What is HS (Harmonized Standard)?

The Harmonized Standard came into force in 1988 and has since been created and kept up with by the World Customs Organization. It contains in excess of 5,000 commodity groups. The HS contributes to the harmonization of Customs and exchange procedures, and the non-documentary trade information interchange in association with such procedures, hence diminishing the costs related to international trade. It is also extensively utilized by governments, international associations. The Harmonized System is administered by “The International Convention on the Harmonized Commodity Description and Coding System”.