The European Union proposed a comprehensive reform of its customs framework to introduce data-driven systems that would simplify procedures for traders.
(Bloomberg) — The European Union proposed a comprehensive reform of its customs framework to introduce data-driven systems that would simplify procedures for traders.
The European Commission proposal will streamline reporting requirements for traders by reducing the time needed to complete import processes and by providing a single EU interface and facilitating data re-use.
The reform will set up a new EU Customs Authority to oversee the data hub, a single online portal where importers will be able to log all the information on their products and supply chains, according to a commission statement.
This hub will replace the existing customs IT infrastructure in EU member states, saving them as much as €2 billion a year in operating costs. In addition, artificial intelligence will be used to predict problems before the goods have even shipped to the EU bloc.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.