New Rules for Foreign Trade Operations Performance Approved

The Edict of the President of the Republic of Belarus No. 178 of 27 March 2008 On the order of performance of and control over foreign trade operations set forth new rules for foreign trade operations carried out by Belarusian legal persons and individual entrepreneurs.

According to the Edict, the Belarusian legal persons and individual entrepreneurs must ensure that their foreign counterparts fulfill the contractual obligations:

for export operations , not later than within 90 days from the date of goods shipment (works performance, services provision);

for import operations, not later than within 60 days from the date of making payment.

The Edict also provides that a document (documents) constituting a foreign trade contract between a resident of the Republic of Belarus and a non-resident must contain information on the place and date of the contract conclusion; subject matter; quantity, price and/or cost of goods (work, services); names and bank requisites of the parties and the place of location of the non-resident.

The Edict enters into force in 6 month period from its official publication.