When it comes to international trade, the Harmonized System (HS) plays a crucial role in classifying products for customs purposes. HS Code 99035224 specifically refers to Upland cotton within the Special Cotton Import Quota Ann. No. 24 for a 180-day period. In this article, we will explore the details of this HS code and its significance in international trade.
The product description for HS Code 99035224 is Upland cotton, which refers to a variety of cotton widely grown in many countries around the world. This particular HS code is applicable within the specified quantitative limitations set for the Special Cotton Import Quota Ann. No. 24. It is important to note that these limitations may vary depending on the country and the specific import quota.
The Bound / MFN (Most Favored Nation) duty rate is the rate of duty applied to a product when it is imported into a country. In the case of HS Code 99035224, the bound / MFN duty rate is not explicitly provided in the available data. However, it is worth understanding the concept of bound duty rates in the context of international trade.
Bound duty rates are the maximum rates of duty that a country can apply to a specific product. These rates are established through negotiations at the World Trade Organization (WTO) and are intended to provide predictability and stability in international trade. Once a bound duty rate is set, it cannot be raised without compensation or renegotiation.
It is important to note that the actual applied duty rate for Upland cotton within the Special Cotton Import Quota Ann. No. 24 may vary depending on the specific trade agreements and tariff preferences between the importing and exporting countries.
The available data does not specify the quantity unit for HS Code 99035224. However, it is common for quantities to be expressed in weight units such as kilograms or metric tons. The specific unit of measurement may depend on the standard practices and regulations of the importing and exporting countries.
For HS Code 99035224, a special tariff preference program is mentioned, specifically the 10% tariff rate under NAFTA (North American Free Trade Agreement) for Canada. Under this program, Upland cotton imports from the United States to Canada receive duty-free treatment, meaning they are exempt from the regular customs duties that would typically apply.
NAFTA, which has been replaced by the United States-Mexico-Canada Agreement (USMCA), aimed to promote trade and investment between the three countries by eliminating or reducing barriers to trade. The 10% tariff preference for Upland cotton within HS Code 99035224 highlights the preferential treatment extended to Canadian importers under this trade agreement.
While the available data does not provide specific information about the importing and exporting US states for HS Code 99035224, it is worth noting that the United States is one of the major exporters of cotton. Some of the key cotton-producing states in the US include Texas, Georgia, and Mississippi.
When it comes to importing Upland cotton within the Special Cotton Import Quota Ann. No. 24, the specific states involved may vary depending on the trade agreements and commercial relationships between the US and its trading partners.
HS Code 99035224 represents Upland cotton within the Special Cotton Import Quota Ann. No. 24 for a 180-day period. This HS code is used to classify and regulate the import and export of Upland cotton, taking into account specific quantitative limitations and tariff preferences under trade agreements such as NAFTA. Understanding the details of HS codes is essential for businesses and policymakers involved in international trade to ensure compliance with customs regulations and take advantage of preferential treatment.