Joint statement on customs valuation
The World Customs Organisation (WCO) and the International Chamber of Commerce (ICC) recognise that the uniform, predictable and transparent application of international instruments facilitates international trade whilst ensuring compliance with national laws and regulations.
In determining Customs value both WCO and ICC agree that the WTO Valuation Agreement is the sole valuation system for world-wide application.
The Agreement adopts a positive approach by providing a direct link between the collection of duties and commercial reality. The Agreement is also neutral, it is easy to apply where there is a price actually paid or payable, which is the case for most transactions, and the precision and clarity of its instruments help minimise disputes between traders and Customs administrations, thus expediting cargo clearance operations.
The WCO and ICC acknowledge that the Agreement is intended to foster co-operation and mutual trust between the business community and Customs. The WCO and ICC agree that neither the interests of trade nor of customs will be served without dialogue and that effective communication with interested parties is essential to optimising effective administration of the WTO Valuation Agreement.
In order to facilitate this co-operation, the Agreement sets out the respective rights and mutual obligations for Customs and traders.