This article provides a comprehensive overview of the importance of customs declaration codes, product units, currency codes, country codes, and customs classification codes in international trade. It helps businesses better understand and navigate logistics and trade processes, thereby improving management efficiency.
WCO assists Costa Rica in reviewing its AEO manual and strategy to establish a customs-led AEO program, enhancing trade security and efficiency. AEO certification facilitates customs clearance, improves security, and provides international recognition. This initiative aims to streamline trade processes, reduce border delays, and foster a more secure and predictable trading environment for Costa Rican businesses involved in international trade. The focus is on aligning the AEO program with international standards and best practices to maximize its benefits.
WCO training helps Zimbabwe Revenue Authority (ZIMRA) enhance its project management capabilities to better implement the WTO Trade Facilitation Agreement. ZIMRA places great importance on project governance and looks forward to continued cooperation with the WCO. This initiative aims to improve efficiency and effectiveness in customs procedures, contributing to smoother trade flows and economic growth in Zimbabwe. By strengthening project management skills, ZIMRA can effectively manage and implement various trade facilitation initiatives, ultimately benefiting businesses and the overall economy.
This article provides an in-depth analysis of the Terminal Handling Charge (THC) in international shipping. It details the core definition, cost components, varying charges across different ports, and factors influencing rate fluctuations. Furthermore, based on Incoterms®, it clarifies the responsibility for THC under different trade terms. The aim is to help cargo owners better understand and control shipping costs, and avoid trade disputes. It offers a comprehensive overview of THC and its implications for international trade.
The WCO and SACU are collaborating to promote customs IT interconnectivity and data exchange in Southern Africa. The aim is to enhance customs control efficiency, reduce trade costs, and promote regional economic development by establishing unified standards and strengthening information sharing. The meeting focused on practical information exchange modules under the WCO GNC framework and the application of UNCTAD's cloud solutions in cross-border trade. This lays the foundation for a more efficient and secure international trade environment.
The WCO held a workshop in Colombia to help DIAN improve its risk management capabilities. Experts provided instruction, and DIAN actively participated. The GTFP will continue to support DIAN's technological transformation over the next three years, promoting trade facilitation. The workshop aimed to strengthen DIAN's ability to identify and mitigate potential risks in cross-border trade, enhancing security and efficiency. Through enhanced risk management practices and customs cooperation, DIAN can contribute to a more secure and facilitated trade environment.
The WCO conducted customs valuation training in Lesotho to enhance the country's capacity, promote trade facilitation, and support the implementation of WTO agreements, ultimately improving the trade environment. This initiative aimed to strengthen Lesotho's ability to accurately assess the value of imported goods, leading to increased revenue collection and reduced trade barriers. By building local expertise in customs valuation, the WCO's training contributes to a more transparent and efficient trading system, fostering economic growth and regional integration.
The World Customs Organization is set to release new Explanatory Note 7.1, aiming to clarify the meaning of 'price actually paid or payable' and assist businesses in more accurately performing customs valuation. Companies should thoroughly understand the new regulations, optimize their valuation strategies, reduce trade costs, and improve compliance levels, thereby gaining a competitive edge in cross-border trade. This updated guidance is crucial for navigating the complexities of international trade and ensuring accurate declaration of goods.
The World Customs Organization (WCO), through the WACAM project, supported the Cape Verde Customs Administration (CVCA) in conducting its first Time Release Study (TRS) to improve clearance efficiency and optimize trade processes. The workshop brought together stakeholders to develop an action plan, assisting Cape Verde in fulfilling the World Trade Organization's Trade Facilitation Agreement, improving the business environment, and promoting economic development. The TRS aims to identify bottlenecks and recommend improvements to streamline customs procedures and reduce release times.
The WCO is actively promoting the review of the Revised Kyoto Convention (RKC). The meeting reviewed the revision plan, discussed the direction of advancement, and emphasized cooperation in addressing global trade challenges. The participants expressed their expectation that the RKC will promote trade facilitation. The discussions focused on how the RKC can be further modernized and adapted to the evolving needs of international trade, ensuring its continued relevance and effectiveness in streamlining customs procedures and promoting economic growth worldwide.
