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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.

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House Scheduled to Consider ATPDEA Extension on Feb 8, Nothing Pending for GSP
February 8, 2011 by Cindy Arevalo|Top News

On February 8, 2011, the House of Representatives is scheduled to consider a bill1 to extend through June 30, 2011 the Andean Trade Promotion Act (ATPA)/Andean Trade Promotion and Drug Eradication Act (ATPDEA) for Colombia and Ecuador and certain Trade Adjustment Assistance (TAA) provisions.

Topics:Customs duty, Generalized System of Preferences (GSP), African Growth and Opportunity Act (AGOA)
ITC FR Notice of GSP Investigation on Impact of Granting 4 CNL Waivers
January 13, 2011 by Kelly Sly|Top News

The International Trade Commission has issued a Federal Register notice of its investigation, "Advice Concerning Possible Modifications to the U.S. Generalized System of Preferences, 2010 Review of Competitive Need Limitation Waivers" (Inv. 332-522). ITC is investigating the impact of granting waivers of the CNL for four country/tariff number combinations. It will hold a public hearing on February 17, 2011, and comments are due by February 24, 2011. It is expected to submit its report to the U.S. Trade Representative by April 11, 2011. Note that the GSP program expired on December 31, 2010, but is expected to be renewed. (See ITT's Online Archives or 01/11/11 news, 11011115, for previous BP summary of this investigation.)

Topics:Generalized System of Preferences (GSP)