09 MAR 2017

Parallel imports are getting legal in the EEU

The member states of the Eurasian Economic Union are planning to implement the possibility of parallel imports in relation to certain types of goods. In that way they are going to reduce the cost of important imported products for consumers.

According to the decree of the Eurasian Intergovernmental Council on amendments to the Treaty on the Eurasian Economic Union in relation to certain goods it will be possible possible to set exceptions to the regional principle of exhaustion of trademark rights. It means that not only copyright holders or their officially authorized suppliers will have rights to supply in the EEU countries certain products but also parallel importers.

"Parallel imports can be used as one of the mechanisms for increasing competition and price reduction. It implies a legalization of the import of the goods into the territory of the EEU by any importer, not just by the legal owner or authorized person. It's a huge work, which is also in the area of our responsibility, is our work with the Eurasian economic Commission", Vladimir Koltovich, the Minister of Antimonopoly regulation and trade of the Republic of Belarus, said.

It is expected that due to the new rules of the import prices for medicines for consumers may be reduced in five times, and two to three times for auto parts, cosmetics and perfume.

Discussion about the new rules has already taken place with the official representatives of foreign exporting country to the EEU.

Eurasian Economic Union is an international organization created on the basis of the Customs Union, which includes Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan.