When it comes to watches, there are a wide variety of styles and functions available on the market. One particular category is HS Code 91029120, which refers to watches that are electrically operated and have an opto-electronic display. These watches are distinct from wrist watches and offer unique features that cater to different consumer preferences.
The HS code system is an internationally recognized classification system for traded products. It helps standardize the identification of goods for customs purposes and facilitates international trade. HS Code 91029120 specifically categorizes watches that fall under the aforementioned description, allowing for easier classification and regulation of these products.
When importing or exporting watches under HS Code 91029120, it is important to be aware of the associated duty rates. Currently, the bound / MFN duty rate for these watches is 3.9% on the movement and case, plus an additional 5.3% on the battery. This means that when trading these watches, countries must apply these duty rates consistently to ensure fair trade practices.
However, there are special tariff preference programs in place that offer duty-free treatment for watches under HS Code 91029120. 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), Andean Trade Promotion and Drug Eradication Act (ATPDEA), Jordan Special Rate, Morocco Special Rate, NAFTA for Mexico, Oman Special Rate, Dominican Republic-Central American Special Rate (DR-CAFTA), Peru Special Rate, and Caribbean Basin Trade Partnership Act (CBTPA).
These special tariff preference programs provide economic advantages for countries involved in trade with the United States. By offering duty-free treatment, it encourages the import and export of watches under HS Code 91029120, fostering economic growth and cooperation between nations.
It is also worth noting that the quantity unit for watches under HS Code 91029120 is measured in numbers (NO). This unit of measurement helps determine the quantity of watches being imported or exported, providing clarity and consistency in trade transactions.
In terms of importing and exporting watches under HS Code 91029120, it is important to consider the specific regulations and requirements of both the importing and exporting countries. Different states within the United States may have varying regulations for importing watches, while exporting states may have their own set of rules and guidelines.
Overall, HS Code 91029120 plays a crucial role in classifying and regulating watches that are electrically operated and have an opto-electronic display. The associated duty rates and special tariff preference programs provide important considerations for businesses and countries engaged in the trade of these watches. By understanding and adhering to these regulations, it ensures smooth and fair trade practices for all parties involved.