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15 countries urge renewal of duty-free access to US market
15
Jun '13
The Alliance of GSP Countries (A-GSP), a loose grouping of 15 developing nations, has urged the US Government to extend the duty-free treatment of US imports form their countries.
 
The fifteen nations are Algeria, Bangladesh, Ecuador, Fiji, Georgia, Indonesia, Moldova, Mongolia, Pakistan, Philippines, Sri Lanka, Thailand, Tunisia, Uruguay, and Yemen.
 
These countries enjoy duty-free facility under the Generalized System of Preferences (GSP), which expires on July 31, 2013.
 
“The Alliance seeks for Congress to renew the GSP quickly and for as long as possible. If not, the nations face adverse impacts to their economies and workers, and U.S. companies will pay $2 million daily in unexpected tariffs for essential raw materials and product inputs,” the A-GSP said in a statement.
 
In a letter to the Members of the US Congress, the Ambassadors of the 15-nations jointly said, “GSP benefits more than 3.8 billion people living in two-thirds of the world’s economies. The GSP also strengthens the U.S. economy by generating tens of thousands of jobs and providing U.S. manufacturers with needed inputs.”
 
“In 2012, alone, the GSP saved U.S. companies and consumers $750 million in duties on $20 billion of U.S. imports. Seamless GSP renewal is a priority for many American companies that keep competitive through importing raw materials, intermediary goods, and machinery duty-free.”
 
In a letter addressed to Mr. Dave Camp, chairman of the Committee on Ways and Means, A-GSP said, “The 
GSP has been very successful in generating investment in the production of thousands of eligible products, which create employment for workers who often are the sole support for their families.” 
 
“However, investors and businesses require a predictable environment regarding the duty treatment of their products. If Congress allows the GSP to lapse or if it is extended only for a short time, any certainty disappears and the program’s benefits are seriously undermined,” it adds.
 

Fibre2fashion News Desk - India

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