Ratification of the Agreement on the Customs Code of the Eurasian Economic Union (EAEU) will be completed before the end of this year. Presidents of the member-countries of the Union once again confirmed their readiness to facilitate the early document execution by signing the joint statement prepared following the results of the Supreme Eurasian Economic Council on October 11, 2017.

The new customs legislation of the Union has been developed taking into account the current level of the development of electronic technologies, contains many innovations that are useful for entrepreneurs. Owing to this fundamental document, customs technologies will be digitized. The EAEU Customs Code eliminates many of the problems that have accrued in the law enforcement practice. The new code legally secures the opportunity for a foreign trade participant in the presence of an electronic digital signature to make the majority of transactions from a computer via the Internet, interacting with the information system of the customs authority.

In some cases, decisions to register a declaration for goods, registration itself, as well as a decision to release goods could be taken automatically by the information systems without the participation of the inspector.

According to the new code, the release time for goods will be reduced to four hours, while the standard release time, fixed in the Customs Code of the Customs Union, is more than a day.

Source: http://www.rsbctrade.com/the-new-customs-code-of-the-eaeu-will-come-into-force-on-january-1-2018/