A Deputy Director General of the World Trade Organization, Yi Xiaozhun has commended the partnership between the World Trade Organization and the World Custom Organization in effecting the custom valuation agreement.
According to Yi Xiaozhun the custom valuation process have been neutral and uniform over years which have helped in maintaining flexible flow of international trade and accessibility of market.
Deputy Director General Yi Xiaozhun thanked the World Custom Organization, for it’s proper custodian of the committee which has ensured uniformity in the interpretation and application of the WTO ‘ customs valuation agreement right from inception.
He however stressed the importance of the negotiators in ensuring that the customs valuation agreement represent a bulwark against the termination of market accessibility.
He noted that the international trade has developed in ways that the negotiators could not have forseen. He also stated that restructuring of the global value chains will make more businesses emerge and cause trade to develop.
As a matter of reality the global value chains are already being restructured subject to high demands and new industry capabilities.