WTO, WCO Hold Workshop on Updating Harmonized System
The World Trade Organization and the World Customs Organization held a joint workshop Oct. 17 to discuss the periodic update of the Harmonized System, the WTO said. Parties to the workshop mulled over how updates to the HS could affect legal instruments recording tariffs and other commitments by WTO members with respect to trade in goods, in particular on schedules of concessions, the WTO said.
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The HS is used by 211 economies, with more than 98% of merchandise trade classified via HS terms. The system is periodically updated to account for changes in trade patterns, with the last set of amendments to come into force Jan. 1. The workshop had four sessions: an overview of the amendment procedures, a discussion of implementation at the national level, an introduction to the technical work behind the preparation of HS transposition files, and a presentation of the next HS review cycle under negotiation at the WCO.
The HS revision is set on a five-year cycle, initiated when the WCO Council approves the edition it just completed. The 2022 edition was approved in 2019. The review cycle for the 2027 edition began in the second half of 2019. The final recommendation to the WCO Council is scheduled for June 2024.