The harmonized system is an internationally recognized method for classifying goods in global trade. Developed by the World Customs Organization, it provides a standardized numerical code system that facilitates the identification and categorization of products. This system is essential for customs procedures, trade statistics, and tariff applications.
The harmonized system is widely used in international trade law and customs regulations. It plays a crucial role in:
Users can manage related forms and procedures through legal templates available on platforms like US Legal Forms, which are drafted by licensed attorneys.
Here are a couple of examples of abatement:
Example 1: A company importing electronics must classify their products under the correct harmonized system code to determine applicable tariffs.
Example 2: A business exporting textiles uses the harmonized system to ensure compliance with trade regulations in different countries. (hypothetical example)
| Term | Definition | Difference |
|---|---|---|
| Tariff Schedule | A list of duties imposed on goods. | The harmonized system classifies goods; a tariff schedule specifies the duties. |
| Customs Code | A code used by customs authorities to identify goods. | The harmonized system is a broader classification system, while customs codes may vary by country. |
If you are involved in international trade, ensure you understand the harmonized system codes relevant to your products. You can:
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| Attribute | Details |
|---|---|
| Purpose | Classify goods for international trade |
| Developed by | World Customs Organization |
| Use | Tariff determination, trade compliance |
It is a standardized method for classifying goods in international trade.