EU Fast-Tracks Customs Duties on Low-Value Parcels

EU finance ministers have agreed to introduce customs duties on low-value parcels by 2026, ahead of the initially planned 2028 date. This decision targets online retailers like Shein and Temu, primarily from China, due to billions of packages creating competitive pressure on local businesses.

European Union finance ministers have announced plans to expedite the imposition of customs duties on low-value parcels to 2026. The decision was previously scheduled for 2028 but has been accelerated due to concerns over the volume of packages from Chinese online retailers.

This shift targets parcels valued under 150 euros and aims to level the playing field for EU businesses facing competition from platforms like Shein and Temu. The flow of low-cost goods has been causing unrest among local companies and political figures, prompting faster action.

The ongoing influx of parcels from China has pressured the EU's commercial environment, influencing policies to adjust more swiftly to these economic challenges. ($1 equals 0.8575 euros currently.)

(With inputs from agencies.)