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GSP Import Program Set to Expire on July 31!
Date: July 23, 2013
The general system of preference program (GSP) began in 1976 to promote economic growth in developing world economies by providing duty-free entry to goods coming to the U.S. As many as 5,000 products imported from the 127 designated countries and territories receive the GSP program benefits. The program is reviewed by on a regular basis to ensure listed beneficiary countries should continue to receive “developing” status of the GSP program and was last renewed for a two year term in 2011. If Congress does not approve another extension before the deadline goods currently receiving the benefit will require full duty payment. Businesses importing under the program should work closely with their Customs broker to verify the process and ensure shipments arriving over the next week are entered prior to midnight on July 31st to receive duty free status under the program.