The WTO is a global international organization dealing with the rules of trade between nations. The WTO has 166 members, accounting for 98% of world trade. The WTO operates a global system of trade rules, it acts as a forum for negotiating trade agreements and settles trade disputes between its members.
The WCO is an independent international body whose mission is to enhance the effectiveness and efficiency of Customs administrations and foster cooperation and support for countries' customs activities. The WCO represents 186 Customs administrations across the globe that collectively process approximately 98% of world trade. Initially it was established in 1952 as the Customs Co-operation Council (CCC) and in 1994 was renamed the World Customs Organizations. WCO works with the World Trade Organization (WTO) on the Trade Facilitation and Customs Agreement (TFA). TFA has provisions for expediting the movement, release, and clearance of goods, including goods in transit.
The WCO maintains the Harmonized Commodity Description and Coding System (HS). The Harmonized Commodity Description and Coding System is referred to as "Harmonized System" or simply "HS." HS is a multipurpose international product nomenclature that comprises more than 5,000 commodity groups; each identified by a six-digit code, arranged in a legal and logical structure. HS is supported by well-defined rules to achieve uniform classification. The system is used by more than 200 countries and economies as a basis for their Customs tariffs and for the collection of international trade statistics. Over 98% of the merchandise in international trade is classified in terms of the HS. The Harmonized System is governed by "The International Convention on the Harmonized Commodity Description and Coding System."
Maintenance of the HS is a WCO priority. Maintenance activities include measures to secure uniform interpretation of the HS and its periodic updating considering developments in technology and changes in trade patterns. The WCO manages this process through the Harmonized System Committee, which examines policy matters, takes decisions on classification questions, settles disputes, and prepares amendments to the Explanatory Notes. The HS Committee also prepares amendments updating the HS every 5 – 6 years. The HS is a universal economic language and code for goods and an indispensable tool for international trade.
As the global center of Customs expertise, the WCO is the only international organization with expertise in Customs matters and can directly represent the voice of the International Customs community.
The UN provides global trade statistics through the Department Of Economic and Social Affairs. They provide the framework for collection, compilation, and reporting of international merchandise trade statistics for countries. They provide guidelines for assembling and tabulating product detail data, services, consumption, price, industrial production, and domestic and foreign commodity trade. The UN oversees the development of the Standard International Trade Classifications (SITC). The SITC standard facilitates international comparisons and aggregates trade-by-commodity data and statistics. They publish an International Trade Statistics report of imports and exports by country annually. The UN works closely with the World Customs Organization (WCO) on global trade standards.