Harmonized System Nomenclature Structure †MyAssignmenthelp.com

Question: Discuss about the Harmonized System Nomenclature Structure. Answer: Introduction The report will discuss in detail about the topic based on Harmonized System Nomenclature Structure which is used as a critical instrument in the global trade that monitors or supervise the systems recast from a very time now. This is a multi-usage product stated as nomenclature and was developed by the council of customs cooperation which is now called as world customs organization when the name changed in 1994. The system was established in 1983 and it further came in action in 1988. Since that time the system has been considered as an appropriate tool for global trade. From past 15 years the whole system has been further transcended all the barriers of its normal usage by getting more categories of products which is also in tune with the progress of technology along with changing trade patterns and problems of social as well as environmental issues (Mann et al, 2012). In the present time the HS is further considered as one of the main strength of the international integration meth ods in market and this is why, avoidance of the basic tenets of the overall systems will be major element in capitalizing the benefits in the present international occupation. The constricting parties in the system are limited to one hundred and seventeen countries and further the HS is being utilized by more than two hundred countries. The territories as well as economic unions along with accounting for over ninety eight percent of products in the form of merchandise in global trade. The overall elevated status of the system is quiet evident for the overall usage in WTO schedules as per regional and concessions trade based agreements which is called as RTAs. It is more concerned with many tariff based concessions (Fleeman Schetz, 2012). There is also some amount of import as well as exports based control like quotas and licensing which is administered on the basis of timely manner of various HS based codes. The concept of HS is now utilized as a base of many important and vital trade based motives mentioned below: - Tariffs associated with customs Collection of global trade and related statistics Origin based on rules Internal taxes Negotiation in Trade Statistics and transport related tariffs Control and monitoring of wastes, chemical weapons, narcotics and many endangered species (Grimplet et al, 2014). Controls and processes. Structure On the fundamental basis the HS is formed in a more logical manner by number of many economic based functions or component related materials. For instance, animal as well as animal product is actually found in one set of the system and on the other hand, machinery and other mechanical appliances are found in another. The whole system is set in twenty one sections which are further get subdivided in ninety six additional chapters (Halevy, 2011). These chapters are further divided in approx. five thousand headings as well as subheadings. All kinds of sections as well as titles of the chapters are discussed broadly based on different categories based on goods and on the other hand there are heading with numerous sub-headings that discusses product in detail. Normally an HS section comes under some of the chapters which are arranged in order of the degree of product towards manufacture or is related to many technological related issues and complexities (McRoberts et al, 2012). Advantages of Harmonized System Nomenclature Structure One distinct benefit of the system is that is completely supported by Legal Texts and Notes along with Explanatory Notes and also Compendium based on Classification Opinions. The overall Legal based text relies on the normal set of rules with proper interpretation of many heading related texts and also some important subheading based texts. These notes consist of many official ground for interpretation associated with the HS at the global level. The classification based opinions consist of the options or alternatives adopted by the organization called WCO on the prescribed by HS committee and is further arranged with classification of the Harmonized System Nomenclature Structure (Cojanu Pslaru, 2011). On one hand, the legal based texts as well as notes are able to form an important part of Harmonized System Nomenclature Structure and this is why the whole concept is binding legally along with many explanatory notes and opinions that are not bind by legal restrictions. However, the Explanatory set of Notes consists of the official discussion of the Harmonized System Nomenclature Structure at global level and it is important that it should read with some strictness with all the Interpretative guidelines. In the same manner, the Compendium based classifications are not bended legally since they carry specific moral based weight and are later followed by many other contracting parties of Harmonized System Nomenclature Structure (Hawksworth, 2011). Conclusion The report has discussed in detail about Harmonized System Nomenclature Structure which is also called as Harmonized Commodity description and coding systems. As discussed, it is a global standardized technique of various names as well as numbers to discuss in detail about the traded products. It actually came into service in the year 1988 and ever since has been developed and also maintained by WCO also known as World Customs Organization. It is an independent as well as intergovernmental company which is located in Brussels in country Belgium with more two hundred member countries participating in it (Keenan et al, 2015). It is important to understand here that to larger extent, the most logical based premises of the present evolution of HS are closely connected with many important milestones which are also present in the history of global trading in goods. Reference Cojanu, V., Pslaru, D. (2011). How important are agglomeration economies: a case study of Romanian industrial clusters.Review of Economic and Business Studies,4(1), 35-58. Fleeman, E. L., Schetz, J. A. (2012).Missile design and system engineering. American Institute of Aeronautics and Astronautics. Grimplet, J., Adam-Blondon, A. F., Bert, P. F., Bitz, O., Cantu, D., Davies, C., ... Cramer, G. R. (2014). The grapevine gene nomenclature system.BMC genomics,15(1), 1077. Halevy, A. (2011, November). 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