US Embassy: GSP Reauthorization the next step and guidance

US Embassy: GSP Reauthorization the next step and guidance

• 22.07.2015

 The Congress has passed and the President has enacted legislation reauthorizing the Generalized System of Preferences (GSP) through December 31, 2017. The bill also makes GSP benefits retroactive to July 31, 2013, which will allow U.S. Customs and Border Protection (CBP) to refund duties paid on eligible GSP products during the lapse. In early July, the Office of the U.S. Trade Representative (USTR) will launch a limited GSP product review involving products subject to competitive need limitations. In August, USTR will launch the 2015 annual review of GSP product and country eligibility.

 The GSP is a program designed to promote economic growth in the developing world by providing preferential duty-free entry for up to 5,000 products from 122 designated beneficiary countries and territories. GSP was instituted on January 1, 1976 by the Trade Act of 1974.