Cultured pearls are a fascinating and popular gemstone that has been treasured for centuries. These pearls are not only beautiful but also hold significant cultural and historical value. In this article, we will explore the HS Code 71012260, which refers to cultured pearls that have been worked but not strung, mounted, or set.
HS Code 71012260 is a specific code used to classify and regulate the import and export of cultured pearls that have undergone various processes but have not been strung or set into jewelry pieces. This code helps customs authorities and traders to accurately identify and track these specific products in international trade.
When it comes to trade barriers and market access, the HS Code 71012260 is subject to a bound or most-favored-nation (MFN) duty rate. Under the MFN principle, every time 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 non-discriminatory trade practices.
The quantity unit for the HS Code 71012260 is "no units collected (X)." This indicates that the quantity of cultured pearls being imported or exported under this code is not measured in standard units but rather in an unspecified manner. This could be due to the varying sizes and shapes of cultured pearls.
Additionally, the HS Code 71012260 is eligible for special tariff preference programs in several countries. These programs offer preferential or duty-free treatment for imports and exports of cultured pearls. The countries that provide these special rates include Australia, Bahrain, Canada (under NAFTA), Chile, European Union (EU), Israel, Japan, Jordan, Morocco, Mexico (under NAFTA), Oman, Peru, Singapore, and the United States (under the Caribbean Basin Initiative and Dominican Republic-Central American Free Trade Agreement).
These special tariff preference programs aim to promote trade and strengthen economic ties between the participating countries. By providing duty-free treatment or reduced tariffs, they incentivize the import and export of cultured pearls, leading to increased trade volumes and economic growth.
the HS Code 71012260 refers to cultured pearls that have been worked but not strung, mounted, or set. This code helps regulate and classify these products for international trade purposes. Importers and exporters of cultured pearls can benefit from special tariff preference programs that offer duty-free treatment or reduced tariffs. These programs aim to foster trade relationships and promote economic development among participating countries.