Is Generalized System of Preferences?

The Generalized System of Preferences, or GSP, is a preferential tariff system which provides tariff reduction on various products. ... GSP provides tariff reduction for least developed countries but MFN is only for not discriminating among WTO members.

What is the program of US Generalized System of Preferences?

The U.S. Generalized System of Preferences (GSP) program provides nonreciprocal, duty-free tariff treatment to certain products imported to the United States from designated beneficiary developing countries (BDCs). Congress first authorized the U.S. program in Title V of the Trade Act of 1974.

What is the GSP program?

GSP is the largest and oldest U.S. trade preference program. Established by the Trade Act of 1974, GSP promotes economic development by eliminating duties on thousands of products when imported from one of 119 designated beneficiary countries and territories.