Foreign trade transactions liberalized in Belarus

MINSK, 10 August (BelTA) – Belarus liberalizes conditions for conducting foreign trade transactions. The Belarus President signed Decree No. 347 on 9 August to amend Decree No. 178 of 27 March 2008 “On the order of conduct and control of foreign trade transactions”, BelTA learnt from the presidential press service. The document is aimed at improving the order of conducting the foreign trade activity through expanding the opportunities for economic agents in export-import transactions, with an adequate control over them being in place. An important condition here is the absence of factors slowing down the implementation of contractual commitments during the control. Only a foreign trade contract (no annexes) will be needed for registering a transaction. The move will reduce the number of applications by an individual to the banks. The registration of the transaction in the bank will be free. Registration is annulled for transactions not connected with compensatory transfer of goods. These agreements cover works, services, transfer of proprietory information and exclusive licenses on the results of the intellectual activity. Given a variety of situations possible in the foreign trade activity, the decree envisages a possibility of completion of an export transaction. The list of foreign trade operations which are not covered by Decree No. 178 includes noncommercial operations. The decree takes effect in three months after its official publication.

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