Two of the largest beneficiaries—India and Turkey—of the Generalized System of Preferences (GSP) will be removed from the program, according to an announcement from the U.S. Trade Representative (USTR).
India will be cut from the program because it is not providing “equitable and reasonable access to its markets in numerous sectors.” Turkey is being removed because its economy has developed sufficiently enough that it should no longer benefit from preferential market access, USTR said.
These changes will be enacted by a Presidential Proclamation and will not take effect until at least 60 days after the notifications to Congress and the governments of India and Turkey.
Importers, we advise you review these changes as they may affect the landed cost of your products and could lead to rate increases.
If you need any assistance or want to discuss how this may impact your business, please contact us.
GSP Overview (U.S. Customs & Border Protection)