GENEVA SYSTEM Meaning and
Definition
-
The Geneva system refers to a multilateral trade framework and classification system that governs the international movement of goods, particularly with regards to customs regulations and tariffs. It is named after the city of Geneva, Switzerland, where the framework was initially developed and is currently administered by the World Customs Organization (WCO).
At its core, the Geneva system aims to establish a harmonized system for the classification of products traded across national borders. It utilizes a hierarchical structure of codes and descriptions known as the Harmonized System (HS) codes, which are utilized by most countries worldwide to classify and identify goods. These HS codes are designed to ensure uniformity, accuracy, and consistency in determining the nature and characteristics of products being traded.
The key objective of the Geneva system is to facilitate international trade by providing transparency, predictability, and efficiency in customs procedures. It helps in streamlining customs clearance processes, minimizing trade barriers, and promoting fair trade practices. By utilizing standardized codes, it also enables countries to collect accurate trade statistics and implement effective trade policies.
Additionally, the Geneva system provides a platform for member countries to cooperate and collaborate in enforcing customs regulations, combatting illegal trade practices, and promoting safe and secure supply chains. It serves as a forum for sharing best practices, exchanging information, and resolving issues related to customs procedures and trade facilitation.
In summary, the Geneva system is a global trade framework and classification system, based on the Harmonized System codes, which aims to promote consistency and efficiency in customs procedures, facilitate international trade, and ensure fair and transparent trade practices.
Common Misspellings for GENEVA SYSTEM
- feneva system
- veneva system
- beneva system
- heneva system
- yeneva system
- teneva system
- gwneva system
- gsneva system
- gdneva system
- grneva system
- g4neva system
- g3neva system
- gebeva system
- gemeva system
- gejeva system
- geheva system
- genwva system
- gensva system
- gendva system
- genrva system
Etymology of GENEVA SYSTEM
The term "Geneva system" refers to a type of mechanical movement or mechanism used in watches. It is named after the city of Geneva, Switzerland, which has been historically renowned for its watchmaking industry and the craftsmanship of its watchmakers. The intricate and precise Geneva system was developed by Swiss watchmakers, particularly during the 17th and 18th centuries. The word "Geneva" is derived from the Latin name for the city, "Genava", which can be traced back to a Celtic origin.
