Milk and cream are essential dairy products consumed worldwide due to their nutritional value. The HS Code 04012020 specifically pertains to unconcentrated and unsweetened milk and cream with a fat content over 1% but not exceeding 6%. This code is used for the classification and identification of these products during international trade.
In terms of quantity unit, the measurement for milk and cream under this HS Code is in liters (L). This unit helps ensure consistency and accuracy when determining the volume of milk and cream being imported or exported.
When it comes to trade barriers and market access, countries are required to follow the Most Favored Nation (MFN) principle. This principle states 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 ensures fair and equal treatment for all countries involved in international trade.
The bound/MFN duty rate for milk and cream under HS Code 04012020 is 0.43 cents per liter. This duty rate is applicable every time a country lowers a trade barrier or opens up a market for these products.
However, there are special tariff preference programs that provide exemptions or reduced duty rates for certain countries. The following countries enjoy special tariff rates for milk and cream under this HS Code:
The special tariff preference programs vary in their eligibility criteria and the level of duty-free treatment or reduced duty rates offered to the importing countries. For example, imports from least-developed beneficiary developing countries are eligible for GSP (Generalized System of Preferences) under a specific subheading, which grants them duty-free treatment.
Additionally, certain countries such as Canada, Chile, Israel, Jordan, Morocco, Oman, Dominican Republic, Central American countries, Peru, and Singapore have specific special rates or agreements that provide duty-free treatment or reduced duty rates for milk and cream under this HS Code.
It's important to note that the specific details and requirements of each special tariff preference program may vary. Importers and exporters should consult the relevant documentation and authorities to ensure compliance with the applicable regulations and eligibility criteria.
HS Code 04012020 is used to classify and identify unconcentrated and unsweetened milk and cream with a fat content over 1% but not exceeding 6% during international trade. This code helps facilitate the accurate and efficient exchange of these dairy products between countries. The bound/MFN duty rate for milk and cream under this HS Code is 0.43 cents per liter, but certain countries may enjoy special tariff rates or exemptions based on specific programs and agreements.