Discuss the purpose and use of the unique harmonized coding system (HS) adopted from WCO.

The harmonized coding system introduced by the World Customs Organization is a distinct nomenclature that allows distinguishing various types of products based on their characteristics. Considering the remarkable diversity of trade goods and the complications that could arise if each nation applied its unique classification, HS becomes a valuable tool in the resolution of these problems. As such, it serves as an internationally accepted nomenclature that simplifies the processes of product identification.

HS is most commonly used for determining customs tariffs, as well as taxation, transportation, and control procedures for goods. The majority of the world countries are currently implementing this system, thus contributing to the harmonization and efficiency of international trade.

Answer by Academic.tip's expert
An answer to this question is provided by one of our experts who specializes in business & economics. Let us know how much you liked it and give it a rating.

Cite this page

Select a citation style:

References

Academic.Tips. (2022) 'Discuss the purpose and use of the unique harmonized coding system (HS) adopted from WCO'. 7 October.

Reference

Academic.Tips. (2022, October 7). Discuss the purpose and use of the unique harmonized coding system (HS) adopted from WCO. https://academic.tips/question/discuss-the-purpose-and-use-of-the-unique-harmonized-coding-system-hs-adopted-from-wco/

References

Academic.Tips. 2022. "Discuss the purpose and use of the unique harmonized coding system (HS) adopted from WCO." October 7, 2022. https://academic.tips/question/discuss-the-purpose-and-use-of-the-unique-harmonized-coding-system-hs-adopted-from-wco/.

1. Academic.Tips. "Discuss the purpose and use of the unique harmonized coding system (HS) adopted from WCO." October 7, 2022. https://academic.tips/question/discuss-the-purpose-and-use-of-the-unique-harmonized-coding-system-hs-adopted-from-wco/.


Bibliography


Academic.Tips. "Discuss the purpose and use of the unique harmonized coding system (HS) adopted from WCO." October 7, 2022. https://academic.tips/question/discuss-the-purpose-and-use-of-the-unique-harmonized-coding-system-hs-adopted-from-wco/.

Work Cited

"Discuss the purpose and use of the unique harmonized coding system (HS) adopted from WCO." Academic.Tips, 7 Oct. 2022, academic.tips/question/discuss-the-purpose-and-use-of-the-unique-harmonized-coding-system-hs-adopted-from-wco/.

Copy