Baku, Azerbaijan, Oct. 9
By Nigar Guliyeva – Trend:
The Uzbek Ministry of Foreign Trade has developed a draft presidential decree “On measures for further liberalization of foreign trade activity and support of business entities.”
For creating favorable conditions for exporters and ensure their rights, it is proposed to set the order under which legal entities and individuals will choose payment terms of their foreign trade contracts at their own discretion.
In order to create equal conditions for all participants of foreign economic activities in their exchange transactions, it is envisaged to unify the time of formation of overdue receivables in foreign trade operations within 120 days from the date of shipment of products for export on export operations and from the date of payment on import operations.
Individuals will no longer have to present documents confirming that the sold products were produced on the land plot allotted to them or members of their family.
For exporting companies engaged in wholesale trade, it is proposed to cancel the license requirement for formation of the statutory fund.
In case an exporter has overdue receivables on the previously carried out export supplies, or if the unsold goods are not imported back at the appropriate time, the customs bodies may refuse to export goods only to the foreign buyer that has overdue receivables for benefit of domestic exporter.