Program Designed to Expand Economies of Developing Nations Could Soon Expire
U.S. Generalized System of Preferences program is set to expire on July 31.
Detroit, MI — July 24, 2013 Designed to benefit developing countries; the U.S Generalized System of Preferences program is set to expire on July 31, if U.S. Congress doesn’t push for its renewal. The program, which waives U.S. Duties on a vast number of goods from developing nations, saved American companies and estimated $750 million in duty in 2012.
“The Generalized Systems of Preference (GSP) is a trade program that provides reduced duty benefits on select imports from developing countries. The program, eligible countries and products are reviewed and reauthorized periodically by the US Congress,” explains STTAS VP of commercial services, Shannon Fox. “If Congress fails to renew GSP benefits timely, they frequently will apply the benefits retroactively to the date of expiration.”
Both the Senate and the House of Representatives have presented legislation that would keep the program active through September 2015. India, Thailand and Brazil accounted for more than half of U.S. imports under this program; if the program isn’t renewed more than a hundred developing countries could be affected.
“Companies participating in the GSP can protect their rights to these benefits by carefully following the claims filing procedures provided by the Customs and Border Protection Agency,” added Fox.
The program, first adapted by the United Nations in 1968, has failed to be renewed by Congress before its expiration date in the past, but was reconsidered and renewed in those cases. STTAS possess the right people, processes and systems to address any concerns over GSP’s potential lapse and other customs and trade issues. For more information about STTAS and its services, visit www.strtrade.com
About STTAS & ST&R:
STTAS is recognized as the leading provider of customs and international trade advisory services to the public and private sectors. STTAS offers hands-on global import/export solutions for multinational companies eager to increase their ability to move merchandise across international borders in an efficient, seamless and compliant manner. STTAS also assists governments throughout the world in building customs agencies and procedures that expand import and export capabilities, reduce risk factors, and comply with international standards.
STTAS is affiliated with the customs and international trade law firm of Sandler, Travis & Rosenberg, P.A. (ST&R). ST&R concentrates its practice in assisting clients with the movement of goods, personnel and ideas across international borders. ST&R provides governments, manufacturers, importers, exporters and retailers the advice and counsel they require to succeed amid the constantly changing demands of global trade.
Combined, we are currently the largest provider of customs and international trade services worldwide with over 600 global trade professionals located in 12 offices in six countries. Our success is based on a combination of unsurpassed domain expertise, proprietary technology and business process best practices.
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