When it comes to international trade, it is important to have a standardized system for classifying and categorizing different products. This is where HS codes come in. The HS Code 84539010 specifically refers to parts of machinery used in the production or repair of footwear. In this article, we will explore the details of this HS code and its implications for global trade.
The product description for HS Code 84539010 clearly states that it includes parts of machinery that are specifically designed for making or repairing footwear. This can include various components such as cutting tools, sewing machines, sole presses, and other equipment that is essential for the footwear manufacturing process.
One important aspect to note is the bound or MFN (Most Favored Nation) duty rate associated with this HS code. The bound duty rate refers to the maximum tariff rate that a country can impose on imports of a particular product. In the case of HS Code 84539010, the bound duty rate is set at "Free". This means that countries cannot impose any tariffs or duties on the import of these machinery parts.
Furthermore, the data indicates that there are special tariff preference programs in place for this HS code. These programs allow certain countries to enjoy preferential treatment when it comes to trade. In the case of HS Code 84539010, countries such as Australia, Bahrain, Canada, Chile, Israel, Jordan, Mexico, Oman, Peru, Singapore, and others have been granted special rates or duty-free treatment under various trade agreements and initiatives.
For example, the Generalized System of Preferences (GSP) provides duty-free treatment for imports of this product from eligible countries. The North American Free Trade Agreement (NAFTA) also ensures duty-free treatment for Canada and Mexico. Other programs such as the Caribbean Basin Initiative (CBI), Andean Trade Preference Act (ATPA), and the Dominican Republic-Central American Free Trade Agreement (DR-CAFTA) offer special rates or benefits for certain countries.
It is worth noting that the data indicates no units collected for this HS code. This means that the quantity of parts of machinery for making or repairing footwear imported or exported is not reported or collected for statistical purposes.
the HS Code 84539010 plays a crucial role in classifying and regulating the international trade of parts of machinery used in the production or repair of footwear. The bound duty rate of "Free" ensures that countries cannot impose tariffs on these imports, while special tariff preference programs provide additional benefits for certain countries. Understanding and adhering to these regulations is essential for businesses and policymakers involved in the global footwear industry.