Kathmandu, Oct. 8 -- Nepal has started piloting an valuation database in its customs system, a reform expected to benefit traders through faster and more predictable clearance, reduced trade costs, fairer valuation, simplified processes, and easier compliance in the trade-based economy.

Finance Minister Rameshore Khanal launched the valuation database from the Biratnagar Customs Office on September 24.

An valuation database in customs serves as a risk assessment tool that helps customs administrations verify the accuracy of declared values for imported goods. Such databases maintain records of recent customs values for previously imported items to flag potential under-declaration or over-declaration.

The World Customs Organisation (WCO...