WCO is reviewing HS

Earlier this autumn The World Customs Organization (WCO) Secretariat started a project for a two-year exploratory study on a possible strategic review of the Harmonized System (HS) for classification of goods.

The magic HS commodity code decides everything when goods in international trade cross borders.

The objective of the WCO study project is to assess the usability, sufficiency and health of the current HS system. 

The latest HS revision came into effect on 1 January 2022. However, these changes have primarily focused on updating individual provisions.

The WCO study is an opportunity to look at the HS as an overall trade tool, including looking at: the complexities of classification; the current system of supporting tools (Explanatory Notes, Classification Opinions, Alphabetical Index); the maintenance of the relevancy of the HS to current trade developments and the HS’s ability to keep pace with the changing policy and trade needs. With the changing face of trade in a time of rapid change, it is very timely that we continue to nurture the HS and look toward potential future developments within the HS system.

Also Private Sector is consulted to contribute to the study.

HS is an essential part of global trade and has a huge impact on business and trading companies all around the world.