Media report: Russia and India consider a trade “green corridor”



Media report: Russia and India consider a trade “green corridor”

Media report: Russia and India consider a trade “green corridor”

Russia and India are considering a bilateral trade “green corridor” for simplified customs clearance for certain goods, the Economic Times reported on Friday, citing sources.

According to the newspaper, the idea was proposed by Russia’s Federal Customs Service and figured at Tuesday’s meeting of the Russian-Indian Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation.

“The main advantage of a “green corridor” is that goods transported by businessmen will not have to undergo customs inspection and examination when crossing the border – measures now commonly used to minimise risks. This also applies to documents. Samples and specimens will not be taken. Original documents do not have to be provided, and so on,” explained a person familiar with the matter.

Both parties will have lists of businessmen and companies eligible for the “green corridor”. To be included on the register, an exporter will need to meet a number of criteria: the company must have no outstanding unpaid customs duties or any rulings on administrative violations in the respective countries.

The mechanism itself will work on the basis of electronic pre-declarations. Each cargo will be assigned an individual number in the “green corridor” register to be used by customs inspectors, who will thus know that the goods do not need to be inspected. In addition, it is assumed that there would be a separate customs post for “green corridor” participants.

Source: ria.ru/economy/

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