When it comes to international trade, the Harmonized System (HS) Code plays a crucial role in classifying goods and facilitating smooth transactions between countries. In this article, we will delve into HS Code 99041705, which pertains to sugars, syrups, and molasses. We will explore its product description, duty rates, quantity units, and special tariff preference programs. So, let's dive in and gain a deeper understanding of this HS code.
The HS Code 99041705 refers to sugars, syrups, and molasses. More specifically, it falls under subheading 1701.11.50 of the Harmonized System, which relates to cane sugar syrup. This product description implies that the goods being traded are classified under this particular category.
During the value safeguard period, the goods under this HS code are priced between $0.20 and $0.249 per kilogram. This period ensures that the import value of these goods remains within the specified range, providing stability and predictability in trade transactions.
The bound / MFN (Most Favored Nation) duty rate for HS Code 99041705 is 1.5 cents/kg. This duty rate is applicable whenever a country decides to lower a trade barrier or open up its market for the same goods or services from all its trading partners. The purpose behind this principle is to promote fair and equal trade practices among nations.
For example, if a country reduces its import duty on cane sugar syrup, it must apply the same reduction for all its trading partners. This ensures that no country faces discriminatory treatment and allows for a level playing field in international trade.
When it comes to measuring the quantity of goods traded under HS Code 99041705, kilograms (KG) serve as the standard unit. This means that the weight of sugars, syrups, and molasses will be measured and recorded in kilograms during import and export transactions.
Using a standardized unit of measurement like kilograms ensures consistency and accuracy in trade data. It allows for easy comparison and analysis of trade volumes, both domestically and internationally.
Several special tariff preference programs exist that may offer benefits for goods classified under HS Code 99041705. These programs aim to encourage trade, promote economic growth, and foster cooperation between countries.
Importing US states and exporting US states may have different programs in place to support the trade of sugars, syrups, and molasses. Some of the notable special tariff preference programs include:
It is important for traders and importers/exporters to stay updated on the special tariff preference programs available for HS Code 99041705. Utilizing these programs can result in cost savings and improved competitiveness in the international market.
HS Code 99041705 encompasses sugars, syrups, and molasses, specifically relating to cane sugar syrup. Understanding the product description, duty rates, quantity units, and special tariff preference programs associated with this HS code is essential for smooth international trade operations.
By adhering to the principles of fair trade and taking advantage of special tariff preference programs, traders can enhance their competitiveness and foster mutually beneficial trade relationships. HS Code 99041705 plays a crucial role in facilitating the trade of sugars, syrups, and molasses, contributing to the global economy.