Customs Procedures
The act of passing goods through customs is called this.
customs clearance
What is the main purpose of the World Trade Organization (WTO)?
to promote international commerce and reduce trade barriers
How often does the WCO update the Harmonized System?
every 5 years
Which agreement was the predecessor to the WTO, starting in 1948?
the General Agreement on Tariffs and Trade (GATT)
This type of procedure allows goods to be temporarily used in the EU and then re-exported
temporary admission
Which organization was established in 1994?
the World Customs Organization
What is the main purpose of the Harmonized System (HS)?
to classify commodities for international trade
Which European body set up the Customs Committee in 1948, leading to the creation of the WCO?
the Committee for European Economic Co-operation
Which customs procedure allows goods to be imported without paying all the import duties, provided they remain under customs control and duties are paid on the final product
inward processing
Which organization administers the Harmonized Commodity Description and Coding System?
the WCO (World Customs Organization)
How many chapters does the Harmonized System consist of?
97 chapters
What major global event led to the creation of the GATT and the dismantling of trade barriers
the Great Depression
What is required alongside the customs declaration to complete the customs process?
relevant documents such as a commercial invoice, transport documentation, freight insurance
The WTO was created as a result of this round of trade negotiations.
the Uruguay Round
How are goods classified under the HS system?
using a six-digit code, with the first two digits indicating the chapter
When did the World Customs Organization officially change its name to reflect its global role?
1994
This customs procedure applies when imported goods are processed in the EU without duties and later sold in the EU market.
processing under customs control
What principle within WTO agreements ensures trade barriers are not raised arbitrarily?
predictability
What does an Export Control Classification Number (ECCN) identify?
items for export control purposes
What was the motivation for creating the GATT?
to dismantle trade barriers that were erected between the two world wars