GSP Trade Benefits for Developing Countries Expanded
Generalized System of Preferences render imports from 140 countries duty-free
WASHINGTON, DC - The Bush Administration has expanded the product coverage of the Generalized System of Preferences (GSP) program, under which more than 140 beneficiary developing counties and territories import products duty-free into the US.?
The move extends GSP benefits to approximately $900 million in imports from those countries through the addition of new products, restoration of previously lost benefits, and the continuation of benefits that would otherwise expire, and marks the conclusion of both the annual GSP program product review and a special review initiated to consider product requests from Argentina, the Philippines, and Turkey.
The action resulted in additional GSP benefits valued at more than $96 million for Argentina, $30 million for the Philippines, and $130 million for Turkey.
In addition, product petitions from Bangladesh, Brazil, India, Morocco, Thailand, and Uruguay, and either re-designated products or provided waivers for these and other countries on specific products, so that they continue to receive GSP benefits were also acted on.
The GSP was reauthorized last August as part of the Trade Act of 2002.
According to the Commerce Department, last year, imports valued at more than $17.5 billion entered the US duty-free under the program, which was created to trade opportunities for developing economies and to encourage broad-based economic development.
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