HS Code 20087020: Peaches (excluding nectarines), otherwise prepared or preserved, not elsewhere specified or included
Peaches are a delicious and nutritious fruit that is enjoyed by many people around the world. Whether eaten fresh or used in various culinary preparations, peaches are a versatile and flavorful addition to any meal. In this article, we will explore the HS Code 2008720, which specifically refers to peaches (excluding nectarines) that are otherwise prepared or preserved, not elsewhere specified or included.
The HS Code system is an internationally recognized classification system for products traded globally. It is used by customs authorities to identify and classify goods for the purpose of levying tariffs and collecting trade statistics. HS Code 2008720 specifically categorizes peaches that have undergone some form of preparation or preservation, but are not classified under any other specific category.
When it comes to international trade, tariffs play a significant role in determining the cost of imported goods. The bound/MFN duty rate for HS Code 2008720 is set at 17%. This means that every time a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners.
The quantity unit for peaches classified under HS Code 2008720 is kilograms (KG). This unit of measurement is commonly used in international trade to quantify the weight of goods being imported or exported.
In addition to the standard duty rate, there are also special tariff preference programs that may apply to imports of peaches under HS Code 2008720. These programs offer preferential treatment in the form of reduced or eliminated tariffs. For example, imports of peaches under this HS Code are eligible for duty-free treatment under the following programs:
- A+ (duty-free treatment for imports from least-developed beneficiary developing countries eligible for GSP under that subheading)
- CA (duty-free treatment for imports from Canada under NAFTA)
- E (duty-free treatment for imports from countries eligible for the Caribbean Basin Initiative)
- IL (duty-free treatment for imports from Israel under the Israel Special Rate)
- J (duty-free treatment for imports from countries eligible for the Andean Trade Preference Act)
- JO (duty-free treatment for imports from Jordan under the Jordan Special Rate)
- MX (duty-free treatment for imports from Mexico under NAFTA)
- P (duty-free treatment for imports from countries eligible for the Dominican Republic-Central American Special Rate)
- PE (duty-free treatment for imports from Peru under the Peru Special Rate)
Furthermore, there are specific rates applicable to certain countries for imports of peaches under HS Code 2008720. For example:
- Australia has a special rate of 8.5%
- Bahrain has a special rate of 12.7%
- Chile has a special rate (refer to 9912.95.56-9912.95.65 for specific details)
- Morocco has a special rate of 13.6%
- Oman has a special rate of 2.1%
- Singapore has a special rate (refer to 9913.95.76-9913.95.85 for specific details)
It is important for importers and exporters to be aware of these special tariff preference programs and rates when engaging in international trade of peaches under HS Code 2008720. By taking advantage of these programs, businesses can potentially reduce their costs and gain a competitive edge in the market.
HS Code 2008720 refers to peaches (excluding nectarines) that have been otherwise prepared or preserved, not elsewhere specified or included. This HS Code is used to classify and identify these products for the purpose of international trade. Importers and exporters should be aware of the bound/MFN duty rate, quantity unit, and any special tariff preference programs or rates that may apply to imports of peaches under this HS Code. By understanding and utilizing these regulations, businesses can navigate the global market more effectively and efficiently.
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