WTO-WCO workshop discusses update of classification system for traded goods

The World Customs Organization (WCO) and the WTO held on 17 October a joint workshop to address the periodical update of the Harmonized System (HS) — the international nomenclature that allows countries to classify traded goods in a standardized manner. Participants in the workshop also discussed how updates to the HS can have an impact on legal instruments recording tariffs and other commitments by WTO members with respect to trade in goods, in particular on schedules of concessions.