Trade Sector Updates – Falling Exports, TIES, MEIS, Foreign Trade Policy, etc.

Policy Commission of World Customs Organization

Note4students

Mains Paper 2: IR | Important International institutions, agencies & fora, their structure, mandate

From UPSC perspective, the following things are important:

Prelims level: WCO

Mains level:  Mandate of WCO in global trade


News

  • Recently the 80th Session of the Policy Commission of the World Customs Organization (WCO) was held in Mumbai.
  • The Session was organized by the WCO and hosted by the Central Board of Indirect Taxes and Customs (CBIC).
  • India has discussed on various issues relating to World Customs Tariffs, trade facilitation measures, international issues on trade under the ambit of WCO.

Policy Commission, WCO

  1. The Policy Commission is essentially an advisory body for the Council and normally arrives at its recommendations by consensus.
  2. Each member of the Policy Commission shall have one vote, representatives of a simple majority of the Policy Commission’s members shall constitute a quorum, and a two-thirds majority of those present and entitled to vote is needed in order to carry a decision.
  3. The WCO Secretariat is responsible for making the arrangements and preparations for Policy Commission sessions, providing professional, administrative and technical services during the sessions, and performing follow-up tasks after the sessions.

About World Custom Organisation

  1. The World Customs Organization (WCO) is an intergovernmental organization headquartered in Brussels, Belgium.
  2. The WCO maintains the international Harmonized System (HS) goods nomenclature and administers the technical aspects of the World Trade Organization (WTO) Agreements on Customs Valuation and Rules of Origin.
  3. The WCO’s primary objective is to enhance the efficiency and effectiveness of member customs administrations, thereby assisting them to contribute successfully to national development goals, particularly revenue collection, national security, trade facilitation, community protection, and collection of trade statistics.
  4. The WCO is noted for its work in areas covering the development of international conventions, instruments, and tools on topics such as commodity classification, valuation, rules of origin, collection of customs revenue, supply chain security, international trade facilitation, customs enforcement activities, combating counterfeiting in support of Intellectual Property Rights (IPR), drugs enforcement, illegal weapons trading, integrity promotion etc.
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