REC: Customs Transit Cancelled for Processors of Foreign Raw Materials

MOSCOW (Sputnik) – Russian companies producing export goods from foreign raw materials will no longer have to follow the customs transit procedure for re-export of processed products. The changes were made thanks to Russian Expert Center (part of VEB.RF) specialists and included in the Eurasian Economic Commission Board decision, the REC reports.

Moreover, they have also canceled the procedure for the re-export of production waste and residual raw materials.

“This solution creates even more favorable conditions for the processing of goods on the territory of the EEU and allows foreign trade participants to significantly reduce the time and financial costs associated with the customs clearance of products made from imported raw materials. Furthermore, companies now no longer have to go through double inspection of goods, which ultimately makes it possible to increase the economic efficiency of export projects," Nikita Gusakov, REC senior vice president and CEO of EXIAR, explained.

Thanks to this decision, the number of declarations required for re-export has also been reduced. Previously, companies had to fill out two declarations: a transit and a customs declaration. Now they have to fill in all the information in just one document, the goods declaration. This will allow manufacturing companies to reduce costs and customs authorities to increase capacity at the border, the REC noted.