The HS Code 99040606 refers to Swiss or Emmentaler cheese with eye formation that falls under the category of 0406.90.48. This code plays a crucial role in international trade as it helps in the identification and classification of goods during import and export processes. Understanding the significance of HS codes is essential for businesses and governments alike, as they facilitate smooth trade transactions and enable efficient customs procedures.
One of the key aspects associated with HS Code 99040606 is the value safeguard period. This means that when the cheese is entered into a country during a specific time period, its value must not exceed $0.90 per kilogram. This measure ensures that the import of Swiss or Emmentaler cheese does not disrupt the local market by undercutting prices or causing unfair competition.
Another important aspect related to HS Code 99040606 is the bound or MFN (Most Favored Nation) duty rate, which stands at 94 cents per kilogram. The MFN principle states that whenever a country reduces trade barriers or opens up a market, it must do so for all its trading partners. This ensures fair and non-discriminatory treatment of goods and services from different countries.
HS Code 99040606 also specifies the quantity unit as kilograms (KG), which is the standard unit of measurement for the product. This uniformity in units allows for accurate calculation of quantities during trade transactions and helps in maintaining consistency across different markets.
In addition to these general aspects, HS Code 99040606 may also be eligible for special tariff preference programs. These programs are designed to promote trade and economic cooperation between countries by providing preferential treatment to certain goods. Importing and exporting US states can take advantage of such programs to reduce or eliminate customs duties, making the trade of Swiss or Emmentaler cheese more economically viable.
Overall, HS Code 99040606 plays a crucial role in international trade by providing a standardized classification for Swiss or Emmentaler cheese with eye formation. It ensures fair trade practices, allows for accurate quantity calculations, and enables the utilization of special tariff preference programs. Understanding and correctly applying HS codes is vital for businesses, customs authorities, and trade organizations to facilitate smooth and efficient global trade.