When it comes to trade and international commerce, the Harmonized System (HS) plays a crucial role in classifying goods. The HS Code 59100010 specifically pertains to transmission or conveyor belts or belting made from man-made fibers. Let's delve deeper into the details of this HS code and explore its significance in the global market.
The product description of HS Code 59100010 clearly specifies that it covers transmission or conveyor belts or belting made from man-made fibers. This includes various types of belts used in industries for the purpose of transmitting power or conveying materials. These belts are manufactured using synthetic materials such as polyester, nylon, or polypropylene, which offer durability and strength.
One important aspect to consider in international trade is the bound or Most Favored Nation (MFN) duty rate associated with a particular HS code. In the case of HS Code 59100010, the bound or MFN duty rate is 4%. This means that whenever a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners. This rate ensures fairness and consistency in trade relations.
It is also worth noting that HS Code 59100010 does not specify a specific quantity unit. This means that the unit of measurement for this particular product can vary depending on the specific requirements of the trade transaction.
Additionally, there are special tariff preference programs associated with HS Code 59100010. These programs provide certain countries with preferential treatment in terms of duty rates. The following countries enjoy duty-free treatment under these programs: Bahrain, Canada (under NAFTA), Chile, European Union member states, Israel, Japan, Jordan, Morocco, Mexico (under NAFTA), Oman, Peru, Singapore. Australia, on the other hand, receives a special rate of 3% under this HS code.
Importing and exporting of products under HS Code 59100010 can occur between various U.S. states and countries. The specific details regarding the importing and exporting U.S. states are not available in the provided data.
HS Code 59100010 plays a vital role in international trade by classifying transmission or conveyor belts or belting made from man-made fibers. The associated duty rates and special tariff preference programs ensure fair and consistent trade relations among countries. Understanding and adhering to the regulations and requirements of this HS code is crucial for businesses involved in the import and export of these products.