GSP Back From the Dead – Again!

There is a creature that has more lives than a cat, the Generalized System of Preferences “GSP.”  Along with approving the free trade agreements, our government representatives were busy reviving GSP last week.   The most recent renewal is retroactive for GSP-eligible entries imported after December 31, 2010 and extends the preferential treatment until July 13, 2013. GSP was included in H.R. 2832, which also renewed the Trade Adjustment Assistance and provided an increase in the Merchandise Processing Fee from 0.21 percent to 0.3464 percent.  All programs are awaiting the signature of the President.