In international trade, the Harmonized System (HS) Code is a standardized numerical code used to classify goods. Each code represents a specific product or group of products, providing a universal language for trade transactions. HS Code 99140411 refers to BH goods in subheading 0401.30.75 above note 5 TRQ.
Subheading 0401.30.75 is a more specific classification within the broader category of goods. It identifies a particular type of product, allowing for a more detailed understanding of the trade item. In this case, BH goods fall under this subheading.
Note 5 TRQ stands for "Tariff Rate Quota." A tariff rate quota is a trade policy tool that allows a predetermined quantity of a specific product to be imported at a reduced or zero tariff rate. Note 5 indicates that there are specific regulations or conditions associated with this quota for BH goods.
When it comes to trade barriers and market access, countries often have different policies and regulations in place. However, the principle of Most Favored Nation (MFN) treatment ensures that 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 principle promotes fairness and equal treatment among trading nations.
The bound / MFN duty rate refers to the maximum tariff rate that a country can impose on imported goods. It acts as a ceiling, ensuring that countries do not impose excessive tariffs and hinder international trade. By having a bound duty rate, countries provide predictability and stability to traders, encouraging investment and fostering economic growth.
In the case of HS Code 99140411, the specific bound / MFN duty rate may vary depending on the country of import. It is essential for traders to be aware of the duty rate applicable to their goods to accurately calculate costs and determine competitiveness in the market.
Unfortunately, the available data does not provide information on the quantity unit for HS Code 99140411. However, this information is crucial for importers and exporters to determine the volume or weight of goods being traded.
Special tariff preference programs can provide additional benefits or incentives for importing or exporting certain goods. In the case of HS Code 99140411, there is a special rate of 98.7 cents per kilogram (kg) for goods imported from Bahrain (BH). This special rate is part of a specific tariff preference program between Bahrain and the importing country.
It is worth noting that while the data specifically mentions importing and exporting US states, HS Code 99140411 applies to trade transactions globally. The importing and exporting US states mentioned may indicate the origin or destination of the goods in the given data, but the HS Code is universally recognized and used worldwide.
Understanding the specifics of HS Code 99140411, including the subheading, note, bound / MFN duty rate, quantity unit, and special tariff preference programs, is essential for importers, exporters, and trade professionals. It allows for accurate classification, calculation of costs, and compliance with applicable trade regulations.