Footwear is an essential part of our daily lives. It not only protects our feet but also adds style to our outfits. The HS Code 64029960 refers to a specific type of footwear with outer soles and uppers made of rubber or plastics. This code is used to classify and regulate the import and export of these products globally.
The product description for HS Code 64029960 is as follows: Footwear with outer soles and uppers of rubber or plastics, not covering the ankle, and with a value not exceeding $3 per pair. This includes various types of shoes, sandals, and other footwear made from rubber or plastics materials.
The bound / MFN duty rate for HS Code 64029960 is 48%. The bound rate is the maximum rate of duty that a country can impose on imported goods. It ensures that countries do not raise their tariffs above a certain level, promoting fair and predictable trade.
It is important to note 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 principle, known as Most Favored Nation (MFN) treatment, ensures non-discrimination in international trade.
The quantity unit for HS Code 64029960 is pairs (PRS). This means that the products are measured and traded in pairs. It is important for importers and exporters to accurately report the quantity of footwear in pairs to comply with customs regulations.
There are several special tariff preference programs applicable to footwear classified under HS Code 64029960. These programs provide certain countries with preferential treatment in terms of duty rates. Here are some of the programs and their respective rates:
These special tariff preference programs aim to promote economic growth, regional integration, and trade between participating countries. Importers and exporters should familiarize themselves with the specific requirements and eligibility criteria of each program to take advantage of the benefits.
For HS Code 64029960, the following US states are notable for their import and export activities:
These states play a significant role in the trade of footwear with outer soles and uppers of rubber or plastics. Importers and exporters based in Arkansas and Kansas should be aware of the regulations, documentation, and customs procedures related to this HS code to ensure smooth and compliant trade.
HS Code 64029960 covers footwear with outer soles and uppers made of rubber or plastics. Importers and exporters of this product should be familiar with the product description, duty rates, special tariff preference programs, and the specific requirements of importing and exporting countries. By understanding and adhering to these regulations, businesses can effectively navigate the international trade of footwear and optimize their operations.