world organizations medium true/false

The WCO's Harmonized System (HS) is an international nomenclature for the classification of products, used by over 200 countries as a basis for customs tariffs and trade statistics.

  1. True
  2. False

Answer: True

The Harmonized System (HS), developed and maintained by WCO, is a standardized numerical method for classifying traded products. Over 98% of world merchandise trade uses HS codes for customs procedures, tariffs, and trade data collection.

Topic World Customs Organization
Exam Relevance UPSC, SSC, Banking

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