The International Use Of Harmonized Commodity Coding SystemThe use of import taxes and tariffs is crucial to the sustainability of the global trade economy. The tool for the determination of a tariff is the Harmonized Commodity Coding System (HS). The HS has become one of the most widely used systems of international trade law. The HS has become a uniform system that enables a single standard. The World Customs Organization oversees the Harmonized Coding System.
The following questions have been addressed in this article:What are the goals of the HS systems?
How does the HS system work?
Why isn’t the HS amended more often to reflect the current needs of international trading?