March 31, 2018 - 10:41 AMT
PanARMENIAN.Net - The United States is bringing back the Generalized System of Preferences (GSP) for Armenia, the ministry of economic development and investments said Friday, March 30.
The GSP provides duty-free treatment to goods of designated beneficiary countries. The program was authorized by the Trade Act of 1974 to promote economic growth in the developing countries.
The GSP periodically expires and must be renewed by Congress to remain in effect.
According to the statement of the Armenian ministry, the GSP is rolled back retrospectively, which means importers can apply for a refund of customs duties paid before the relaunch (from January 1 to April 22, 2018).
Armenia also benefits from the GSP+ (the improved version of the Generalized Scheme of Preferences) of the European Union, which allows vulnerable developing countries to pay fewer or no duties on exports to the EU, giving them vital access to the EU market and contributing to their growth.