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10/06/2017

GSP Preferential Trade Program Expires Dec. 31, 2017

Dear Valued Customer,

 

The Generalized System of Preferences (GSP) is a U.S. trade program designed to promote economic development by eliminating duties on thousands of products when imported from one of 120 designated beneficiary countries and territories.

 

Since December of 2010, the GSP program has expired twice, with congressional renewal taking months to obtain in both situations. During those expired time frames, importers normally benefiting from duty-free GSP transactions were required to pay full duties on all subsequent transactions. (Note: Both renewals also carried retroactive refunds of those duties paid, but that refund condition is NOT automatic, also requiring congressional approval.)

 

Potentially affected importers should plan for the next GSP expiration on December 31, 2017. For US-based importers, part of that "plan" should include contacting their congressional representatives to ensure those representatives are aware of the importance of the GSP benefits to the importer; and to inquire about the potential for GSP renewal prior to expiration.

 

OEC will continue to monitor this situation and provide updates as it develops.

Should you have any questions regarding this update, please contact your Sales or Customer Service representative at OEC Group.

 

 

Sincerely yours, 

 

OEC Group
 

 

The information contained herein is provided as a public service with the understanding that OEC Group makes no warranties, either expressed or implied, concerning the accuracy, completeness, reliability, and suitability of the information. Nor does OEC Group warrant that the use of this information is free of any claims of copyright infringement.

http://www.oecgroup.com

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