On 30 October 2020, the UTSR announced the results of such a review. In its announcement the UTSR confirmed the removal of certain Thai-origin goods from the GSP, covering $817 million in trade preferences, citing Thailand had failed to provide the US with equitable and reasonable market access for pork products.
Is Thailand still part of GSP?
The Office of the United States Trade Representative (USTR) announced the suspension of $817 million in trade preferences for Thailand under the Generalized System of Preferences (GSP) program “based on its lack of sufficient progress providing the United States with equitable and reasonable market access for pork …
Is GSP going out of business?
The Generalized System of Preferences (GSP) program expired on December 31, 2020. Congress could renew it in 2021, although the retroactivity of the renewal would need to be specifically addressed in the renewal. The roles of the United States Trade Representative (USTR) and the president may also impact GSP benefits.
Is GSP under WTO?
The Enabling Clause is the WTO legal basis for the Generalized System of Preferences (GSP). Under the GSP, developed countries offer non-reciprocal preferential treatment (such as zero or low duties on imports) to products originating in developing countries.
Is Argentina a GSP country?
Argentina reinstated as a beneficiary of the Generalized System of Preferences (GSP) In December 2017, Argentina was reinstated as a beneficiary of the United States Generalized System of Preferences, after having been suspended since 2012.
When did GSP expire?
The GSP program expired on December 31, 2020. What is GSP’s purpose? Congress created GSP to spur economic development in poor countries through trade. The program began in the 1970s when the United States and other developed country members of the United Nations (U.N.)
What are the GSP countries?
The following 15 countries grant GSP preferences: Armenia, Australia, Belarus, Canada, the European Union, Iceland, Japan, Kazakhstan, New Zealand, Norway, the Russian Federation, Switzerland, Turkey, United Kingdom and the United States of America.
What is GSP Cambodia?
Established by the Trade Act of 1974, the GSP is the US’ largest and oldest trade preference programme, according to the USTR. It said the GSP “promotes economic development by eliminating duties on thousands of products when imported from one of 119 designated beneficiary countries and territories”.
Is GSP in effect?
Legal authorization for the GSP program expired on December 31, 2020 (19 U.S.C. Section 2465). As a result, U.S. imports entering the United States that were eligible for duty-free treatment under GSP up to that date are now subject to regular, Normal Trade Relations (MFN) rates of duty.
What is the benefit of GSP?
GSP promotes economic growth and development in the developing world. GSP promotes sustainable development in beneficiary countries by helping these countries to increase and diversify their trade with the United States. The GSP program provides additional benefits for products from least developed countries.
What is GSP export?
GSP means, Generalized System of Preference, which is issued by Export Inspection Agency. … After verifying properly and collecting necessary charges, export inspection agency certifies the document and issues GSP Certificate of origin along with attested copy of commercial invoices. GSP can be obtained by filing online.