Obama Administration Completes 2008 Annual Review of the Generalized System of Preferences

July 9, 2009 at 8:00 am

Washington, D.C. – Ambassador Ron Kirk announced today the outcome of the Obama Administration’s 2008 Annual Review under the Generalized System of Preferences (GSP) program. The GSP Program, in 2008, facilitated $31.7 billion in imports of nearly 5,000 types of products from 131 developing countries.

In keeping with GSP’s goal to advance economic development, the Administration will issue waivers that will prevent 112 exports from 16 beneficiary countries, with a 2008 trade value of $290 million, from being excluded from the program because they exceed statutory import ceilings. The Administration is also expanding the program by adding two agricultural products to the list of products eligible for GSP duty-free export into the United States from all beneficiary countries. In addition, as a result of their success under the GSP program, the Administration has also determined that 12 products from six beneficiary countries are now sufficiently competitive in the U.S. market to no longer need GSP treatment.

The Administration conducts an annual review of the countries covered under the GSP program and products that are eligible for duty-free treatment under the program. The statute includes commercial thresholds and waiver provisions regarding imports of products. Interested parties also file petitions seeking changes in the treatment of countries and products.

In announcing these changes, Ambassador Kirk stated, “Expanded trade with the world’s developing countries is critical to boosting their growth, reducing income inequality, and providing people with hope for the future. The GSP program is an important step in helping to revive global trade and restoring our sense of faith in international commerce to help improve lives at home and abroad.”

Read Full Press Release

Annual Review – 2008 Results

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Entry filed under: Business Development, Free Trade Agreements, Global Business, Imports/Exports, NKITA.

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