HS Code 29291055: Isocyanates of products described in additional U.S. note 3 to sect VI
Isocyanates are chemicals that play a crucial role in various industries, including automotive, construction, and manufacturing. They are used in the production of polyurethanes, which are widely utilized in the creation of foams, coatings, adhesives, and sealants. The HS code 29291055 specifically refers to isocyanates of products described in additional U.S. note 3 to sect VI.
The HS (Harmonized System) code is an internationally recognized system used to classify and identify traded products. Each HS code is unique to a particular product, providing a standardized method for customs authorities and traders to identify and track goods. In the case of HS code 29291055, it specifically identifies isocyanates that fall under the description mentioned in additional U.S. note 3 to sect VI.
One important aspect to note is the bound/MFN (Most Favored Nation) duty rate associated with this HS code. The current duty rate for imports classified under HS code 29291055 is 6.5%. It is important to understand that this rate applies every time a country lowers a trade barrier or opens up a market. This ensures that the same goods or services from all trading partners receive equal treatment.
The quantity unit for imports and exports classified under HS code 29291055 is kilograms (KG). This unit of measurement helps in accurately assessing the volume and value of the traded products.
Additionally, there are special tariff preference programs available for imports classified under HS code 29291055. These programs provide certain countries with favorable treatment or exemptions from duties. Some of the special tariff preference programs applicable to this HS code include:
1. Free Trade Program: Imports from least-developed beneficiary developing countries eligible for Generalized System of Preferences (GSP) under that subheading receive duty-free treatment.
2. Australia Special Rate: Australia enjoys a special rate for imports classified under this HS code.
3. Bahrain Special Rate: Bahrain also benefits from a special rate for imports covered by HS code 29291055.
4. NAFTA (North American Free Trade Agreement) for Canada and Mexico: Both Canada and Mexico enjoy duty-free treatment for imports under this HS code.
5. Chile Special Rate: Chile has a special rate for imports of products falling under this HS code.
6. Africa Growth and Opportunity Act (AGOA): Imports from eligible African countries receive duty-free treatment under this program.
7. Caribbean Basin Initiative (CBI): Countries in the Caribbean Basin region receive duty-free treatment for imports under this program.
8. Israel Special Rate: Israel enjoys a special rate for imports classified under this HS code.
9. Andean Trade Preference Act (ATPA): Certain Andean countries receive preferential treatment for imports covered by this HS code.
10. Jordan Special Rate: Jordan benefits from a special rate for imports classified under this HS code.
11. Morocco Special Rate: Morocco enjoys a special rate for imports under this HS code.
12. Dominican Republic-Central American Special Rate (DR-CAFTA): Eligible countries in the DR-CAFTA region receive preferential treatment for imports falling under this HS code.
13. Peru Special Rate: Peru has a special rate for imports classified under this HS code.
14. Singapore Special Rate: Singapore benefits from a special rate of 0.9% for imports covered by this HS code.
It is important for importers and exporters to be aware of these special tariff preference programs to take full advantage of the benefits they offer.
HS code 29291055 refers to isocyanates of products described in additional U.S. note 3 to sect VI. It is essential to understand the duty rates, quantity units, and special tariff preference programs associated with this HS code to facilitate smooth international trade and maximize benefits for all parties involved.
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