The HS Code 29152950 refers to other salts of acetic acid. This code is used to classify and identify specific goods during international trade. It helps customs authorities and traders to determine the appropriate duties and regulations for importing and exporting such products.
Acetic acid is a versatile chemical compound widely used in various industries including pharmaceuticals, textiles, and food processing. It is commonly known as vinegar and is used as a preservative, flavoring agent, and solvent.
Under the HS Code 29152950, the bound or Most Favored Nation (MFN) duty rate is 2.8%. This means that 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 promotes fair and non-discriminatory trade practices.
The quantity unit for the products classified under HS Code 29152950 is kilograms (KG). This unit is used to measure the weight of the imported or exported goods.
There are also special tariff preference programs associated with HS Code 29152950. Some countries provide preferential treatment or exemptions from duties for these products. The following countries have special tariff rates for other salts of acetic acid: Australia (A), Austria (AU), Bahrain (BH), Canada (CA), Chile (CL), European Union (E), Israel (IL), Japan (J), Jordan (JO), South Korea (K), Morocco (MA), Mexico (MX), Oman (OM), Peru (P), Panama (PE), Singapore (SG).
These special tariff preference programs include the Generalized System of Preferences (GSP), which provides duty-free treatment for eligible products. Australia, Bahrain, and Israel also have their own special rates for these goods. NAFTA (North American Free Trade Agreement) provides duty-free treatment for Canada and Mexico. Other programs such as the Caribbean Basin Initiative (CBI), Andean Trade Preference Act (ATPA), Agreement on Trade in Pharmaceutical Products, and Dominican Republic-Central American Free Trade Agreement (DR-CAFTA) also offer special rates for certain countries.
When importing goods classified under HS Code 29152950, it is important to comply with the specific regulations and requirements of the importing and exporting countries. This may include obtaining necessary permits, certifications, and adhering to safety standards.
The HS Code 29152950 plays a crucial role in international trade by facilitating the smooth flow of goods and ensuring fair trade practices. It provides a standardized system for classifying and identifying products, enabling customs authorities and traders to accurately determine the applicable duties and regulations.