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06-10-2013 - GSP (General System of Preferences) is set to expire on July 31 2013

The trade preference program called GSP (General System of Preferences) is set to expire on July 31 2013.  While many importer and broker associations have been lobbying Congress for several months to renew the program before it expires, we as an industry are doubtful of renewal before the end of July.  Therefore, we are notifying importers to anticipate and plan for, the payment of duties on historically duty-free items under this trade programs effective August 1st.

 

We will continue to monitor the situation, and advise updates as they become available.  Please make special note that in the event Congress does renew this program at some point in 2013, there are no guarantees that duty refunds will be granted retroactively back to August 1st.  We urge importers to plan accordingly. 

 

Please contact your GSB account manager, or email info@geosbush.com for questions or concerns.