EU approves customs reform to handle rising trade and global uncertainties 😊

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The EU has approved a significant customs reform aimed at managing increasing trade volumes and enhancing compliance with standards. The reform introduces new tools for customs duties collection and controls on unsafe goods. Cypriot Finance Minister Makis Keravnos highlighted it as the greatest reform since 1968, emphasizing its role in facilitating trade. The reform includes the establishment of an EU customs data hub for streamlined customs information submission, operational by July 2028, and a new European Custom Authority based in Lille, France. It also introduces simplified procedures for compliant traders and penalties for non-compliance, along with a new handling fee for small parcels starting in November 2026.