Renewal of the Generalized System of Preferences (GSP)

From: Renewal of the Generalized System of Preferences (GSP)

On June 29, 2015, President Obama signed into law H.R. 1295, which reauthorizes the Generalized System of Preferences (GSP) program through December 31, 2017. The GSP program, will be effective July 29, 2015 extending the duty reductions retroactively for any goods entered in between July 31, 2013 and the effective date.  This excludes goods that entered from Russia, which formally graduated from the GSP program on Oct. 4, 2014, and any other countries that are no longer eligible for GSP benefits, such as Bangladesh.