Glossary: Generalized System of Preferences (GSP)

DEFINITION:
A policy promoted by the United Nations Conference on Trade and Development under which developed countries grant tariff exemptions to imports from developing countries. The United States GSP program was authorized by the International Trade and Tariff Act of 1974 and was extended by the International Trade and Tariff Act of 1984. Singapore ""graduated"" from the United States GSP program as of January 1, 1989, as it was no longer considered a developing country.

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