In the course of the joint workshop held by the World Customs Organization (WCO) and the World Trade Organization (WTO) on October 17, a debate was held on the periodical update of the Harmonized System (HS), i.e. the international nomenclature that allows countries to classify traded goods in a standardized manner.
As regards the main reasons behind the HS updates. it is possible to mention issues such as changes in the trade value of certain goods, classification issues, and the need to reflect goods restricted, monitored or controlled in international agreements.
“It is of paramount importance to ensure transparency and predictability of trade as it allows members, and the trading community, to compare the obligations undertaken by members in the WTO with the trade regimes that they apply in practice”, the Chair of the Committee, Kenya Uehara of Japan, noted.
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