When it comes to international trade, it is essential to have a standardized system to classify and identify goods. The Harmonized System (HS) Code is an internationally recognized system used for this purpose. In this article, we will explore HS Code 29163455 and delve into the details of the product it represents: Phenylacetic Acid Salts, nesoi.
Phenylacetic Acid Salts, nesoi, falls under HS Code 29163455. This code provides a unique identification for this specific product, making it easier for customs authorities and traders to categorize and regulate its import and export.
The product description itself gives us an idea of what Phenylacetic Acid Salts, nesoi, entails. Phenylacetic acid is an organic compound with the formula C8H8O2. It is commonly used as a precursor for various chemical compounds and pharmaceuticals. The salts referred to in the HS Code 29163455 could be different forms or derivatives of phenylacetic acid.
Now, let's take a closer look at some key details related to HS Code 29163455:
The bound / MFN duty rate associated with HS Code 29163455 is free. This means that there are no import duties levied on this product when it crosses borders. It is important to note that this duty rate applies universally, ensuring equal treatment for all trading partners. Whenever a country lowers a trade barrier or opens up a market, it must extend the same benefits to all its trading partners for the same goods or services.
The quantity unit for Phenylacetic Acid Salts, nesoi, is kilograms (KG). This unit of measurement provides clarity and consistency in international trade transactions involving this product.
Furthermore, there are special tariff preference programs applicable to HS Code 29163455. These programs offer specific benefits or reduced duty rates for certain countries. Let's explore some of these programs:
These special tariff preference programs aim to promote trade and economic cooperation between countries by providing incentives or reduced duty rates for certain products. Phenylacetic Acid Salts, nesoi, can benefit from these programs when imported or exported to the respective countries mentioned.
HS Code 29163455 plays a crucial role in facilitating trade and ensuring proper regulation of Phenylacetic Acid Salts, nesoi, in international markets. Traders, customs authorities, and policymakers rely on this code to identify, classify, and regulate the import and export of this product effectively.
As the global economy continues to expand and trade barriers are lifted, understanding HS Codes and their implications becomes increasingly important for businesses and individuals involved in international trade.