LAW OF THE REPUBLIC OF UZBEKISTAN

of June 14, 1991 No. 285-XII

About foreign economic activity

Article 1. Main objectives of this Law

This Law regulates, the relations connected with implementation of foreign economic activity. The main objectives of this Law are ensuring economic safety, protection of economic sovereignty and economic interests of the Republic of Uzbekistan when implementing foreign economic activity, stimulation of development of national economy, creation of conditions for integration of national economy into world economic system.

Article 2. Legislation on foreign economic activity

The legislation on foreign economic activity consists of this Law and other acts of the legislation.

If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about foreign economic activity then are applied rules of the international treaty.

Article 3. Foreign economic activity

Foreign economic activity is understood as the activities of legal entities and physical persons of the Republic of Uzbekistan directed to establishment and development of mutually advantageous commercial ties with legal physical persons of foreign states, and also the international organizations.

The legal entities registered in the Republic of Uzbekistan and also the physical persons having the permanent residence in the territory of the Republic of Uzbekistan and registered as individual entrepreneurs have the right to be engaged in foreign economic activity.

State bodies of the Republic of Uzbekistan can perform foreign economic activity if other is not established by the legislation.

Article 4. Basic principles of foreign economic activity

The basic principles of foreign economic activity are:

freedom and economic independence of subjects of foreign economic activity;

equality of subjects of foreign economic activity;

non-admission of discrimination when implementing trade and economic relations;

mutual benefit when implementing foreign economic activity;

protection by the state of the rights and legitimate interests of subjects of foreign economic activity.

Article 5. Subjects of foreign economic activity

Subjects of foreign economic activity are the legal entities and physical persons of the Republic of Uzbekistan performing foreign economic activity.

Article 6. Objects of foreign economic activity

Foreign economic activity can be performed concerning goods, works (services), any property, including securities, currency values, electric, thermal and other types of energy, vehicles, intellectual property items which are subjects to purchase and sale or exchange, except for prohibited by the legislation to use in foreign economic activity.

Article 7. Rights of subjects of foreign economic activity

Subjects of foreign economic activity have the equal rights on its implementation.

Subjects of foreign economic activity have the right:

independently within the legislation to determine forms of participation in foreign economic activity, to attract at discretion in accordance with the established procedure on contractual basis other legal entities and physical persons to implementation of foreign economic activity;

according to the legislation independently to own, use and dispose of results of foreign economic activity, including the income in national and foreign currency.

Subjects of foreign economic activity can have and other rights according to the legislation.

Article 8. Obligations of subjects of foreign economic activity

Subjects of foreign economic activity shall:

represent the reporting on foreign economic activity according to the procedure, established by the legislation;

show in accordance with the established procedure the documents confirming compliance to the technical, pharmacological, sanitary, veterinary, veterinary and sanitary, phytosanitary, environmental standards, requirements, rules and regulations established in the Republic of Uzbekistan, the goods imported on its territory.

Subjects of foreign economic activity can perform also other duties according to the legislation.

Article 9. Main directions of foreign economic activity

The main directions of foreign economic activity are:

international economic and financial cooperation;

foreign trade activity;

attraction of foreign investments;

investing activities outside the Republic of Uzbekistan.

Article 10. International economic and financial cooperation

The international economic and financial cooperation implementation of the foreign economic activity directed to establishment and expansion of mutually advantageous communications of subjects of foreign economic activity of the Republic of Uzbekistan with legal entities and physical persons of foreign states, and also the international organizations in the field of production, finance, banking and insurance activity, education and training, tourism, health care, scientific and technical, cultural, ecological, humanitarian and other spheres according to the procedure, established by the legislation.

Article 11. Foreign trade activity

Foreign trade activity is business activity in the field of international trade in goods, works (services).

Foreign trade activity is performed by export and commodity import, works (services).

Commodity export is commodity exportation from customs area of the Republic of Uzbekistan without obligation about their return import if other is not stipulated by the legislation.

Commodity import is commodity importation on customs area of the Republic of Uzbekistan without obligation about their return export.

Export of works (services) is accomplishment (rendering) of works (services) by legal entity or physical person of the Republic of Uzbekistan to legal entity or physical person of foreign state irrespective of the place of their accomplishment (rendering).

Import of works (services) is accomplishment (rendering) of works (services) of foreign state by legal entity or physical person to legal entity or physical person of the Republic of Uzbekistan irrespective of the place of their accomplishment (rendering).

Article 12. Will attract foreign investments

Foreign investments in the territory of the Republic of Uzbekistan all types of the material and non-material benefits and the rights to them, including the intellectual property rights, and also any income from foreign investments put by foreign investors in objects entrepreneurial and other types of activity which are not prohibited by the legislation are recognized.

Forms and procedure of foreign investments in the territory of the Republic of Uzbekistan are determined by the legislation.

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