EEU Finalizes Customs Code Harmonization

The Eurasian Economic Union Commission completed its customs code harmonization to improve customs clearance time, “service portals,” rules relating to restricted goods, countries of origin and more, according to an Aug. 22 report from the Hong Kong Trade Development Council. The move is expected to “clear up the discrepancies and inconsistencies” related to several areas of customs and trade between the Eurasian Economic Union’s member countries: Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan. The move will standardize the average customs clearance time to four hours, define required procedures for establishing exact customs values, list a series of banned goods and more, the report said.