WCO Current Affairs - 2020
World Customs Organization recognised HS Code for India’s Signature Fabrics-A Boost for Khadi Exports
The Ministry of Commerce and Industry has allocated separate HS code for signature fabric of India. HS stands for Harmonized System and was developed by the World Customs Organization (WCO). The code is used by customs officers to clear commodities entering or crossing international border.
It is a multi purpose International Nomenclature that describes type of goods being shipped. The code follows Kyoto Convention of 1974. It is being used by more than 200 countries. The code aids countries in collection of international trade statistics and forms a basis for customs tariffs. This helps in better reach of the product and increases its global popularity.
World Customs Organization
The WCO is an inter governmental organization headquartered in Brussels, Belgium. It was founded in 1952. It administers the technical aspects of WTO, agreements on customs valuation and rules of origin. It works towards the development of international conventions, rules of origin, supply chain security, IPRs, customs reforms and modernization, etc.
India’s Signature Fabric
Khadi is the term used for fabrics that are hand spun and hand woven. It is recognized as signature fabric of India. It gained its importance since the freedom movement of boycott.
According to Indian Flag Code, Khadi is the only material allowed to be used for the flag. If flying flag is made with any other material the offense is punishable by law with imprisonment up to 3 years and fine.