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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.
The Office of the U.S. Trade Representative (USTR) has issued an addendum to its February 25, 2005 notice which announced the product petitions that were accepted for further review in the 2004 Generalized System of Preferences (GSP) Annual Review.
The Office of the U.S. Trade Representative (USTR) has issued a press release announcing that it has decided to extend to September 30, 2005 its Generalized System of Preferences (GSP) Country Practices Review of a petition to remove GSP duty-free benefits from Brazil due to inadequate protection of intellectual property rights (IPR).
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U.S. Customs and Border Protection (CBP) has updated its comparison of various trade agreements and trade programs in order to add the Australia Free Trade Agreement (UAFTA).
The European Commission (EC) has issued a press release announcing that it has proposed to accelerate the entry into force of the new European Union (EU) Generalized System of Preferences (GSP) in response to the tsunami disaster. Under this proposal, the new EU GSP would come into effect on April 1, 2005 (from the currently proposed date of July 1, 2005).
The Office of the U.S. Trade Representative (USTR) has issued a notice announcing the product petitions that are accepted for further review in the 2004 Generalized System of Preferences (GSP) Annual Review.
The International Trade Commission (ITC) has issued a notice announcing that, at the request of the U.S. Trade Representative (USTR), it has instituted Investigation No. 332-466, Advice Concerning Possible Modifications to the U.S. Generalized System of Preferences, 2004 Review.
U.S. Customs and Border Protection (CBP) has posted to its Web site a Synopsis of certain Trade Agreements/Programs which outlines the criteria that imported articles must meet to qualify for preferential treatment under various trade agreements and programs; the statements and documents that an importer must be prepared to submit to substantiate their claim; etc.
President Approves Continued AGOA Eligibility for 36 Countries, Adds Burkina Faso, Drops Ivory Coast
The White House has issued a press release stating that on December 21, 2004, President Bush approved the continued designation of the following 36 countries as eligible for tariff preferences under the African Growth and Opportunity Act (AGOA):