Imagine the consequences when customs valuation processes go awry: delayed clearances, increased costs, and potential trade disputes become real possibilities. Recognizing this critical importance, the World Customs Organization (WCO), in partnership with the China Customs Cooperation Fund, recently designed a specialized virtual workshop to help Panama Customs more effectively implement the World Trade Organization's (WTO) Customs Valuation Agreement.
Three-Day Virtual Training Brings International Expertise
The online workshop took place from September 8-10, 2020, facilitated by two WCO-accredited experts from Brazil and Uruguay. Twenty-two selected participants from various technical departments of Panama Customs participated in the three-day knowledge-sharing event.
Core Objectives: Enhancing Panama's Customs Valuation Capabilities
The workshop focused on strengthening Panama Customs' professional capacity to accurately and efficiently implement the WTO Customs Valuation Agreement. Specific goals included:
- Deepening understanding: Clarifying key concepts including transaction value determination, related-party transactions, indirect payments, and Article 8 adjustments
- Developing practical skills: Enhancing participants' ability to apply the agreement during document review and clearance processes
- Updating knowledge: Presenting the latest developments in customs valuation, including WCO guidelines and best practices
- Improving risk management: Demonstrating how to use customs databases as risk assessment tools
Workshop Highlights: Blending Theory with Practice
The curriculum balanced theoretical instruction with practical case studies, covering:
- The structure of the WTO agreement and its six valuation methods
- Special considerations for related-party transactions
- Treatment of direct and indirect payments
- Application of Article 8 adjustments
- Practical use of customs databases for risk assessment
- The role of post-clearance audits in valuation control
- Technical tools approved by the Customs Valuation Technical Committee
Positive Feedback from Participants
Participants reported significant professional development from the workshop, particularly praising the practical case studies that allowed them to apply theoretical knowledge to real-world scenarios. Many noted improved understanding of complex valuation concepts and enhanced problem-solving skills.
WCO's Ongoing Commitment to Global Customs Development
This workshop represents part of WCO's broader initiative to strengthen customs capabilities worldwide. Through training programs, technical assistance, and knowledge sharing, the organization continues to support trade facilitation and fair trade practices across its membership.
Looking Ahead: Strengthening Cooperation for Trade Growth
WCO remains committed to collaborating with member customs administrations to address emerging challenges in international trade. The organization will continue monitoring developments in customs valuation, updating training materials accordingly, while fostering greater cooperation among members to support global trade development.