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Generalized System of Preferences, or GSP, is a
formal system of exemption from the more general rules of the World Trade
Organization (WTO), (formerly, the General Agreement on Tariffs and Trade or
GATT). Specifically, it's a system of exemption from the most favored nation
principle (MFN) that obliges WTO member countries to treat the imports of all
other WTO member countries no worse than they treat the imports of their
"most favored" trading partner. In essence, MFN requires WTO member
countries to treat imports coming from all other WTO member countries equally,
that is, by imposing equal tariffs on them, etc.
GSP exempts WTO member countries from MFN for the
purpose of lowering tariffs for the least developed countries, without also
lowering tariffs for rich countries.
The U.S. Generalized System of Preferences (GSP) is
a program designed to promote economic growth in the developing world by
providing preferential duty-free entry for up to 5,000 products when imported
from one of 128 designated beneficiary countries and territories. The GSP
program also supports U.S. jobs. U.S. businesses imported $18.5 billion worth
of products under the GSP program in 2011, including many inputs used in U.S.
manufacturing. According to a 2005 U.S. Chamber of Commerce study, over 80,000
American jobs are associated with moving GSP imports from the docks to farmers,
manufacturers, and retail shelves. GSP was instituted on January 1, 1976, by
the Trade Act of 1974.
Products that are eligible for duty-free treatment
under GSP include: most manufactured items; many types of chemicals, minerals
and building stone; jewelry; many types of carpets; and certain agricultural
and fishery products. Among the products that are not eligible for GSP
duty-free treatment are: most textiles and apparel; watches; and most footwear,
handbags, and luggage products.
