Harmonized System Codes • Schedule B • Harmonized Commodity Description

HS Code 29161551: Salts and esters of oleic, linoleic or linolenic acids

When it comes to international trade, it is essential to have a standardized system for classifying products. This is where the Harmonized System (HS) Code comes into play. The HS Code 29161551 specifically refers to salts and esters of oleic, linoleic, or linolenic acids.

Salts and esters are compounds that are formed when an acid reacts with a base. In this case, the acids involved are oleic, linoleic, and linolenic acids - all of which are commonly found in various vegetable oils. These compounds have a wide range of applications, including in the food, cosmetic, and pharmaceutical industries.

Now, let's take a closer look at the specifics of the HS Code 29161551:

• Bound / MFN duty rate: The bound / MFN (Most Favored Nation) duty rate for this HS Code is 4.4%. This means that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners.
• Quantity unit: The quantity unit for this HS Code is kilograms (KG). This indicates that the measurements and trade transactions for these salts and esters are based on weight.
• Special tariff preference programs: Several special tariff preference programs offer favorable treatment for imports of salts and esters of oleic, linoleic, or linolenic acids. Some of these programs include the Generalized System of Preferences (GSP), Australia Special Rate, Bahrain Special Rate, NAFTA for Canada, Chile Special Rate, Caribbean Basin Initiative (CBI), Israel Special Rate, Andean Trade Preference Act (ATPA), Jordan Special Rate, Morocco Special Rate, NAFTA for Mexico, Oman Special Rate, Dominican Republic-Central American Special Rate (DR-CAFTA), Peru Special Rate, and Singapore Special Rate.

These special tariff preference programs aim to promote economic development and foster trade relationships between countries. By offering duty-free treatment or special rates, they incentivize the import and export of these salts and esters, ultimately benefiting the economies of the participating countries.

Importing US states and exporting US states are also important factors to consider when dealing with the HS Code 29161551. These states play a significant role in the trade of salts and esters of oleic, linoleic, or linolenic acids. The specific details of the importing and exporting states may vary depending on the trade agreements and partnerships between countries.

the HS Code 29161551 represents salts and esters of oleic, linoleic, or linolenic acids. This code helps standardize the classification and trade of these compounds on an international level. Understanding the details of the HS Code, such as the duty rates and special tariff preference programs, is essential for businesses involved in the import and export of these salts and esters.