Colombia Update: THE CONGRESS PASSED THE CONVENTION ON TEMPORARY ADMISSION (ISTANBUL, 26 June 1990)

By means of Law 2145 of August 10, 2021, the Colombian Congress passed the convention on temporary admission agreed at Istanbul on 26 June 1990 (“Istanbul Convention”).

The Istanbul Convention has 78 Contracting Parties and comprises a preamble, five chapters and 13 annexes containing different kind of goods covered by the Convention.

The chapters of the Istanbul Convention deal respectively, with: General provisions: This chapter consists of one article with definitions; Scope of the Convention: This chapter consists of two articles dealing with the minimum requirements to authorize the temporary admission of goods without payment of import duties; Special provisions: This chapter consists of 11 articles dealing with documentation and security, temporary admission papers, identification, re-exportation period, transfer and termination of temporary admission.

At its turn, chapters forth and five deal with miscellaneous and final provisions.

It is worth mentioning that the Istanbul Convention does not add, amend nor repeal any existing provisions in the customs regulation in force as the purpose of the Convention is not to replace the national law, but to facilitate temporary admission by simplifying and harmonizing procedures, and to effectively contribute to the development of international trade and of other international exchanges.

By Ignacio Santamaría & Diana Ramírez, LLOREDA CAMACHO & CO, Colombia, a Transatlantic Law International Affiliated Firm.  

For further information or for any assistance please contact colombia@transatlanticlaw.com 

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