The World Customs Organisation (WCO) has published the interim report of the exploratory study on a possible strategic review of the Harmonised System (HS).
Comprising more than 5000 commodity groups, each identified by a six digit code, the HS is a multipurpose international product nomenclature developed by the WCO.
The interim report outlines the preliminary analysis of the inputs collected and strongly affirms the HS as “a crucial trade classification system” with no identified superior alternative. However, it also recognises that there are areas where improvements to the System could be made to improve usability or extend its capabilities.
The analysis consists of two sections: the first deals with potential improvements to specific areas/aspects of the HS, its tools, and procedural matters to strengthen usability and predictability; the second section explores potential strategies to respond to changing needs, noting that some of new expectations on the HS can be challenging or impracticable as the HS is currently structured.
As the final analysis stage is already under way, the project remains open to further proposals or comments.
“Where there is insufficient time for the analysis of new inputs provided, these will become part of the handover at the end of the Study (4 September 2024) for future consideration by the HS Committee (HSC) or any potential follow-on project,” the WCO confirmed.
The future of the HS is assured, it concluded, but, with the inputs of users, can be made even stronger. The WCO’s interim report can be found HERE.
