pulp-and-paper and food enterprises, and also the producers of leather, footwear, resins and plastics will also see significant benefits.
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states.