GSP TO EXPIRE SEPT. 30
The U.S. Generalized System of Preferences, a trade program which grants duty-free status to products from developing countries, is set to expire Sept. 30.
GSP last expired June 30, 1999. Congress reauthorized it in November 1999, retroactive to July 1, 1999.
Industry groups, such as the Coalition for GSP and the National Customs Brokers and Forwarders Association of America, have complained to Congress and the Bush administration about the disruptions caused by allowing GSP to expire. Importers that rely on GSP to help keep costs down are urged to enter eligible goods before the expiration.
The Coalition for GSP’s company members have been asked to write letters to their legislators on Capitol Hill to get the program renewed as soon as possible.
“We are optimistic that it will be renewed before the end of the congressional year,” said Laura M. Baughman, executive director for the coalition.