NEW DELHI, December 5. /TASS/. Russia and India have agreed on electronic exchange of customs information, Deputy Head of Russia’s Federal Customs Service (FCS), Tatyana Merkushova, told TASS.
The FCSof Russia and the Central Board of Indirect Taxes and Customs of the Government of India signed a relevant agreement on the sidelines of the Russia-India summit, she said.
"This is the second agreement between customs services in the last 18 months aimed at facilitating trade. A project for the mutual recognition of authorized economic operators is already underway," she said.
Merkushova stressed that the launch of the new mechanism will reduce the timeframe and improve the efficiency of customs control for all participants in foreign economic activity between Russia and India by obtaining advance information from declaration databases, which customs authorities will use for risk analysis.
"Implementing the agreement will reduce customs processing time and business costs, it will also ease the administrative burden on bona fide participants in foreign economic activity," the deputy head of the Federal Customs Service explained.
"At the same time this will simultaneously improves the effectiveness of customs control and promote the development of bona fide business," she added.
Merkushova expressed confidence that the agreement signed by the customs authorities of Russia and India will contribute to achieving the main goal to boost mutual trade, as agreed upon by the two countries' leaders during the summit.