CBLE Trade Agreements and Free Trade Programs Flashcards
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Read the first 6 CBLE Trade Agreements and Free Trade Programs flashcards as text
What CBP form is used to claim preferential duty treatment under a free trade agreement at time of entry?
Answer: CF-7501 with appropriate indicator
The importer claims FTA preferential treatment on CBP Form 7501 by entering the appropriate Special Program Indicator (SPI) in the rate column.
Under the U.S.-Korea Free Trade Agreement (KORUS), which document can be used as a certification of origin?
Answer: A certification by the exporter, producer, or importer
KORUS allows a certification of origin to be prepared by the exporter, producer, or importer — no specific government-issued form is required.
What is the standard record retention period for FTA preference claims under U.S. law?
Answer: 5 years
Importers must retain records supporting FTA preference claims for five years from the date of entry under 19 CFR Part 163.
Which program provides duty preferences for eligible goods from sub-Saharan African countries?
Answer: AGOA
The African Growth and Opportunity Act (AGOA) provides eligible sub-Saharan African countries with duty-free access to the U.S. market.
Under USMCA, what is the regional value content (RVC) threshold for passenger vehicles to qualify as originating?
Answer: 75%
Under USMCA, passenger vehicles must meet a 75% regional value content threshold (phased in) to qualify as originating.
What is a 'tariff preference level' (TPL) in the context of free trade agreements?
Answer: A quota allowing a limited quantity of goods to receive preferential rates
A tariff preference level (TPL) is a quota that allows a specified quantity of goods that do not fully meet origin rules to still receive preferential tariff treatment.