FRCS Conducts Harmonized System (HS) Training for Brokers

Our team conducted the first training on the Harmonized System (HS) code 2024 classification for the brokers for the 2024/2025 financial year to ensure uniform interpretation of HS and its periodic updating considering the developments in the trade process.

HS classifications are the World Customs Organisation (WCO)’s published nomenclature for the classification of goods that are traded across borders and contribute to the harmonization of Customs and trade procedures, and the non-documentary trade data interchange in connection with such procedures.

It is also extensively used for domestic taxes, trade policies, monitoring of controlled goods, rules of origin, freight tariffs, transport statistics, price monitoring, quota controls, compilation of national accounts, and economic research and analysis.

While opening the training, our Director Border and Customs, Ms. Shelini Kumar emphasised that classification was critical in international trade and as such capacity building in this area is extremely important.

During the training a wide range of HS-related issues were addressed, and the 80 participants were thoroughly informed about classification infrastructure and the fundamental principles and practicalities of HS classification to ensure correct and uniform application.

FRCS will continue with its capacity building trainings for brokers, traders, importers and exporters as part of its continuous development program to further enhance engagement and partnership with all stakeholders.

Last Updated - September 12, 2024