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Agreement on free circulation of precious metals in EAEU discussed in Senate

30.03.2021 534

The Senate Finance and Budget Committee held an extended meeting to discuss the draft law “On the ratification of the Agreement on the specifics of operations with precious metals and stones within the Eurasian Economic Union”.

The main goal of the draft law is the formation of mutually beneficial trade and economic mechanisms aimed at creating competitive advantages for the member states and developing efficient measures in this area. The agreement also provides for the creation of conditions to ensure free circulation of precious metals and stones in the EAEU customs territory.

The document also includes mechanisms for transactions with precious metals and unprocessed precious stones, transactions and determination of classification and cost characteristics, testing, analysis and branding of jewelry and other products imported or produced within the EAEU, etc.

According to Senator Zhenis Nurgaliyev, the Agreement will have a positive impact on elimination of the restriction existing in the domestic market for the jewelry of the Union countries, related to the lack of mutual recognition of hallmarks in the mutual jewelry trade.

“If a piece of jewelry is made and tested on the territory of Kazakhstan, re-testing will not be required when this item is sold in the EAEU countries,” said Zhenis Nurgaliyev.

The Agreement provides for exchange of samples of hallmarks and their descriptions, as well as information exchange on anti-money laundering and terrorist financing, taking into account the recommendations of the Financial Action Task Force on Money Laundering. These provisions will allow for full accounting and anti-corruption.

The Finance and Budget Committee submitted the draft law to the Chamber for consideration.

(Senate Press Service, 74-72-27. Photo by: E. Ukibayev)

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