Agreement on specific features of ensuring security in customs transit came into effect

An Agreement on specific features of applying security for the fulfillment of obligations to pay customs duties, taxes, special, anti-dumping and countervailing duties during the transportation of goods in accordance with the customs procedure of customs transit, signed on April 19, 2022, came into effect on June 19.

The Agreement is aimed at developing guarantee mechanisms in the Eurasian Economic Union and reducing the financial burden on business when performing transit transportation within the EAEU, including in light of using modern information technologies and electronic document flow.

 Implementing the Agreement will enable persons participating in the customs transit and meeting the Agreement’s terms to provide financial guarantees in a smaller amount than usual.

Simultaneously, the Agreement will give further impetus to developing the institution of surety as one of the ways of security by determining conditions for recognizing guarantors as national guarantors and establishing more comfortable conditions for them to conduct activities for providing financial guarantees in transit.

These two directions taken together will enable reducing the costs of foreign economic activity participants engaged in transit transportation, thereby making the Union’s transit system more attractive and competitive.

The Agreement has become one of the elements of the common transit system.