WCO stands for World Customs Organization. It is an international intergovernmental organization that aims to enhance customs cooperation and facilitate the smooth flow of international trade.
The World Customs Organization was established in 1952 with the goal of promoting the development, implementation, and harmonization of customs policies, procedures, and practices worldwide. It brings together customs administrations from across the globe to share information, experiences, and best practices, fostering mutual assistance and cooperation.
The primary role of the WCO is to facilitate trade by ensuring that customs procedures and formalities are standardized, efficient, and transparent. It provides a platform for its member countries to collaborate in areas such as trade facilitation, customs enforcement, security, capacity building, and the implementation of global customs standards such as the Harmonized System for classifying goods.
The WCO also serves as a forum for dialogue between customs administrations, the business community, and other international organizations, contributing to the development of international trade standards and policies. Moreover, it plays a significant role in combatting illicit trade, including smuggling, counterfeiting, and money laundering.
In summary, the World Customs Organization (WCO) serves as a global platform for customs administrations to cooperate and work towards efficient and uniform customs procedures and practices, ensuring the facilitation and security of international trade.
