world_organizations medium MCQ

Which WCO instrument provides a standardized framework for customs valuation, ensuring that the value of imported goods for duty assessment is based on the transaction value (price actually paid or payable) to promote predictability and prevent arbitrary valuation?

  1. Revised Kyoto Convention
  2. WTO Valuation Agreement
  3. Harmonized System Convention
  4. SAFE Framework

Answer: WTO Valuation Agreement

Though administered by WTO, the Valuation Agreement is implemented by customs authorities globally, with WCO providing technical support. It establishes six valuation methods in hierarchical order, with transaction value as the primary basis, reducing disputes and facilitating legitimate trade.

Topic World Customs Organization
Exam Relevance UPSC, SSC, Banking
More world_organizations Questions Back to all questions