TeachMeFinance.com - explain Generalized System of Preferences (GSP)
Generalized System of Preferences (GSP) The term 'Generalized System of Preferences (GSP) ' as it applies to the area of agriculture can be defined as ' First authorized by the Trade Act of 1974, GSP allows some 140 developing countries to ship more than 3,000 products to the United States duty-free. This helps developing countries to generate foreign exchange needed to purchase import commodities. The United States and 18 other industrialized nations began GSP programs in the mid-1970s to promote the economic growth of developing nations'.
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