Generalized System of Preferences (GSP)
It allows certain goods from developing countries to enter developed countries at reduced or zero tariff rates.
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What is Generalized System of Preferences (GSP)?
The Generalized System of Preferences (GSP) is a trade program that allows developing countries to export certain products to developed countries at reduced or zero tariffs. It is intended to promote economic growth and development in developing countries by providing them with greater access to international markets.
The GSP program is an important tool for promoting international trade and economic development, particularly in countries that are still in the early stages of economic growth. It has been in place since the 1970s and is currently implemented by many developed countries, including the United States, the European Union, and Japan.
Related Glossary terms
→ General Average
→ General Cargo Rate (GCR)
→ General Export License
→ General Sales Agent (GSA)
→ Most Favored Nation (MFN)
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