Harmonized System

(redirected from Harmonised code)

Harmonized System

A nomenclature system for goods and services that countries import and export. The Harmonized System assigns numeric codes to goods and services. Participating countries are required to use this code when describing their tariff schedules. Nearly all international trade occurs under the Harmonized System. It was developed by the World Customs Organization.
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Under the MoU the companies will promote coherent co-regulatory measures, such as harmonised codes of practice and alternative dispute resolution mechanisms.