International Trade Today is a service of Warren Communications News.
Subscriber Login

Generalized System of Preferences (GSP)

The Generalized System of Preferences (GSP) is a trade preference program established by the Trade Act of 1974, which promoted economic development by eliminating duties on many products when they were imported from one of the 119  countries and territories designated as developing. The program expired in December 2020 and is pending renewal in Congress. Should Congress renew the program with a retroactive refund clause, CBP will refund duties for entries eligible for GSP. Under the GSP, goods that are entirely produced or manufactured in a beneficiary developing country may qualify for duty-free entry under GSP; all third-party materials must undergo a substantial transformation defined as at least 35% of the good’s value having been added in the beneficiary country.  The goods must also be “imported directly” from the GSP eligible country.

to
articlessource documents
Refine Topic Search
Clear Terms

Search Primer

Multi-word term: Place inside quotes to ensure an exact match together (e.g. "forced labor").

Term list: Separate terms with spaces, not commas or semicolons to find either word (e.g. AD/CVD CBP).

Acronyms: Use all capital letters (e.g., ACE).

Required term: If a term must be included in any resulting articles, prefix it with a plus sign (e.g., tariffs +Canada).

Excluded term: If a term should be excluded from any articles being found, prefix it with a minus sign (e.g., FDA -alert).

Simplest form: Use the simplest form of a term (e.g. "metal" instead of "metals" or "entity list" instead of "entity listing" or "entity listed").

The EU Extends GSP for Developing Nations
March 25, 2011 by Elizabeth Parker|International Sources

On March 24, 2011, the European Parliament voted to extend the European Union's generalized tariff preferences for developing countries to December 31, 2013 (from January 1, 2012). The vote comes after the Parliament received a pledge from the European Commission to share information on the decision-making process surrounding the generalized system of preferences (GSP). The EU GSP will be revisited in negotiations later in 2011.

Topics:Generalized System of Preferences (GSP)
U.S. & Colombia Try to Resolve FTA Issues, Congress Urged to Renew ATPA/GSP
March 18, 2011 by Barbara Chaves|Top News

On March 17, 2011, the House Ways and Means Committee’s Trade Subcommittee held a hearing on the Colombia free trade agreement. One of the Administration's witnesses at the hearing noted that senior level U.S.-Colombia talks were being held from March 17-19 to try to resolve the Administration’s remaining concerns with the agreement.

Topics:Generalized System of Preferences (GSP)
EC Proposes Changes to Decision-Making Procedures for Trade Regulations
March 15, 2011 by Barbara Chaves|International Sources

On March 7, 2011, the European Commission proposed an update, called Omnibus I, to the way decisions on trade regulations are made in the European Union. The EC states that the change is part of its greater effort to reform EU decision-making procedures (the “comitology system) and would not amend the substance of its trade-related regulations.

Topics:Generalized System of Preferences (GSP)