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| International Trade Legislation Legislative issues about international trade and countries' foreign trade legislations are dissused here. |
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The Generalized System of Preferences (GSP) is developing a U.S. trade program to help developing countries improve their economic situation through exports. It provides duty-free (through December 31, 2010) for U.S. imports of a wide range of products, the otherwise applicable duty when imported from non-GSP-status countries. A GSP extension must be approved by Congress and signed into law by the President for duty-free imports to come after 2010 should be applied. Often APS authority lapsed before it is extended, in this case on imports, which normally take place at an escrow account until the renewal. If one part changes the GSP status, thereby losing entitlement to exemption from customs duties, the duties will not be refunded in the trust account held by the importer. |
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