GSP for Most Countries Scheduled to Expire on December 31, 2008
The Generalized System of Preferences (GSP) program (i.e., A, A*, and A) for most beneficiary countries, i.e., other than those listed as African Growth and Opportunity Act (AGOA) beneficiary countries, will expire on December 31, 2008, unless a law extending it is enacted.
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.
Non-AGOA GSP beneficiary countries include Argentina, Brazil, Bangladesh, Cambodia, India, Pakistan, Philippines, etc.
(See ITT's Online Archives or 12/20/06 news, 06122005, for BP summary on the Tax Relief and Health Care Act of 2006'sextension of the GSP program for non-AGOA countries through December 31, 2008.)
GSP for AGOA Countries Does Not Expire in 2008
For AGOA beneficiary countries, both the GSP program (i.e., A, A*, and A) and the AGOA-GSP program (i.e., D) remain in effect through September 30, 2015.
(See ITT's Online Archives or 07/14/04 news, 04071405, for BP summary of the enactment of AGOA III, which extended the GSP and AGOA-GSP programs for AGOA countries through September 30, 2015 (from September 30, 2008).)
House Ways and Means May Hold GSP Hearing in July 2008
Congressional sources have previously indicated that the Senate Finance Committee had not yet decided how it will approach the issue of extending the GSP program beyond December 31, 2008.
House Ways and Means Committee sources state that they have not yet determined how they will handle the issue of extending GSP, noting that the issue is "on their radar." Sources note that the House Ways and Means Committee may hold a hearing on U.S. trade preference programs in July 2008.
(The Senate Finance Committee held a hearing on U.S. trade preference programs, including GSP, the Caribbean Basin Economic Recovery Act (CBERA)/Caribbean Basin Trade Partnership Act (CBTPA), the Andean Trade Preference Act (ATPA)/Andean Trade Promotion and Drug Eradication Act (ATPDEA), and the African Growth and Opportunity Act (AGOA). See ITT's Online Archives or 06/11/08 news, 08061115, for BP summary of the Committee's announcement of the hearing. See ITT's Online Archives or 06/19/08 news, 08061908, for BP summary of the Government Accountability Office testimony at the hearing.)
(See ITT's Online Archives or 07/02/08 and 07/03/08 news, 08070205 and 08070315, for BP summaries of Presidential Proclamation 8272, which modified the harmonized tariff schedule to implement the July 1, 2008 GSP changes, etc.
See ITT's Online Archives or 07/07/08 news, 08070722, for BP summary of USTR notice and press release on the 2007 GSP annual review and the results of its child labor review. )