European Union agrees to major reform of customs framework

The Council of the EU and the European Parliament have reached an agreement on a comprehensive overhaul of the European customs framework. This marks the most significant reform since the establishment of the Customs Union in 1968. The legislation addresses challenges such as the surge in e-commerce, the increase in regulatory standards, and complex geopolitical realities. Key measures include the creation of an EU Customs Authority to coordinate governance and analyze import and export data via a new central hub. The reform aims to simplify trade procedures while strengthening the collection of customs duties. It also introduces stricter controls to prevent the entry of dangerous or non-compliant goods into the market. Cypriot Finance Minister Makis Keravnos highlighted that the new code will enhance economic security and provide greater legal clarity. The initiative seeks to improve efficiency without placing an excessive burden on customs authorities or traders.