The HS Code 29062920 refers to odoriferous or flavoring compounds of aromatic alcohols and their halogenated, sulfonated, nitrated, or nitrosated derivatives. This code is used to classify these specific types of compounds for international trade purposes. By using this code, countries can ensure consistent and accurate identification of these products.
When it comes to trade, every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners. This means that the bound or MFN (Most Favored Nation) duty rate for this HS code is 5.5%. The bound duty rate represents the maximum tariff a country can impose on imports, ensuring equal treatment for all trading partners.
The quantity unit for this HS code is kilograms (KG), which is the standard measurement used to quantify the weight of the imported or exported odoriferous or flavoring compounds of aromatic alcohols and their derivatives.
There are several special tariff preference programs available for these products. Under these programs, certain countries receive preferential treatment, allowing them to import or export these compounds duty-free. The countries that enjoy this special tariff preference include:
These special tariff preference programs aim to promote trade and economic cooperation between countries by reducing or eliminating tariffs on specific goods or services. By participating in these programs, countries can benefit from increased trade opportunities and foster stronger bilateral or regional partnerships.
In terms of importing, the United States accepts imports of odoriferous or flavoring compounds of aromatic alcohols and their derivatives from various countries. Similarly, these compounds can be exported from the United States to different trading partners worldwide. The HS Code 29062920 assists in accurately identifying and classifying these products during the import and export processes.
the HS Code 29062920 plays a crucial role in the international trade of odoriferous or flavoring compounds of aromatic alcohols and their derivatives. It ensures consistent classification, facilitates trade negotiations, and allows for the implementation of special tariff preference programs. By understanding this HS code and its implications, countries and businesses can effectively engage in the global trade of these compounds and foster economic growth.