What does WCO mean in DEVELOPMENT

Purpose

• Facilitate International Trade: The WCO develops and promotes standardized customs procedures, harmonized tariff classifications, and streamlined border processes to reduce trade barriers and improve efficiency.

• Security and Enforcement: The WCO collaborates with member countries to combat smuggling, counterfeiting, and other illicit activities. It provides technical assistance and training to strengthen border controls and enhance compliance with international standards.

• Capacity Building: The WCO provides training programs, technical assistance, and capacity-building initiatives to support developing countries in modernizing their customs systems and improving their border management practices.

Membership

The WCO has over 180 member countries and regions, representing approximately 98% of global trade. Member countries are committed to adhering to the WCO's international standards and best practices.

Functions

• Policy and Standard Setting: The WCO develops and adopts international conventions, recommendations, and guidelines on customs matters, such as the Harmonized System of Tariff Classification and the Kyoto Convention on Customs Procedures.

• Capacity Building and Training: The WCO provides training programs, workshops, and technical assistance to help member countries strengthen their customs administrations and improve their enforcement capabilities.

• Research and Analysis: The WCO conducts research and analysis on customs issues, including emerging challenges and trends.

• Information Exchange and Cooperation: The WCO facilitates information exchange and cooperation among member countries, fostering collaboration in areas such as risk management and combating illicit trade.