House Passes One-Year Extension of GSP Program
As we have reported, the U.S. Generalized System of Preferences (GSP) program is set to expire on December 31, 2008.
Language that would extend GSP for an additional year, or until December 31, 2009, was included in H.R. 6560, a bill that passed the House last week to establish an earned import allowance program under the Dominican Republic-Central America-United States Free Trade Agreement Implementation Act and make other technical changes to trade preference and other programs.
H.R. 6560 has been referred to the Senate Finance Committee for consideration.
The House action to extend GSP was applauded by GSP Coalition. “A wide range of American companies, trade associations, and anti-poverty organizations has been urging Congress to renew the GSP program. Timely action by the House recognizes the adverse impact that allowing GSP to expire would have not only on developing countries, but on American families, workers, and farmers,” said Laura Baughman, Executive Director of the Coalition for GSP, a group of U.S. companies and trade associations organized to educate policy makers and others about the important benefits of the GSP program. The GSP Coalition has called for the Senate to quickly renew GSP when it returns from recess in September.
Over the past few years, GSP has either been renewed shortly before it expired or renewed retroactively. Stay tuned.