New WTO tool to track changes in HS codes
WTO launches new online tool to help users navigate changes in product nomenclatures
The WTO launched a new online tool for keeping track of changes in the Harmonized Commodity Description and Coding System (HS), the system used for the classification of traded goods. The HS Tracker, developed with the support of the World Customs Organization (WCO), is also aimed at helping customs officials and traders prepare for HS amendments that will enter into force on 1 January 2022.
The HS Tracker will bring together relevant information and documents relating to revisions to HS product nomenclatures, which often result from changes in manufacturing processes and technological advancements, or developments in environmental and social issues.
The HS was created in 1988 and plays a key role in world trade as it is used in customs tariffs, trade statistics, and trade negotiations, among others. The system is intended to assist trade officials, statisticians, lawyers, researchers, and businesses.
The HS codes are also relevant in product compliance regulations. Sometimes the lawmakers define with their help, which products are in scope of national certifications.
The HS Tracker can be accessed HERE.