How Preferential Rules of Origin Can Lower Costs and Improve Competitiveness for Businesses
We are pleased to inform you that the World Customs Organization's (WCO) Rules of Origin database, WCO Trade Tools, now offers more than 430 free trade agreements with searchable Product Specific Rules tables. This extensive collection of data is a valuable resource for businesses and traders looking to navigate the complex world of international trade and benefit from preferential trade agreements.
Lowering Costs and Improving Competitiveness for Businesses
Preferential Rules of Origin and, more specifically, Product-Specific rules, play an essential role in today's trade environment. These rules determine the country of origin of a product and are used to determine the eligibility for preferential tariff treatment under free trade agreements. This means that products that meet the specific origin criteria outlined in the agreement can be imported/exported with lower or zero tariffs, which can lead to significant cost savings for businesses. This directly translate into lower costs for businesses and make them more competitive in the global market.
Navigating International Trade with WCO Trade Tools
To help businesses navigate the complex world of international trade, the World Customs Organization (WCO) offers a user-friendly Rules of Origin database, known as WCO Trade Tools. This database includes over 430 free trade agreements with searchable Product Specific Rules tables. By using this resource, entrepreneurs and import/export professionals can quickly and easily search for the specific rules of origin that apply to their products under a particular free trade agreement.
Assisting International Trade Actors
The WCO strives to reduce the barriers to international trade and promoting economic growth and development. By providing a centralized location for customs colleagues and trade friends to access information about preferential rules of origin and product-specific rules, the WCO aims to improve transparency and simplify the complex world of international trade. This initiative is particularly important for small and medium-sized enterprises (SMEs) that may not have the resources to navigate the complexities of international trade on their own, as well as to traders who seek to access multiple FTAs from a centralized location.
In conclusion, we encourage all businesses and traders to take advantage of the database and the valuable information it provides.