Ministry of Finance of Ukraine introduced the draft law "On authorized economic operators"

2/15/16

On 12 February, 2016, Minister of Finance Natalie Jaresko together with Deputy Minister Olena Makeieva presented the draft law "On amendments to the Customs Code of Ukraine regarding the authorized economic operator and simplification of customs procedures” developed by the Ministry of Finance with the help of experts and NGOs.

The Ministry of Finance is working on adaption of Ukrainian legislation in tax and customs area with the EU-Ukraine Deep and Comprehensive Free Trade Agreement (EUDCFTA). For this purpose, Ministry of Finance developed this draft law which aims to establish an effective mechanism of authorized economic operators (AEO) in Ukraine in compliance with the EU standards and which serves as a key element of customs cooperation between Ukraine and the EU.

Inroduction of the AEO will help to improve economic and administrative conditions for customs clearance by Ukrainian exporters and importers, and thus maximize benefits from EUDCFTA for Ukrainian producers.

Introduction of AEO institute in Ukraine will provide Ukrainian entrepreneurs with an internationally approved status based on criteria of the best international practice and will become an effective tool for fighting corruption and overcoming administrative pressure on business by the customs authorities.

“The concept of AEO is one of the best international practices in international trade, but still wasn’t implemented in Ukraine. This draft law will allow us to adopt Ukrainian legislation to EU standards, reduce barriers for international trade, and thus reduce the cost of imports and increase competitiveness of Ukrainian exporters", - underlined Minister of Finance Natalie Jaresko.

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