On 6 November 2017, the Resolution of the President of the Republic of Uzbekistan “On measures for further liberalization of foreign trade activity and support of business entities” entered into force (the Resolution).
The Resolution is aimed at simplifying export-import operations in Uzbekistan.
This review focuses on the key amendments made to the existing foreign trade regulations.
Thus, starting from 1 December 2017, the following amendments apply:
- Export of goods, works and services may be made without advance payment, letter of credit, bank guarantee or insurance policy.
- Export of goods, works and services may be made without a contract on the basis of an invoice and after 100 percent prepayment.
- Mandatory provision of export cargo customs declaration for approval of the cost of goods, imported to Uzbekistan with application of exemptions, is being repealed.
- The requirement to issue permits for re-export of goods under temporary import regime is being repealed.
- Expertise of import contracts with the value of less than US$100 thousand is being repealed.
- Expertise of import contracts with the value of more than US$100 thousand, which are concluded as the result of tender bids, is repealed. Instead of the expertise of contracts, the procedure of expertise of tender documentation or evaluation of proposals during the bids is being introduced.
- A unified term – 120 calendar days – is being established for occurrence of accounts receivable.
The Resolution is intended to eliminate remaining barriers, hindering wide participation of entrepreneurs in foreign trade operations, and attract foreign direct investment.