YEREVAN, April 23. / ARKA /. The Armenian government has approved today a bill amending the Customs Code, according to which Armenia will shift from 8 to 10-digit codes of commodity nomenclature for foreign economic activity because of imminent entry into the Customs Union.
The acting finance minister David Sargsyan said the change is meant to harmonize Armenia’s customs legislation with the rules of the Customs Union and the Common Economic Space, involving currently Russia, Belarus and Kazakhstan.
Commodity Nomenclature for Foreign Economic Activities of the Customs Union is the classification catalogue of products and substances used in the Customs Union countries (Belarus, Kazakhstan and Russia).
It represents a system of product classification for the purposes of product identification for customs procedures. The system allows to perform customs operations (e.g. charge customs duties, determine the customs value of products, etc.) and to research the quantity and quality of international trade in goods. -0-