IMPORT TARIFFS - LATEST NEWS & UPDATES
The Generalized System of Preferences (GSP) was a program of tariff preferences that allowed eligible developing countries to export certain goods to developed countries at preferential or zero rates of duty. The GSP was established in 1971 by the United Nations Conference on Trade and Development (UNCTAD) but was allowed to expire December 31, 2020.
The GSP’s purpose was to promote economic development in developing countries by giving them preferential opportunities to booming markets in developed countries.
Although the GSP status has officially expired, a customs broker may encourage importers to continue filing eligible products under it, so long as duties are paid. If the GSP is ever renewed, perhaps even with a retroactive refund clause, importers may get some monies returned.
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