Bush Administration Expands GSP Coverage

ByJohn S. McClenahen In a move that the White House says will encourage broad-based economic development, the Bush Administration is expanding coverage of the Generalized System of Preferences (GSP) program. GSP allows products from about 140 developing countries and territories to enter the U.S. duty free. In 2002, $17.5 billion worth of imports entered the U.S. duty free under the GSP program. The White House is extending GSP benefits to an estimated $900 million worth of imports, by adding new products to the eligibility list, restoring former benefits, and continuing benefits that would otherwise expire. Among the countries affected are Argentina, which is gaining $96 million worth of additional benefits, the Philippines, which gets $30 million worth, and Turkey, which gains $130 million worth.