// IP Marketing video - START// IP Marketing video - END

U.S. rolls back GSP preferential tariff system for Armenia

U.S. rolls back GSP preferential tariff system for Armenia

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.

 Top stories
According to a new research, Armenia is the second largest exporter of diamonds in the CIS region.
New Armenian banknotes will be put into circulation on November 22, the Central Bank has revealed.
The $55 million deal is part of Chaarat’s intention of becoming a major regional player, with an annual production of 1 million ounces.
According to the Fund, the country's economy will grow by 4.8% in 2019 instead of the 3.5% forecasted earlier.
Partner news