The HS Code 29157001 refers to a specific product category known as Palmitic acid, stearic acid, their salts, and esters. This code is used to classify and categorize products for international trade, ensuring consistency and uniformity in customs procedures across different countries.
Palmitic acid and stearic acid are both types of fatty acids commonly found in natural sources such as animal and vegetable fats. These acids have various industrial applications, including their use as emulsifiers, lubricants, and ingredients in the production of cosmetics, soaps, and detergents. Their salts and esters are derivatives of these acids and also find applications in the manufacturing of pharmaceuticals, plastics, and food products.
When it comes to international trade, the HS Code 29157001 plays a crucial role in facilitating the smooth movement of goods across borders. It helps customs authorities identify and classify the products being imported or exported, ensuring that the appropriate duties and tariffs are applied based on the specific product category.
The bound or Most Favored Nation (MFN) duty rate for products falling under HS Code 29157001 is 5%. This means that regardless of the country of origin or destination, a 5% duty rate is applied when importing or exporting these products. The MFN principle ensures that trade barriers are lowered and markets are opened up equally for all trading partners.
The quantity unit for products classified under HS Code 29157001 is kilograms (KG). This unit of measurement is used to determine the weight or quantity of the product being traded.
Additionally, there are special tariff preference programs in place for products falling under HS Code 29157001. These programs provide certain countries with preferential treatment, allowing them to import or export these products duty-free or at reduced rates.
For example, countries like Australia, Canada, Chile, Israel, Jordan, Mexico, Oman, Peru, Singapore, and others are eligible for duty-free treatment under specific trade preference programs. These programs include the Generalized System of Preferences (GSP), NAFTA for Canada and Mexico, the Caribbean Basin Initiative (CBI), the Andean Trade Preference Act (ATPA), and the Dominican Republic-Central American Special Rate (DR-CAFTA).
the HS Code 29157001 is used to classify and identify Palmitic acid, stearic acid, their salts, and esters for international trade purposes. It helps ensure uniformity in customs procedures, facilitates the smooth movement of goods, and determines the applicable duties and tariffs. Understanding the HS Code system is essential for businesses and traders involved in international trade to comply with customs regulations and take advantage of special tariff preference programs.