Union Finance Minister has sanctioned a sum of 5 crore rupees towards capacity building in customs matters at the World Customs Organisation (WCO); this is the first ever contribution by India towards the Customs Appropriation Fund of the WCO.
About:
Background: WCO was established in 1952 as the Customs Co-operation Council (CCC). In 1994, the organization adopted its current name (WCO).
Status: An independent intergovernmental body.
Objective: It is the only intergovernmental organisation exclusively focused on Customs matters. Its objective is to enhance the effectiveness and efficiency of Customs administrations.
Key functions:
Maintaining the international Harmonized System (HS) goods nomenclature,
Administering the technical aspects of the World Trade Organization (WTO) Agreements on Customs Valuation and Rules of Origin,
HQ: Brussels, Belgium.
Administration: The WCO is governed by the Council, which brings together all Members of the Organization once a year.
Membership:
WCO represents 182 Customs administrations across the globe that collectively process approximately 98% of world trade.
Membership is divided into six Regions. Each of the six Regions is represented by a regionally elected Vice-Chairperson to the WCO’s governing body (the Council).
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