HS Code 99990084 represents goods that are imported from Singapore and are treated as originating goods under general note 25(m) for the purpose of the United States-Singapore Free Trade Agreement (FTA).
When it comes to international trade, customs authorities use the Harmonized System (HS) to classify and identify goods. Each HS code corresponds to a specific product or group of products. In the case of HS Code 99990084, it pertains to goods imported from Singapore that are eligible for special treatment under the US-Singapore FTA.
Under the US-Singapore FTA, goods imported from Singapore and falling under HS Code 99990084 are considered originating goods. This means that these goods have met the necessary requirements, such as meeting the rules of origin, to qualify for preferential treatment in terms of customs duties and other trade-related measures.
One of the key benefits of the US-Singapore FTA is the reduction or elimination of customs duties on eligible goods. The bound or Most Favored Nation (MFN) duty rate is the maximum rate of duty that a country can apply to imports from any other country. However, under the FTA, the bound or MFN duty rate is reduced or eliminated for goods falling under HS Code 99990084 when imported from Singapore.
The US-Singapore FTA ensures that whenever a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners. This principle of non-discrimination ensures a level playing field for all trading partners and promotes fair and open trade.
The quantity unit for goods classified under HS Code 99990084 is not available (NA). This means that the specific unit of measurement for these goods may vary depending on the nature of the product. It is important for importers and exporters to refer to the relevant documentation and guidelines to determine the appropriate quantity unit for their specific goods.
In addition to the preferential treatment under the US-Singapore FTA, goods imported under HS Code 99990084 may also be eligible for other special tariff preference programs. These programs provide additional benefits to certain goods based on specific criteria, such as the country of origin, the purpose of importation, or the intended use of the goods.
It is worth noting that the importation of goods under HS Code 99990084 is not restricted to specific US states. Importing US states refer to the states within the United States that receive goods from Singapore under the US-Singapore FTA. Similarly, exporting US states are the states within the United States that export goods to Singapore under the FTA. The FTA aims to promote bilateral trade and economic cooperation between the United States and Singapore, benefiting businesses and consumers in both countries.
HS Code 99990084 represents goods imported from Singapore and treated as originating goods under the US-Singapore FTA. These goods enjoy preferential treatment in terms of customs duties and other trade-related measures. Understanding the specific requirements and benefits associated with this HS code is crucial for importers, exporters, and businesses engaging in trade between the United States and Singapore.