WCO Full Form: History, Overview, Objectives etc.

An intergovernmental organisation with its main office in Brussels, Belgium, the WCO Full Form is the World Customs Organization. The WCO develops international conventions, instruments, and tools on topics like commodity classification, valuation, rules of origin, customs revenue collection, supply chain security, international trade facilitation, customs enforcement activities, combating counterfeiting in support of Intellectual Property Rights (IPR), illegal drug enforcement, combating counterfeiting of medicinal drugs, and illegal weapon control.

The World Trade Organization (WTO) Agreements on Customs Valuation and Rules of Origin are administered technically by the WCO, which also maintains the international Harmonized System (HS) products nomenclature. The World Trade Organization (WTO) Agreements on Customs Valuation and Rules of Origin are administered technically by the WCO, which also maintains the international Harmonized System (HS) products nomenclature.

History

A European Customs Union Study Group (ECUSG) was established by the Committee for European Economic Cooperation on August 23, 1947, to look into economic and technical concerns of the inter-European Customs Union about the General Agreement on Tariffs and Trade (GATT). Over four years, from November 1947 to June 1950, there were a total of six ECUSG meetings. The Convention establishing the Customs Co-operation Council (CCC), which was signed in Brussels, was adopted in 1950 as a result of the work done by the ECUSG. The CCC’s initial session was held on January 26, 1953, with the attendance of 17 founding members. The CCC membership soon grew to include people from every continent. The World Customs Organization became the name of the group in 1994.

WCO Overview

Vision and Objectives

The WCO is widely regarded as the world’s centre of customs expertise and takes the lead in the discussion, creation, promotion, and adoption of modern customs systems and practices. It responds to the demands of its constituents and the strategic environment, and its tools and best-practice methods are accepted as the cornerstone of effective customs administration worldwide.

The WCO’s primary goal is to increase other members’ customs administrations’ efficiency and effectiveness to help them successfully contribute to goals for national development, particularly tax collection, national security, trade facilitation, community protection, and the gathering of trade statistics.

Strategy of WCO

The WCO Strategic Plan 2022–2025 is all about giving the organization clear direction and cohesion so that its actions are focused and work together to reach shared goals in the Customs community. While keeping a strong organizational foundation, it focuses on continuity in areas of knowledge and improving skills where needed. The WCO wants to better prepare its Members for the future by taking into account their needs, future challenges, and possible risks. It also wants to make its processes more open and accountable. Through this strategic method, the WCO tries to make sure that all of its activities fit together and help the Customs community as a whole grow.

Is India a member of WCO?

Yes, India is indeed a member of the World Customs Organization (WCO). India has been a member of the WCO since 1971. Additionally, India held the position of Regional Head (vice chair) of the Asia Pacific Region of the WCO from July 2018 to June 2020. The WCO comprises 184 members worldwide, divided into six regions, with India being an active participant in the Asia Pacific Region.

Conclusion

The World Customs Organization (WCO) is very important to global current customs. The World Customs Organization (WCO) is based in Brussels, Belgium, and works on creating rules and tools for a wide range of customs issues, such as how to classify goods and keep the supply chain safe. Since 1971, India has been a member of the group and actively supports its work. It is the goal of the WCO’s strategy plan for 2022–2025 to give the organization clear direction and unity, making sure that its actions meet the needs of the global Customs community and encourage openness and responsibility. By working together and coming up with new ideas, the WCO continues to make customs administration more efficient and effective, which helps national growth and makes foreign trade easier.

Frequently Asked Questions (FAQs)