Today the Mazhilis, a lower house of the Kazakh Parliament, ratified a treaty on the peculiarities of the application of security for the payment of customs duties and taxes, special, anti-dumping and countervailing duties when transporting goods in accordance with the customs transit procedure. The agreement envisages the development of a single system for the transit of goods in the Eurasian Economic Union (EAEU), as well as the improvement of guarantee mechanisms for their transit. As noted by Kazakh Deputy Prime Minister - Finance Minister Yerulan Zhamaubayev, the Supreme Eurasian Economic Council has approved the Strategic Directions for Developing the Eurasian Economic Integration until 2025.
“All the processes subject to integration are prescribed in the EAEU treaty. As for the customs sphere, the agreement provides for 21 business processes subject to integration between the Eurasian Economic Commission member countries. 10 business processes are currently being integrated, while five more are under implementation. The EEC plans to complete the remaining six processes jointly with other states by the end of this year. Therefore, by next year, the EEC has already planned to carry out these integration processes, and I think they will be completed in 2024,” Zhamaubayev said.
According to Zhamaubayev, ratification of the treaty will allow to develop the surety bond agency in the country and thereby improve conditions for domestic carriers for transporting goods. The expansion of surety will also enable financial institutions to attract private investment and create a competitive environment on the EAEU platform. The treaty has already been ratified by Armenia, Belarus, Kyrgyzstan, and Russia.
