ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
EXPORTING AND IMPORTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -What is the Harmonized System (HS)? The Harmonized Commodity Description and Coding System generally referred to as “Harmonized System” or simply “HS” is a multipurpose international product nomenclature developed by the World Customs Organization (WCO).
Detailed explanation-2: -The Harmonized System Convention entered into force on 1 January 1988. The objectives of the HS Convention are, by harmonizing the description, classification and coding of goods in international trade, to facilitate international trade and the collection, comparison and analysis of statistics.
Detailed explanation-3: -The Harmonized commodity description and coding system is a multi-purpose international product nomenclature developed by the World Customs Organization (WCO).
Detailed explanation-4: -The Harmonized Tariff Schedule of the United States (HTS) sets out the tariff rates and statistical categories for all merchandise imported into the United States. The HTS is based on the international Harmonized System, which is the global system of nomenclature applied to most world trade in goods.