US expands GSP benefits to developing nations
Bangladesh among 140 countries eligible for the facility
AFP, Washington
The United States extended duty-free trade benefits Tuesday to some 900 million dollars of products from various countries including Bangladesh, a move aimed at helping developing nations and providing momentum for global trade talks. The latest action resulted in additional GSP benefits valued at more than 96 million dollars for Argentina, 30 million for the Philippines, and 130 million for Turkey. In addition, waivers or designations for specific products were granted to Bangladesh, Brazil, India, Morocco, Thailand and Uruguay. President George W. Bush signed a proclamation expanding the product coverage of the so-called Generalized System of Preferences, which waives tariffs on products for countries that have no bilateral free-trade agreement. Last year, imports valued at more than 17.5 billion dollars entered the United States duty-free under this program, according to the US Trade Representative's office. The GSP program was reauthorized last August as part of the Trade Act of 2002, with some 140 countries eligible. The proclamation extends GSP benefits to approximately 900 million dollars in imports from these countries through the addition of new products, restoration of previously lost benefits, and the continuation of benefits that would otherwise expire, USTR said. US Trade Representative Robert Zoellick said the action demonstrates the US commitment to opening up the United States to products from the developing world and boosting the effort to reform the global trading system under the Doha round of negotiations. "The president's action today provides immediate, expanded access to the US market for developing countries, and demonstrates America's commitment to promoting economic opportunity and hope in the developing world," said Zoellick. "Trade preference programs like GSP are an important part of America's global economic leadership, but such unilateral one-way programs should lead us over time to more open, extensive markets for all countries, developed and developing. "The ongoing global trade negotiations in the World Trade Organization's Doha Development Agenda offer a once in a generation opportunity to tear down barriers among all countries, and spur the kind of full economic integration that will be a catalyst for sustained global growth and development."
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