When it comes to international trade, it is essential to have a standardized system for classifying goods. The Harmonized System (HS) Code is an internationally recognized system that is used to classify products for customs purposes. In this article, we will delve into the details of HS Code 61034220, which pertains to men's or boys' bib and brace overalls, knitted or crocheted, of cotton.
The product description of HS Code 61034220 specifically refers to bib and brace overalls designed for men or boys. These overalls are made from knitted or crocheted cotton fabric. This detailed description helps customs authorities and traders identify and categorize the product accurately.
One crucial aspect of international trade is the determination of duty rates. The bound or Most Favored Nation (MFN) duty rate for HS Code 61034220 is 10.3%. The MFN duty rate ensures that whenever a country lowers a trade barrier or opens up its market, it must do so for the same goods or services from all its trading partners. This principle promotes fairness and equal treatment in international trade.
In terms of quantity unit, the measurement for HS Code 61034220 is dozens (DOZ). This unit of measurement allows for easier handling and calculation of quantities during import or export processes.
Moreover, HS Code 61034220 is eligible for various special tariff preference programs. These programs provide specific benefits or exemptions for certain countries. For example, the following countries enjoy duty-free treatment for this product under the mentioned special tariff preference programs: Bahrain (BH), Canada (CA) under NAFTA, Chile (CL), Israel (IL), Jordan (JO), Mexico (MX) under NAFTA, Oman (OM), Panama (P) under Dominican Republic-Central American Free Trade Agreement (DR-CAFTA), Peru (PE), and Singapore (SG).
Additionally, Australia (AU) enjoys a special rate of 8% for HS Code 61034220, while Morocco (MA) benefits from a special rate of 1%. These special rates can incentivize trade and enhance economic cooperation between countries.
It is important to note that the HS Code 61034220 is applicable for importing to and exporting from the United States. This information allows traders to determine the specific regulations, documentation, and procedures involved in trading this product with the United States.
HS Code 61034220 covers men's or boys' bib and brace overalls made from knitted or crocheted cotton fabric. Understanding the HS Code and its associated details, such as duty rates and special tariff preference programs, is crucial for international traders. With this knowledge, traders can navigate the complexities of international trade and ensure compliance with customs regulations.