Wco Customs Valuation Agreement

whereas customs value should be based on simple and fair criteria, consistent with business practices, and that assessment procedures indiscriminately between sources of supply should be generalised; Exchange rate. Article 9.1 requires members to publish exchange rates to be used for currency conversion. It is necessary to determine how and when exchange rates will be published. In some countries, such as Argentina and Canada, exchange rates are adjusted daily and made available to the importing public through customs computer systems. Implementation of the agreement must be based on a secure basis and include not only the actual content, but also the associated instruments, powers and administrative mechanisms, so that it can function successfully. An adequate administrative and legal structure is essential to its successful implementation. The legal framework adopted is influenced by a country`s existing legislative practice; However, it was found that the preferred option was comprehensive legislation covering all aspects of the evaluation. In addition to the obligation to ensure that the content of the agreement is included in national law in general, implementation requires members to have specific provisions in their national legislation to: to facilitate their adaptation to this new environment, many customs administrations have found it useful to rely on pre-shipment inspection services (PSIs) or a variant on this subject. PSI companies provide updated price comparison data and physical inspections in the exporting country to customs authorities facing unscrupulous importers and unreliable officials. PSI is recognized in the WTO. However, services are expensive (about 1% of the value of the products inspected) and results have been mixed in countries that have used the services. The costs and benefits of PSIs should therefore be carefully considered before a country decides to use the service. Chapter 12 takes a closer look at ISPs and other forms of assistance to the private sector in the customs sector.

The agreement established a customs value assessment committee made up of representatives from each WTO member country.