Investment Authority Approves Harmonized System (HS) for Goods Classification

 

The General Investment Authority announced today the adoption of the Harmonized System for the classification and description of goods and commodities.

This came in a statement by the Authority’s Chairman, Mohammed bin Ishaq, to ​​the Yemeni News Agency (SABA), following an extensive meeting he held with the chairman and members of the committee tasked with preparing and implementing the system.

The meeting witnessed the official signing and approval of the system after extensive discussions with various stakeholders.

Bin Ishaq emphasized that this unprecedented step puts an end to decades of “improvisation and administrative mismanagement,” noting that the absence of this unified system previously inflicted heavy losses on the state and burdened it with additional costs due to arbitrary and individual interpretations in goods classification.

He explained that the adoption of the system at this particular time carries significant sovereign and economic implications, especially as the country faces the conditions of blockade and aggression. The Harmonized System (HS) was considered a significant step forward that will contribute to protecting the state’s rights by accurately regulating fees and data and preventing financial waste. The importance of adopting the system in improving the investment environment was highlighted, noting that it provides a unified global economic language, facilitates trade, grants investors high transparency, keeps pace with updates, and ensures the continuous flow of trade data in accordance with modern international standards.

The head of the authority commended the exceptional efforts of the committee’s chairman and members, emphasizing that this achievement will be a fundamental pillar in the path of comprehensive economic development.

For his part, the head of the committee – Abdulrahman Al-Mahbashi, who also heads the Planning and Development Sector at the authority – reviewed the technical process and the team’s efforts to reach this integrated model, expressing his appreciation for the unlimited support provided by the authority’s leadership in overcoming all obstacles.

The Harmonized System (HS), the global standard used by more than 200 countries to classify commercially traded products, aims to unify customs codes and facilitate trade monitoring and statistics, making its adoption in Yemen a crucial step towards aligning the national economy with global standards.