Sana’a: The General Investment Authority announced on Tuesday the approval of adopting the Harmonized System (HS) for the classification and description of goods and commodities. This development was confirmed by the Chairman of the Authority, Mohammed bin Ishaq, to the Yemen News Agency (Saba), following an expanded meeting with the head and members of the committee tasked with preparing and implementing the system.

According to Yemen News Agency, the meeting culminated in the official signing and approval of the system after extensive discussions with relevant stakeholders. Bin Ishaq emphasized that this significant step addresses decades of ‘randomness and administrative mismanagement.’ He pointed out that the prior absence of a unified system had resulted in considerable losses to the state and imposed additional costs due to subjective judgment and arbitrary classification of goods.

Bin Ishaq further explained that implementing the system at this juncture bears crucial sovereign and economic implications, particularly as the nation continues to endure conditions of blockade and aggression. He regarded the Harmonized System as a pivotal advancement that will secure state rights by ensuring precise fee collection and data management, thereby preventing financial waste. Additionally, he underscored its role in enhancing the investment climate by offering a unified global economic language that facilitates trade, boosts transparency for investors, aligns with updates, and ensures the uninterrupted flow of trade data in accordance with modern international standards.

The Authority’s Chairman lauded the exceptional efforts of the committee’s head and members, asserting that this accomplishment will serve as a foundational element in the journey toward comprehensive economic development. Abdulrahman Al-Muhabashi, the committee head and Director of the Planning and Development Sector at the Authority, detailed the technical process and efforts undertaken by the team to achieve this integrated model, expressing gratitude for the Authority’s leadership’s unwavering support in overcoming all challenges.

The Harmonized System (HS) is a global standard employed by over 200 countries for the classification of internationally traded products. It aims to standardize customs codes and facilitate trade monitoring and statistics, making its implementation in Yemen a vital step towards aligning the national economy with international standards.