Uzbek Government intends to liberalize foreign trade
09/10/2017 12:59
Uzbek Government intends to liberalize foreign trade
09/10/2017 12:59
Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan plans to take measures to liberalize foreign trade activities.
The Ministry of Foreign Trade of Uzbekistan developed a draft presidential resolution “On measures to further liberalize foreign trade activities and support business entities”.
In particular, the document proposes to establish the procedure according to which legal entities and individuals freely choose at their own discretion the terms of payment for foreign trade contracts concluded by them.
The draft resolution also proposes to unify the terms for formation of overdue accounts receivable on foreign trade operations within 120 days from the date of export shipment for export and from the date of payment for import operations.
The exception will be the goods exported by the resident founders of Uzbekistan to enterprises abroad and members of the Chamber of Commerce and Industry of Uzbekistan to trade and investment houses of the Chamber of Commerce and Industry, as well as imported under contracts concluded within the framework of projects implemented in accordance with the decisions of the President and the Cabinet of Ministers.
It is planned to allow legal entities and individuals to export goods, works and services for foreign currency without prepayment, opening of a letter of credit, guarantee of a bank and the availability of a policy on insurance of an export contract against political and commercial risks.
The draft resolution notes that customs clearance for export, with exception of specific goods, as well as goods exported on the basis of the invoice, will be carried out without the availability of a certificate of payments in the Single Electronic Information System for Foreign Trade Operations (SEISFTO).
In connection with the expansion of the geography of exports of domestic enterprises, there was a need to introduce trade on the basis of an invoice with the counterparty countries, which facilitates the simplification of procedure for the shipment of goods for export and the reduction of the time costs for the implementation of trade transactions.
In order to create favorable conditions for exporters, the draft document will grant to business entities right from 15 October 2017 to export goods (excluding specific goods), works and services without concluding an export contract, invoices with information in the SEISFTO after 100% payment to the accounts of exporters in banks of the Republic of Uzbekistan.
At the same time, it is established that if the exporter has overdue accounts receivable on previously exported deliveries or if the unrealized goods are not brought back in the relevant terms back, the customs authorities have the right to refuse to export goods to only that foreign buyer who has overdue accounts payable in favor of domestic exporter.
The draft resolution allows legal entities and individuals to adjust the invoice value of exported fresh produce, grapes and melons and gourds strictly within the norms of natural loss during transportation approved by the Ministry of Agriculture and Water Resources.
In order to apply penalty sanctions, the draft resolution allows reducing the amount of receivables under the export contract by the amount of the received insurance compensation when the amount of insurance compensation is received on the account of the exporter of goods, works and services.
In line with the document, the Ministry of Foreign Trade in conjunction with the Ministry of Foreign Affairs of Uzbekistan will be ordered to analyze import customs duties, excises and duties and making an inventory of existing agreements and contracts.
For the timely organization of the purchase of agricultural products by business entities (exporters), commercial banks are recommended to provide them with cash in local currency as a matter of priority.
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