What is Generalised System of Preferences (GSP)?
The Generalised System of Preferences (GSP) is one of the oldest trade preference programmes in the world, and was designed to provide zero duties or preferential access for developing countries to advanced markets.
The U.S. GSP programme promotes sustainable development in beneficiary countries by helping developing countries increase and diversify their trade with the United States.
It promotes economic development by eliminating duties on thousands of products when imported from one of the designated beneficiary countries and territories.
Under the United States GSP programme, certain products can enter the US duty-free if the beneficiary developing countries meet the eligibility criteria established by U.S. Congress.
GSP criteria:
Respecting arbitral awards in favour of US citizens or corporations
Combatting child labour
Respecting internationally recognised worker rights
Providing adequate and effective intellectual property protection
Providing the US with equitable and reasonable market access
The beneficiaries and products covered under the scheme are revised annually.
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