The HS Code 99020160 refers to the product 2-Mercaptoethanol, which has the CAS No. 60 24 2. It is provided for in subheading 2930.90.91. HS Codes are a standardized system used globally for classifying and categorizing traded goods. They play a crucial role in international trade by simplifying the identification and tracking of products.
One of the key benefits of HS Codes is that they allow countries to apply consistent trade policies and regulations. When 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 the Most Favored Nation (MFN) principle, ensures fair and non-discriminatory trade practices.
The bound / MFN duty rate for HS Code 99020160 is free. This means that there are no import duties imposed on this product when traded between countries. The duty rate is an important factor to consider for importers and exporters, as it affects the cost and competitiveness of the product in the global market.
Unfortunately, the quantity unit for HS Code 99020160 is not available (NA). However, it is essential for traders to have accurate and consistent quantity units to facilitate trade transactions. The absence of a quantity unit for this HS Code may require additional clarification and agreement between trading partners.
Special tariff preference programs are another aspect to consider when importing or exporting products under HS Code 99020160. These programs provide preferential treatment, such as reduced or zero tariffs, for certain products traded between specific countries. Importing and exporting US states may have different tariff preferences, depending on their trade agreements and partnerships.
HS Code 99020160 plays a significant role in international trade by providing a standardized classification for 2-Mercaptoethanol. It ensures fair trade practices, simplifies customs procedures, and facilitates accurate tracking and monitoring of traded goods. Traders and businesses should be familiar with the HS Code system and its implications to navigate the global market successfully.