Kathmandu, October 4: The 10th meeting of the SAARC Sub-Group on Customs Cooperation was held in Kathmandu on October 1 and 2 to consider the final draft on Harmonization of 8-digit HS Tariff Lines of the SAARC Member States.

The meeting was attended by delegations from the SAARC Member States. Representatives of the Customs authorities of the SAARC Member States gathered to discuss the draft final study report on the Harmonization of 8-digit HS Tariff Lines of the Member States. The study has been conducted by ADB to propose modalities for bringing uniformity in tariff lines and address the challenges of their susceptibility to distortion. The meeting was held with the financial and technical assistance of ADB.

The meeting examined the Draft SAARC Common Nomenclature for consideration by the SAARC Member States. The meeting provided an opportunity to discuss the steps for moving forward with the implementation of the study, including a recommended timeline for the completion of the harmonization process.

Harmonization of 8-digit tariff lines in the SAARC Member States will bring numerous benefits to trade and economic integration. Standardizing tariff classifications across Member States will simplify customs procedures, reducing complexity and delays in cross-border trade. The consequent uniformity will enhance transparency, making it easier for businesses to navigate regulations and access foreign markets, thereby boosting trade flows. Harmonisation of tariff lines also supports regional economic cooperation by aligning policies, facilitating smoother trade agreements, and fostering greater economic integration and collaboration among member countries.

The meeting also agreed that it is important to harmonise the requirements of Mandatory and Additional Documents in the Member States for speedy clearance of consignments to facilitate intra-SAARC trade under and outside SAFTA. In addition, the Meeting also resumed discussion on the inter-operability of systems being followed by Customs Administrations in Member States.

People’s News Monitoring Service.

Source : https://www.peoplesreview.com.np/2024/10/04/saarc-sub-group-on-customs-cooperation-meet-held/