On November 7, 2019, the Law On Amendments to the Customs Code of Ukraine on the Functioning of Authorized Economic Operators entered into force.
Some of the norms of the law will come into force six months and three years later.
Thus, Ukraine fulfills one of the provisions of the Association Agreement with the EU, bringing Ukrainian customs legislation closer to the customs legislation of the European Union based on the principle of best efforts.
The customs code is supplemented by an effective mechanism of the institution of authorized economic operators similar to that operating in the EU, with the prospect of their further mutual recognition, and is one of the main bases of customs cooperation between Ukraine and the EU.
The future recognition of the status of national AEOs by the customs authorities of the EU countries will ensure the participation of Ukrainian AEOs in the formation of the so-called safe supply chains of goods and increase their competitiveness in the foreign and domestic markets.
AEO status makes it possible to apply the largest list of special simplifications and take advantage of the implementation of customs formalities in relation to goods transported by such operators.
For business, this means simplifying the declaration, speeding up customs procedures and reducing risks, saving time and money on customs terminal services and transparent customs clearance procedures.