On 03 July the Republic of Armenia became the 70th contracting party to the WCO’s Istanbul Convention, which will enter into force on 03 October.
The Istanbul Convention is an international instrument that combines all existing conventions on temporary admission. The ATA Carnet (Admission Temporaire/Temporary Admission), which is an integral part of the Istanbul Convention, allows the free movement of goods across frontiers and their temporary admission into a Customs territory with relief from duties and taxes. These goods are covered by a single document known as the ATA Carnet that is secured by an international guarantee system.
With this system the international business community enjoys considerable simplification of Customs formalities as the ATA Carnet also serves as a goods declaration at export, transit and import. The ATA Carnet is now the document most widely used by the trade for international operations involving the temporary admission of goods.