The executive body of the Eurasian Economic Union responsible for implementing decisions, upholding the EEU treaties and managing the day-to-day business of the Eurasian Economic Union, Eurasian Economic Commission (EEC) comprising Russia and Kazakhstan initiates an extension of its 0% customs duty on the importation of vanadium-aluminium ligature until the end of 2022, commencing 2nd of January 2022.
This primary reason for the extension is to restrain prices for this type of raw material that is majorly utilized in the production of titanium alloys for the aerospace industry. However, by limiting the costs of materials, the majority of Russian-owned aerospace companies will be able to augment their production comparatively at a marginal cost.
The development for the extension of 0% import duty comes at a time when Russian aerospace is keen to step in the early stages of their two key projects. The first is the Russian Aerospace Force anticipation to commission a new combat aircraft in 2022 equipped with state-of-the-art hypersonic weaponry, while the second is that Russia and China have declared that they will sign a new Space Cooperation Program for 2022-2027, which will include the proposal to develop and float an International Lunar Research Station by 2035.
However, both the programs empower Russia to stand closer to the front row of air and space power, the two vital domains in the international political sphere where agitation with the US and NATO are already advancing. Now by fortifying low material costs, Russia is better assured to transpose these goals into a reality, strengthening itself at the vanguard of international aerospace innovation.
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