World Customs Organization Introduction The world is becoming a global place with each passing day. Thus, it is becoming increasingly easier for companies to penetrate the international market as well. To ensure that the trade between countries runs smooth, the World Customs Organization was created. The harmonized system for is an "is a multipurpose international product nomenclature developed by the World Customs Organization (WCO, 2015). The system is used by many countries across the globe to monitor tax on imports and to review the world trade statistics. Rationale The harmonized system coordinates the blending between terms of trade and tax levy of different countries by reviewing them and coming up with a conclusive and final terms of trade applicable to all the countries.
WCO also sets the pace on issues like” internal taxes, regulation of goods, price monitoring and statistics among others to organizations like government, the private sector, and NGOs “(WCO, 2015). Strengths and Weaknesses One of the major advantages of WCO is its ability to bring together States across the world and regulate the way inter-trade is done between countries across the globe.
Whereas WCO also leads to better goods and services, its major weakness is that it does not consider the less developed nation when its setting up the policies. Recommendations We are in the information era, and technology is one of the principal determinants of trade today. WCO should consider reviewing their policies to incorporate technology and how it can improve customs. For example; e-commerce has revolutionized the way trade for businesses and has enhanced easier inter-trade. Developing countries like Jamaica should also be factored in when reviewing this. Conclusion With globalization, trade between has become easier.
Thus, the need to have a standardized way of doing business for all countries. ReferencesKeen, M. (2015). International Monetary Fund. The Future of Fiscal Frontiers and the Modernization of Customs Administration. World Custom Organization. (2015). About Us. Retrieved from http: //www. wcoomd. org/en/about-us/what-is-the-wco. aspxWorld Customs Organization. (2015). The Harmonized Systems. Retrieved from http: //www. wcoomd. org/en/topics/nomenclature/overview/what-is-the-harmonized-system. aspx