MIL OSI Translation. Region: Russian Federation –
On October 20, the Board of the Eurasian Economic Commission approved the Agreement on the Rules for the Issue (Issue), Circulation and Repayment within the Eurasian Economic Union of warehouse receipts for agricultural products. The document will be sent for internal approval to the EAEU countries.
Earlier, the member states spoke in favor of expanding the practice of using warehouse receipts in the context of the development of electronic commerce, as well as the advisability of mutual recognition within the framework of the agreement of exclusively non-documentary certificates.
The agreement regulates legal relations related to the issuance, circulation and redemption within the framework of the Eurasian Economic Union of warehouse certificates for agricultural products – uncertified non-issue securities, certifying the right of their holders to receive agricultural products from the warehouse in the quantity and quality, which are determined when issuing this paper, and granting the right to demand the fulfillment of obligations secured by a pledge. Mutual recognition by the Member States of warehouse receipts issued in the EAEU countries and meeting the requirements of the Agreement is envisaged.
Taking into account the different priorities of the Member States in the development of agriculture and the structure of production, the agreement provides for the definition at the national level of the types of products for which warehouse receipts are issued.
The document establishes uniform approaches to the circulation and redemption of warehouse receipts; requirements for a standard public storage agreement, granting a warehouse the right to issue warehouse receipts. The directions for ensuring state control in this area, the mandatory information contained in the warehouse receipt, and the list of information posted on the Internet regarding the functioning of the national system of circulation of warehouse receipts have been determined. At the same time, the requirements for the system of ensuring the fulfillment of obligations under warehouse receipts created in the member states will be determined by the Council of the Commission on the basis of proposals from the EAEU countries.
Member of the Board (Minister) for Industry and Agroindustrial Complex Artak Kamalyan noted: “Expanding the practice of circulation of uncertificated warehouse receipts will help increase the profitability of the agricultural industry, since it becomes possible to attract credit funds secured by warehouse receipts and sales of goods during a favorable market situation. We hope that the adoption of the agreement will give an additional impetus to the development of warehouses and wholesale distribution centers. At the same time, the development of electronic commerce is especially important in the context of the territorial remoteness of the Union’s entrepreneurs. “
The registers of warehouse receipts of the Member States provided for by the draft agreement are, by their functional purpose, a marketplace. This opens up the possibility of purchasing agricultural products without personal contact between the seller and the buyer, simplifying the search for potential contractors. The participation of non-residents of the EAEU countries in trade in warehouse receipts will also allow exporting to third countries.
The agreement was prepared by the Commission together with representatives of the authorized bodies and interested organizations of the member states within the framework of the implementation of the Treaty on the Union and the Concept of a coordinated agro-industrial policy of the member states.
A source: EEC
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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.