HS Code 91022940 - A Comprehensive Guide to Wrist Watches
Wrist watches have become an essential accessory for both men and women. They not only serve the purpose of telling time but also add style and sophistication to one's overall appearance. In this article, we will delve into the details of HS Code 91022940, which pertains to wrist watches that are not electrically operated, do not have an automatic winding mechanism, and have a movement size not exceeding 15.2 mm. Furthermore, these watches are equipped with a band made of materials not specified elsewhere.
HS Code 91022940 is an important code that classifies these wrist watches for international trade purposes. The code allows customs officials and traders to identify and categorize these specific products, ensuring smooth and efficient cross-border transactions.
When it comes to importing or exporting wrist watches falling under HS Code 91022940, it is essential to understand the associated duty rates and any special tariff preference programs that may be applicable. The bound or Most-Favored-Nation (MFN) duty rate for these watches is $1.83 each, with an additional 4.8% duty on the case and 2.2% duty on the strap, band, or bracelet.
However, it is important to note that duty rates can vary depending on the country of import or export. For instance, under certain special tariff preference programs, the duty rates may be different or even waived entirely. Let's take a closer look at some of these programs:
1. Free Trade Agreement (FTA) with Australia: Wrist watches falling under HS Code 91022940 are eligible for duty-free treatment when traded with Australia.
2. Bahrain Special Rate: Bahrain offers a special rate for these watches, allowing for duty-free treatment.
3. NAFTA for Canada: As part of the North American Free Trade Agreement (NAFTA), wrist watches from HS Code 91022940 receive duty-free treatment when traded with Canada.
4. Africa Growth and Opportunity Act (AGOA): Under this program, wrist watches from HS Code 91022940 enjoy duty-free treatment when traded with eligible African countries.
5. Caribbean Basin Initiative (CBI): Wrist watches from HS Code 91022940 qualify for duty-free treatment under the CBI program.
6. Israel Special Rate: Israel offers a special rate, granting duty-free treatment for wrist watches of HS Code 91022940.
7. Andean Trade Preference Act (ATPA) and Andean Trade Promotion and Drug Eradication Act (ATPDEA): These programs provide duty-free treatment for wrist watches traded with eligible Andean countries.
8. Jordan Special Rate: Jordan offers a special rate, allowing for duty-free treatment for wrist watches from HS Code 91022940.
9. Morocco Special Rate: Morocco provides a special rate, granting duty-free treatment for wrist watches falling under this HS Code.
10. NAFTA for Mexico: Similar to Canada, wrist watches from HS Code 91022940 receive duty-free treatment when traded with Mexico under the NAFTA agreement.
11. Oman Special Rate: Oman offers a special rate, allowing for duty-free treatment for wrist watches of HS Code 91022940.
12. Dominican Republic-Central American Special Rate (DR-CAFTA): Under this program, wrist watches from HS Code 91022940 enjoy duty-free treatment when traded with eligible Central American countries and the Dominican Republic.
13. Peru Special Rate: Peru provides a special rate, granting duty-free treatment for wrist watches falling under this HS Code.
14. Caribbean Basin Trade Partnership Act (CBTPA): This program allows for duty-free treatment of wrist watches from HS Code 91022940 when traded with eligible Caribbean Basin countries.
15. Singapore Special Rate: Singapore offers a special rate, allowing for duty-free treatment for wrist watches of HS Code 91022940.
It is crucial for importers and exporters to understand these special tariff preference programs to take advantage of the associated benefits and facilitate trade. By utilizing these programs, businesses can enhance their competitiveness and explore new markets while promoting economic growth.
HS Code 91022940 represents wrist watches that are not electrically operated, lack an automatic winding mechanism, have a movement size not exceeding 15.2 mm, and feature a band made of materials not specified elsewhere. Understanding the duty rates and special tariff preference programs associated with this HS Code is essential for successful international trade in wrist watches. By staying informed about the complexities of trade regulations, businesses can make informed decisions and maximize their opportunities in the global market.
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