President of Uzbekistan launches new stage of liberalization of foreign trade activity

15.11.2017, 12:47

President of Uzbekistan launches new stage of liberalization of foreign trade activity

The President of Uzbekistan signed on November 3 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" and the resolution "On measures to further liberalize foreign trade activities and support business entities." 

The decree provides for the transfer of the licensing function from the Ministry of Foreign Trade to the Cabinet of Ministers in order 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. 

In order 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 for the examination of import contracts concluded with an amount of less than 100 thousand US dollars is canceled. 

The examination of import contracts with the sum of more than 100 thousand dollars and prisoners based on the results of tender tenders 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. 

The procedure for registering export contracts concluded on the basis of government decisions and intergovernmental agreements, as well as a limited list of specific and primary commodities in the Ministry of Foreign Trade, was maintained. 
A unified term for the formation of overdue accounts receivable for export operations was established - 120 days from the date of shipment of products for export (previously - 60-90 days). 

The valid terms for receipt of payment (180 days) remain with shipment of the founders-residents of Uzbekistan to organizations abroad (trading houses, sales offices, subsidiaries, branded stores, dealer networks and consignment stores), as well as members of the Chamber of Commerce and Industry of Uzbekistan - in address of the Chamber’s Commerce and Investment Houses. 

It is allowed to export goods, works and services, with the exception of fresh fruit and vegetable products and certain types of raw materials, for foreign currency without prepayment, opening a letter of credit, issuing a bank guarantee and having an insurance policy. 
With a view to developing cross-border trade and simplifying export procedures, business entities are entitled from December 1 to export goods (excluding raw materials), works and services without concluding an export contract, invoices after 100% advance payment to exporters' accounts with banks of Uzbekistan. 
At the same time with regard to the export of fresh fruit and vegetables, grapes, melons, legumes, and dried vegetables and fruits, individual requirements are established in accordance with the law. 

In order to create equal conditions for all participants in foreign economic activity, to prevent unjustified application of financial sanctions against exporters in cases of delay in the receipt of foreign exchange earnings from exports for objective reasons, simplification of the procedures for the implementation of export-import transactions provides: 

• application of a unified approach with regard to the adoption of measures of responsibility for allowing the formation of overdue receivables for both exporters and importers; 

• prolongation of the receipt of proceeds in foreign currency for a period of duration of force majeure circumstances (force majeure); 

• reduction of the amount of accounts receivable under the export contract by the amount of the received insurance compensation to the account of the exporter of goods, works and services; 

• cancellation of the requirement of mandatory importer import customs cargo customs declaration to confirm the customs value of goods imported into the customs territory of Uzbekistan with the application of benefits on customs payments; 

• cancellation of the requirement for issuance of permits by the state customs authorities for re-export of goods under the temporary import customs regime; 
• timely and full input by the responsible ministries and departments of information on issued certificates and documents of a licensing nature in the unified customs information system "Single Window".

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