The Generalized System of Preferences (“GSP”) which provides duty free benefits for qualifying products from eligible countries expires on December 31, 2017 and can only be renewed by law. There have been talks about its potential renewal for months, yet there are only three weeks left in the year, and with nothing conclusive about it at this point.
The Coalition For GSP which is made up of 351 Companies and Associations submitted a letter to Congress on November 14, 2017 asking for the GSP renewal before its expiration Click here to see the letter. According to the Coalition, Year-to-Date in 2017, importations under the GSP program totaled approximately $17.4 Billion and represented $701 Million in duty savings.