HS Code 91022910: Wrist watches nesoi, not electrically operated, not automatic winding, 0-1 jewel, with strap/band/bracelet of material nesoi
Wrist watches have been a popular accessory for centuries. They not only help us keep track of time but also serve as a fashion statement. The Harmonized System (HS) Code 91022910 refers to a specific type of wristwatch that is not electrically operated, not automatic winding, and has 0-1 jewel. Additionally, it must have a strap, band, or bracelet made of material not elsewhere specified or included. Let's dive deeper into the details of this HS code and understand its implications.
The HS code system is used by countries worldwide to classify and categorize goods for international trade. HS Code 91022910 specifically identifies and classifies this particular type of wristwatch. It is important for importers, exporters, and customs officials to accurately classify goods using the correct HS code to ensure smooth international trade processes.
When importing or exporting wristwatches falling under HS Code 91022910, it is crucial to be aware of the associated duty rates. For this specific HS code, the bound or most-favored-nation (MFN) duty rate is 40 cents each, with an additional 6% on the case and 2.8% on the strap, band, or bracelet. These duty rates may vary depending on the country of import or export.
Trade barriers play a significant role in international trade. Whenever a country lowers a trade barrier or opens up a market, it is obligated to provide the same treatment to all its trading partners for the same goods or services. This principle, known as the most-favored-nation principle, ensures fair and non-discriminatory treatment among trading partners.
In addition to the duty rates, special tariff preference programs may also apply to wristwatches falling under HS Code 91022910. Some countries offer preferential treatment under these programs, granting duty-free or reduced-duty access to certain goods. For this HS code, the following special tariff preference programs apply:
- Generalized System of Preferences (GSP) provides duty-free treatment for eligible countries.
- Australia Special Rate offers a specific tariff rate for Australia.
- Bahrain Special Rate provides specific tariff treatment for Bahrain.
- NAFTA for Canada grants duty-free treatment under the North American Free Trade Agreement.
- Chile Special Rate offers a specific tariff rate for Chile.
- Caribbean Basin Initiative (CBI) provides preferential treatment for eligible Caribbean countries.
- Israel Special Rate grants duty-free treatment for Israel.
- Andean Trade Preference Act (ATPA) offers preferential treatment for eligible Andean countries.
- Andean Trade Promotion and Drug Eradication Act (ATPDEA) provides preferential treatment for eligible Andean countries.
- Jordan Special Rate offers a specific tariff rate for Jordan.
- Morocco Special Rate provides specific tariff treatment for Morocco.
- NAFTA for Mexico grants duty-free treatment under the North American Free Trade Agreement.
- Oman Special Rate offers a specific tariff rate for Oman.
- Dominican Republic-Central American Special Rate (DR-CAFTA) provides preferential treatment for eligible countries in the Dominican Republic and Central America.
- Peru Special Rate offers a specific tariff rate for Peru.
- Caribbean Basin Trade Partnership Act (CBTPA) provides preferential treatment for eligible Caribbean countries.
- Singapore Special Rate offers a specific tariff rate for Singapore.
It is essential for businesses involved in the import or export of wristwatches falling under HS Code 91022910 to stay updated with the specific tariff preference programs applicable in their trade transactions. Utilizing these programs can result in cost savings and competitive advantages in the international market.
HS Code 91022910 refers to wristwatches that are not electrically operated, not automatic winding, have 0-1 jewel, and feature a strap, band, or bracelet made of material not elsewhere specified or included. Understanding the duty rates and special tariff preference programs associated with this HS code is crucial for businesses engaged in international trade. By accurately classifying goods and leveraging these programs, importers and exporters can enhance their competitiveness and optimize their trade operations.
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