Generalized System of Preferences (GSP)
What is GSP?
The Generalized System of Preferences (GSP) is a U.S. trade program designed to promote economic growth in the developing world by providing preferential duty-free entry of products from 129 designated beneficiary countries and territories.
- GSP was instituted on January 1, 1976, by the Trade Act of 1974.
- GSP had expired on July 31, 2013, and was reauthorized on June 29, 2015 by the former President Obama.
Criteria for GSP
- The GSP criteria includes, among others, respecting arbitral awards in favour of US citizens or corporations, combating child labour, respecting internationally recognised worker rights, providing adequate and effective intellectual ....
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