Instituted on Jan. 1, 1976, GSP, or U.S. Generalized System of Preferences, is intended to promote economic growth in the developing world and offers tremendous benefits to U.S. businesses as well. How is your business impacted by GSP?
GSP Facts and Figures
According to the Office of the United States Trade Representative, U.S. businesses imported $19.9 billion worth of products under the GSP program in 2012, saving companies more than $742 million on import duties. More than 80,000 domestic jobs are associated with moving GSP imports from docks to manufacturers, farmers and retailers.