HS Code 29214560: A Comprehensive Guide to Aromatic Monoamines and Their Derivatives
Aromatic monoamines and their derivatives play a crucial role in various industries, including pharmaceuticals, dyes, and chemicals. These compounds are classified under HS Code 29214560, which provides a standardized classification system for international trade. In this article, we will delve into the details of this HS code, including its product description, duty rates, quantity units, and special tariff preference programs.
Product Description: Aromatic monoamines and their derivatives and salts fall under the category described in additional US note 3 to section VI, nesoi. This code is used to classify various aromatic compounds that possess a primary amine group attached to an aromatic ring. These compounds are widely used as intermediates in the synthesis of pharmaceuticals, dyes, and other chemical products.
Bound / MFN Duty Rate: The bound or Most Favored Nation (MFN) duty rate for HS Code 29214560 is 6.5%. 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 duty rate applies to imports of aromatic monoamines and their derivatives from any country.
Quantity Unit: The quantity unit for HS Code 29214560 is kilograms (KG). This unit of measurement is universally recognized and enables accurate tracking and reporting of the quantity of these aromatic compounds being imported or exported.
Special Tariff Preference Programs: Several countries and regions offer special tariff preference programs for imports classified under HS Code 29214560. These programs aim to promote trade and economic development by providing favorable duty rates or duty-free treatment. Some of the notable programs include:
1. A+: Least-developed beneficiary developing countries eligible for Generalized System of Preferences (GSP) receive duty-free treatment for imports under this subheading.
2. AU: Australia offers a special rate for imports of aromatic monoamines and their derivatives.
3. BH: Bahrain provides a special rate for these compounds.
4. CA: Imports from Canada enjoy duty-free treatment under the North American Free Trade Agreement (NAFTA).
5. CL: Chile offers a special rate for aromatic monoamines and their derivatives.
6. D: Imports from Germany receive duty-free treatment.
7. E: Imports from Spain enjoy duty-free treatment.
8. IL: Israel provides a special rate for these compounds.
9. J: Imports from Japan receive duty-free treatment.
10. JO: Jordan offers a special rate for aromatic monoamines and their derivatives.
11. K: Imports from South Korea enjoy duty-free treatment.
12. L: Imports from Luxembourg receive duty-free treatment.
13. MA: Morocco provides a special rate for these compounds.
14. MX: Imports from Mexico enjoy duty-free treatment under NAFTA.
15. OM: Oman offers a special rate for aromatic monoamines and their derivatives.
16. P: Imports from Portugal receive duty-free treatment.
17. PE: Peru provides a special rate for these compounds.
18. SG: Singapore offers a special rate of 0.9%.
These special tariff preference programs incentivize trade and foster economic cooperation between countries, enhancing market access for aromatic monoamines and their derivatives.
HS Code 29214560 plays a vital role in the classification and international trade of aromatic monoamines and their derivatives. This code provides a standardized system for identifying and tracking these compounds, ensuring accurate reporting and efficient trade processes. The duty rates, quantity units, and special tariff preference programs associated with this HS code further facilitate global trade and promote economic growth in various industries.
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