The Hill News

Much of the attention paid to trade in Washington has focused on pending agreements with Colombia, Panama, and South Korea. While any trade agreement certainly warrants Congress’ hard work and watchful eye, the high-profile nature of these deals has shifted the focus away from other expired trade provisions that could have dire consequences for the domestic economy.
 
I’m referring specifically to the Generalized System of Preferences (GSP) program. Since the early 1970s, the GSP program has been used to the benefit of not only many American-based companies, but also developing countries across the world. GSP is designed to promote economic growth in the developing world by providing duty-free entry for up to 4,800 products from 129 designated countries and territories.
 
GSP has reduced costs for domestic manufacturers, which helps them maintain an edge against international competitors. More importantly, it has aided in the continued employment! of countless American workers during both robust and stagnant economic times.

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