Generalized System of Preferences (GSP):

First authorized by the Trade Act of 1974, GSP allows some 140 developing countries to ship more than 3,000 products to the United States duty-free. This helps developing countries to generate foreign exchange needed to purchase import commodities. The United States and 18 other industrialized nations began GSP programs in the mid-1970s to promote the economic growth of developing nations.

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Information and definitions of the terms been taken from various reliable government publications and we have done our best to verify their accuracy. If you feel any of the definitions are incorrect or needs to be updated please contact us and we will look into it.

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