During its May 10 session, the Government of Armenia approved the proposal to sign an agreement “On the mechanism for traceability of commodities imported into the customs territory of the Eurasian Economic Union”.
It was stated that the first time the draft agreement was sent to EAEU member states for domestic coordination was in May 2017.
The main purpose of the agreement is to ensure lawfulness of the circulation of commodities being transported from the territory of one EAEU member state to another member state in order to apply the mechanism for traceability of commodities, as well as to create conditions that will rule out the use of different schemes to avoid payment of customs and tax fees, while ensuring oversight over operations connected with the circulation of commodities.
The agreement establishes the procedure for the creation and operation of a traceability mechanism within the Eurasian Economic Union. It also envisages traceability for commodities included in the list to be approved by the Eurasian Economic Commission. The mechanism will be introduced through consecutive stages (stage-by-stage). In the first stage, the traceability mechanism will be applied within the scope of a pilot project, the time periods and terms for implementation of which will be established by the Eurasian Economic Commission.
The creation of a national system of traceability of commodities, stipulated by Article 14 of the Agreement, may lead to the need for additional funding from the State Budget of Armenia.