ITA and Interior Final Rule Raises Maximum Total Value for Watch Components Under the Insular Possessions Duty-Free Program
The International Trade Administration (ITA) and the Department of the Interior (Interior) have issued a final rule, effective August 20, 2004, which amends their regulations governing watch duty-exemption allocations and the watch and jewelry duty-refund benefits for producers in the U.S. insular possessions (the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands).
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
Final Rule Raises Total Maximum Value of Watch Components to $800
This final rule amends 15 CFR 303.14(b)(3) by raising the maximum total value of watch components per watch that are eligible for duty-free entry into the U.S. to $800 (from $500).
The ITA and Interior state that raising the value level of watch components that may be used in the assembly of duty-free watches will help producers maintain the degree of diversity in the kinds of watches they assemble, thereby affording them an opportunity to maintain or increase shipments and raise territorial employment.
(This final rule adopts without change the provisions of a June 2004 proposed rule. The ITA and Interior state that four comments were received in response to the proposed rule which expressed strong support for the proposed change. See ITT's Online Archives or 07/12/04 news, 04071225, for BP summary of proposed rule.)
(See ITT's Online Archives or 10/07/03 news, 03100720, for BP summary of ITA/Interior final rule amending regulations on pre-assembled watch movements for this program.)
ITA Contact - Faye Robinson (202) 482-3526
ITA and Insular Affairs Final Rule (D/N 040609177-4224-02, FR Pub 08/20/04) available at
http://a257.g.akamaitech.net/7/257/2422/06jun20041800/edocket.access.gpo.gov/2004/pdf/04-19139.pdf