GENERALIZED SYSTEM of PREFERENCES.

by Ted Peterson
The Generalized System of Preferences Act is a agreement between the US and a large number of other countries (140), that we set up in 1976 to beneficiat the developing world. It expired on December 31, 2006 and was extended for all beneficiary countries untill December 31, 2008.
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The President will list the countries that he has determined that this act will help. We will not list the members that he has listed here.
Generalized System of Preferences is a preferential tariff system extended by developed countries to developing countries to receive duty free or low duty entry of eligible products exported to the developed country.
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By low or free duty, this preference helps new exporters to penetrate a market and established exporters to increase their market share and to improve upon the profit margins of the donor country.
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Most of the rules require the the products has to fulfil the requirements that they follow the rules of origin laid down by the importing country. If not, they have to pay full duty.
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