When it comes to international trade, the Harmonized System (HS) plays a crucial role. The HS Code is a standardized system used to classify and identify products in global trade. Each HS Code represents a specific product or group of products, allowing for streamlined and efficient trade transactions.
In this article, we will take an in-depth look at HS Code 99120435 and explore its product description, duty rates, quantity unit, and special tariff preference programs. Let's dive in!
HS Code 99120435 represents MA goods in subheading 0403.10.50 over note 7 TRQ. Subheading 0403.10.50 refers to certain dairy products, including milk and cream, concentrated or sweetened. MA goods, in this context, refer to products originating from Morocco.
It's important to note that the HS Code provides a standardized way to describe and classify products, ensuring clear communication and understanding between trading partners.
In international trade, bound or most-favored-nation (MFN) duty rates are crucial for determining the customs duties that need to be paid when importing or exporting goods. The principle behind bound or MFN duty rates is that every country must apply the same trade barriers or market openings for the same goods or services from all its trading partners.
For HS Code 99120435, the specific bound / MFN duty rate may vary depending on the importing and exporting countries. It is recommended to consult the relevant customs authorities or trade agreements to determine the exact duty rate applicable.
Unfortunately, the available data does not provide information on the quantity unit for HS Code 99120435. However, quantity units are typically used to specify the measurement or unit of the product being traded, such as kilograms (kg) or liters (L).
When engaging in international trade transactions, it is essential to have clarity on the quantity unit to accurately determine the quantity and value of the goods being imported or exported.
Special tariff preference programs aim to promote trade and economic cooperation between countries by offering preferential tariff rates or exemptions for specific products. These programs often have specific eligibility criteria and requirements that need to be met.
For HS Code 99120435, there is a special tariff preference program available for goods originating from Morocco. The specific tariff rate for this program is 75.9 cents per kilogram (kg) plus an additional 12.4%. This tariff rate is applicable for imports into the United States under the Morocco Special Rate.
Special tariff preference programs can provide significant cost advantages for businesses engaged in international trade. It is important to stay updated with the latest trade agreements and programs to take full advantage of these benefits.
HS Code 99120435 represents MA goods in subheading 0403.10.50 over note 7 TRQ. Understanding the product description, duty rates, quantity unit, and special tariff preference programs associated with a specific HS Code is vital for conducting international trade smoothly and efficiently.
By utilizing the HS Code system, businesses can accurately classify their products, comply with customs regulations, and take advantage of special trade programs to enhance their competitiveness in the global market.