China-Belarus industrial park gets EAEU's best customs advantages

MINSK. KAZINFORM The China-Belarus industrial park Great Stone has been granted the status of a territorial special economic zone. The measure is stipulated by presidential decree No.490 of 22 December 2018, which came into force on 8 January, BelTA reports.

The status gives companies residing in the China-Belarus industrial park Great Stone the maximum possible volume of customs advantages and simplifications in the area of logistics and manufacturing that the Eurasian Economic Union Customs Code provides for.

In line with the Eurasian Economic Union Customs Code the member states can set up territorial special economic zones: three in Russia, two in Belarus, one in Armenia, Kazakhstan, and Kyrgyzstan each. Thus, the China-Belarus industrial park Great Stone is the first territorial special economic zone out of the two zones Belarus can have.

The new status has made the park even more attractive for doing business. Thanks to the new status not only commercial companies residing in the park will be able to enjoy preferences. Administration bodies will be able to do so, too. It will be possible to submit customs declarations up to two months after commodities are imported into the special economic zone. It will allow reducing the time required to use the goods as part of business processes.