Generalized System of Preferences (GSP) Expires effective, December 31, 2020

U.S. trade preference programs such as the Generalized System of Preferences (GSP) provide opportunities for many of the world’s poorest countries to use trade to grow their economies and climb out of poverty.   GSP is the largest and oldest U.S. trade preference program. Established by the Trade Act of 1974, GSP promotes economic development by eliminating duties on thousands of products when imported from one of 119 designated beneficiary countries and territories.

GSP promotes economic growth and development in the developing world.
GSP promotes sustainable development in beneficiary countries by helping these countries to increase and diversify their trade with the United States.  The GSP program provides additional benefits for products from least developed countries. 

This notice is to inform the Trade that the Generalized System of Preferences (GSP), special program indicator (SPI) “A,” “A+,” and “A*”, will expire on December 31, 2020 if no Congressional legislation is passed to renew the program.

Until further notice, GSP eligible goods entered or withdrawn from warehouse need to pay “General” (column 1) duty rates effective, January 1, 2021, 12:00 am.

U.S. Customs and Border Protection (CBP) encourages importers to continue to flag GSP eligible importations with SPI “A” during the lapse, starting January 1, 2021.

Importers may not file SPI “A” without paying duties. CBP has programming in place that, in the event that GSP is renewed with a retroactive refund clause, will allow CBP to automate the duty refund process.

CBP will continue to allow post-importation GSP claims made via post summary correction (PSC) and protest (19 USC 1514, 19 CFR 174) subsequent to the expiration of GSP, for importations made while GSP was still in effect. CBP will not allow post-importation GSP claims made via PSC or protest subsequent to the expiration of GSP, for importations made subsequent to expiration.

Should you have any questions regarding this notice, please contact the Trade Agreement Branch at FTA@cbp.dhs.gov

Source link :https://content.govdelivery.com/bulletins/gd/USDHSCBP-2b25e93?wgt_ref=USDHSCBP_WIDGET_2?utm_source=www.netchb.com&utm_medium=www.netchb.com&utm_term=undefined&utm_content=undefined&utm_campaign=(not%20set)&gclid=undefined&dclid=undefined&GAID=197729974.1607728325?utm_source=www.netchb.com&utm_medium=www.netchb.com&utm_term=undefined&utm_content=undefined&utm_campaign=(not%20set)&gclid=undefined&dclid=undefined&GAID=197729974.1607728325

Categories

Scroll to Top

301 Exclusion List

Please enter your emai below to download the list

We respect your privacy