When it comes to international trade, it is essential to have a standardized system in place to classify and identify different products. One such system is the Harmonized System (HS) code, which is used globally to categorize goods for customs and statistical purposes. In this article, we will delve into HS Code 29155020, which refers to aromatic salts and esters of propionic acid.
The product description for HS Code 29155020 is quite specific, as it encompasses aromatic salts and esters of propionic acid. This means that the goods falling under this HS code are compounds of propionic acid with aromatic properties. These compounds can have various applications in industries such as pharmaceuticals, fragrances, and chemical manufacturing.
It is important to note that the Bound / MFN duty rate for HS Code 29155020 is 5.5%. This means 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 duty rate applies to every import or export transaction involving aromatic salts and esters of propionic acid.
The quantity unit for HS Code 29155020 is kilograms (KG). This unit of measurement is used to determine the weight or quantity of the goods being traded. It provides a standardized way to quantify the amount of aromatic salts and esters of propionic acid being imported or exported.
In addition to the duty rate and quantity unit, there are special tariff preference programs associated with HS Code 29155020. These programs provide certain countries with preferential treatment or exemptions from customs duties. The countries eligible for these special tariff preferences include Australia, Bahrain, Canada, Chile, European Union (EU), Israel, Japan, Jordan, South Korea, Morocco, Mexico, Oman, Peru, Singapore, and the United States.
These special tariff preference programs aim to promote trade and economic cooperation between countries. For example, the Generalized System of Preferences (GSP) provides duty-free treatment for goods imported from eligible countries. Similarly, the North American Free Trade Agreement (NAFTA) allows for duty-free treatment of aromatic salts and esters of propionic acid between Canada, Mexico, and the United States.
When it comes to importing and exporting aromatic salts and esters of propionic acid, it is crucial to consider the regulations and requirements of both the importing and exporting countries. Each country may have specific rules related to customs procedures, documentation, and product standards. It is advisable to consult with trade experts or customs authorities to ensure compliance and smooth trade operations.
HS Code 29155020 pertains to aromatic salts and esters of propionic acid. This specific HS code allows for the classification and identification of these goods in international trade. The duty rate, quantity unit, and special tariff preference programs associated with this HS code play a significant role in facilitating trade and promoting economic cooperation between countries.