“International Convention on a Harmonized System of Map Description and Coding (HS Convention)” entered into force on January 1, 1988. The purpose of this Convention is to facilitate international trade and to collect, compare and analyze statistical data, classify and codify goods in international trade, reduce costs associated with international trade, and facilitate the standardization of trade documents and the transfer of information.
In the context of the Convention, the following situations are regulated: the obligations of the contracting parties, the facilitation of international trade, the statistical indicators, in particular, the facilitation of the collection, comparison and analysis of data on international trade, the reduction of the costs of re-recording goods during the transfer of goods from one classification system to another during international trade, and the standardization of trade documents. and facilitate data transfer.
At present, about 160 countries have joined the “International Convention on the Harmonized System of Map Description and Coding”. It has about 5000 product groups. Each is identified by a six-digit code and covers more than 98% of international trade. The convention is renewed every 5 years. The Convention entered into force on January 1, 2022 as last amended.
Adoption of the Law on the Harmonized System in our country is aimed at simplifying trade rules. Its main purpose is to code and classify the manufactured goods. This helps to keep more accurate statistics of foreign trade. In turn, objective statistics allow governments and companies to develop more effective development strategies and control prices.
student of institute of International relations
of the MFA of Turkmenistan