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Agreement on Unified System of Customs Transit between EAEU and Third Countries to Ensure Seamless Freight Transportation
On December 26, the meeting of the Supreme Eurasian Economic Council in the Leningrad region (Russian Federation) signed the Agreement on a unified system of customs transit of the Eurasian Economic Union and a third party (third parties).
The concept of the Agreement defines the fundamental legal basis for the conclusion of individual EAEU international treaties with third countries on the creation of a unified transit system. Uzbekistan, for example, is already interested in this, and other CIS states or such important EAEU trade partners as China may also take an interest.
The main objective of the Agreement is to ensure seamless, i.e. the most convenient transportation logistics for all market participants by increasing the connectivity of territories and reducing overhead costs for business to deliver cargo. It is essentially about speeding up and reducing the cost of transportation as a result of introducing digital technologies and lowering the risks of delivery errors, which is especially important for the end consumer.
This will be achieved through the use of a unified transit declaration in the form of an electronic document; unified enforcement of the obligation to pay customs duties and taxes; application of certain special simplifications granted to authorized economic operators of the Union states and a third party. This will also be facilitated by the use of navigation seals to track the transportation of goods throughout their journey through the customs territories of the EAEU and third parties. The role of mutual recognition of the results of customs control is also important.
The adoption of the document promotes the development of the Union's transit potential, enhances the security of cross-border supplies and increases trade turnover of the Eurasian Five countries.
