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EAEU plans sign Agreement on Transit Simplification

EAEU plans sign Agreement on Transit Simplification

7/10/2020

The Eurasian Economic Union countries plan to sign an Agreement on simplifying current transit of goods in the EAEU where a security should be provided for paying customs duties. On July 10, the Eurasian Economic Commission’s Council adopted Disposition to send draft Agreement to the Member States for the internal legal procedures required for its signing.

 

The Agreement's key target is to create a more comfortable system for ensuring the payment of customs duties during customs transit.

 

The document regulates two blocks of issues. The first block provides for the possibility of applying simplifications for declarants who have available experience with the general security when performing transit transportation and meet the specified criteria. Such declarants will be able to provide security in a smaller amount than usual. The amount can be reduced by 20% or 30%, depending on a set of conditions.

 

The second block is aimed at developing guarantee as one of the ways to ensure the fulfillment of obligations for paying customs duties, taxes, special, anti-dumping and countervailing duties. It defines basic conditions for recognizing guarantors as national guarantors and provides for applying simplifications in the amount of 10% to 100% of the financial guarantee amount.

 

The "preferential" security mechanism enshrined in the Agreement will enable reducing any costs of participants in foreign economic activities when performing transit transportation within the EAEU.

 

It should be noted that the Agreement is one of the documents mostly addressed by the countries and the Commission, considering that it has been elaborated since 2015 in accordance with the Eurasian Intergovernmental Council’s Disposition. Now this work has come to its logical end.