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The purpose of the draft is to regulate the foreign trade of the goods of strategic importance for Armenia – gold, platinum and palladium ingots: The RA Minister of Economy Vahan Kerobyan said, presenting in the first reading the amendments being proposed in the RA Law on State Duty.

“Having a goal to boost the production and export of goods of higher added value instead of the raw material, with a number of decisions of the RA Government the export of the scrap and waste of ferrous and non-ferrous metals has already been banned. The export of ferrous and non-ferrous metals was established as a licensing activity,” the Minister underscored and added that the mentioned regulations promoted to process the ferrous and non-ferrous metals on the spot and to export the product with higher added value.

The Government proposes with the draft to carry out the process of export of the goods presented by the draft, to establish state duty for the licenses being given to export the gold, platinum, as well as palladium ingots.

According to Vahan Kerobyan, the proposing regulations will make more effective the processing process of precious metals, developing from simple ingots to the production and export of the goods with higher added value.

The rapporteur stated that, as a result of the measures taken by the Government in 2022-2023 large investments were made in the metallurgical industry. According to the Minister, in recent years the volumes of the gold export abruptly increased.

Answering the MPs’ question, Vahan Kerobyan underscored that in the Executive the issue of creating perfect environment for companies wishing to be engaged with international trade.

The initiative was debated at the sitting of the NA Standing Committee on Economic Affairs on January 31 and endorsed.