Saturday, 27 November 2021 11:44 GMT

Uzbekistan further liberalizes foreign trade activity

(MENAFN- Trend News Agency ) Baku, Azerbaijan, Nov.7

By Nigar Guliyeva - Trend:

Uzbek President Shavkat Mirziyoyev signed a decree "On measures for further liberalization of foreign trade activities and support of business entities".

The document establishes the procedure under which, starting from December 1, 2017, legal entities and individuals freely choose payment terms for the foreign trade contracts that they concluded.

Mirziyoyev also unified the terms for the 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 Uzbek resident-founders to companies 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 the goods imported under contracts concluded in the framework of projects implemented in accordance with the decisions of the President and the Cabinet of Ministers.

Legal entities and individuals are allowed to export goods, works and services for foreign currency without prepayment, opening a letter of credit, issuing a bank guarantee and having a policy on insurance of an export contract against political and commercial risks.

Meanwhile, the customs clearance for export, with the exception of the commodities specified in the annex to this decree, as well as goods exported on the basis of the invoice, is carried out without reference to settlements in the Unified Electronic Information System for Foreign Trade Operations .

To create favorable conditions for exporters, the document provides business entities with the right from December 1, 2017 to export goods (excluding specific goods), works and services without concluding an export contract, on invoices registered in the Unified System after 100% prepayment to accounts of exporters in banks of Uzbekistan.

The president also signed a decree "On measures to streamline the licensing of exports and imports of specific goods, as well as registration of export and examination of import contracts."

The decree provides for the transfer of the licensing function from the Ministry of Foreign Trade to the Cabinet of Ministers with a view to optimize export-import procedures and consolidate functions for issuing licenses for the export and import of specific goods. At the same time, jewelry items, precious metal products, precious stones and products made of them are excluded from the list of licensed goods.

To exclude duplicate procedures, the decree provides for simplification and introduction of changes in the current procedure for examination of import contracts in the State Committee for Investments. In particular, the procedure is canceled for the examination of import contracts concluded with an amount of less than $100,000.

The examination of import contracts with the sum of more than $100,000 and concluded based on the results of tender is canceled, with the simultaneous introduction of the procedure for the examination of tender documents or the evaluation of tender proposals during the bidding period. At the same time, the registration of import contracts, concluded on the basis of the results of the tenders, will be carried out without conducting their additional expertise.


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