ICC Policy Statement on the Misuse of Customs Valuation Databases
In response to the growing reports of companies around the world on the use of customs valuation databases to set minimum or reference prices for imports declarations, ICC issued the statement on the Misuse of Customs Valuation Databases in October 2015.
The setting of minimum or reference prices is in violation with Article 7 of the World Trade Organization’s Customs Valuation Agreement. ICC raises its concern on this worrisome development that increases delays, uncertainty and higher trade costs for the clearance of goods. ICC, as the world business organization, notes that both governments and businesses should adhere to international rules and regulations.
The ICC statement provides eight recommendations for a way forward and ICC will continue to engage with the World Trade Organization, World Customs Organization, other intergovernmental organizations as well as with countries to raise awareness on this important issue.