- The World Customs Organization recently released the WCO Data Model Version 4.2.0
- The latest version has two critical data sets: Customs Bonds and Certificates of Origin
- It provides WCO members with tools to streamline operations, and enhance the efficiency of digital customs processes
The World Customs Organization (WCO) recently released the WCO Data Model Version 4.2.0, marking a big step in the digitalization and harmonization of customs procedures worldwide.
In a statement, the WCO said latest version has two critical data sets: Customs Bonds and Certificates of Origin, which provide organization members with tools to streamline operations, and enhance the efficiency of digital customs processes.
The WCO–an independent intergovernmental body established in 1952 to enhance the efficiency and effectiveness of Customs administrations worldwide–currently has 186 members and is recognized as a leader in the development and promotion of international Customs standards and best practices.
The WCO Data Model provides a comprehensive framework for standardizing data elements in cross-border trade. The new version builds on this foundation by incorporating standardized data sets that support key customs processes.
The new data set enables WCO members that require surety-issued customs bonds to streamline and digitalize their bonds submission processes, according to WCO.
By adopting the standard, members “can reduce administrative burdens, enhance compliance, and automate obligation management to protect revenue,” the WCO said in a statement.
More importantly, the standardized approach also cuts the time and costs required for implementation, enabling members “to achieve operational efficiency and faster deployment of digitalized customs bond processes.”
Developed using the dataset created by the Technical Committee on Rules of Origin, the package empowers members to digitalize electronic Certificates of Origin.
“This digitalization improves validation of product origin, helping to combat fraud and ensure fair trade practices,” the WCO stated.
READ: WCO Council backs enhanced Harmonized System framework
