The Generalized System of Preferences (GSP) program, which provides duty-free treatment to goods from designated beneficiary countries, lapsed in 2020. Despite ongoing discussions about its importance, it has yet to be reauthorized, leading to continued uncertainty for beneficiary countries and the businesses that rely on this program. The lapse of GSP is part of a broader collapse in U.S. trade policy over the last 15 years. Free trade agreements, once a cornerstone of U.S. economic policy, have become politically contentious. However, the cessation of GSP comes at a time when China has become the leading trading partner for many developing countries. The lack of an American alternative offer is accelerating deeper economic ties between these countries and China, with long-term geopolitical implications. This panel will examine the strengths and weaknesses of the potential reauthorization of GSP and how the U.S. can reassert leadership in global trade, support economic growth in the developing world, and counter China’s growing global influence.
This event is made possible by the Coalition for GSP.
The Generalized System of Preferences (GSP) program, which provides duty-free treatment to goods from designated beneficiary countries, lapsed in 2020. Despite ongoing discussions about its importance, it has yet to be reauthorized, leading to continued uncertainty for beneficiary countries and the businesses that rely on this program. The lapse of GSP is part of a broader collapse in U.S. trade policy over the last 15 years. Free trade agreements, once a cornerstone of U.S. economic policy, have become politically contentious. However, the cessation of GSP comes at a time when China has become the leading trading partner for many developing countries. The lack of an American alternative offer is accelerating deeper economic ties between these countries and China, with long-term geopolitical implications. This panel will examine the strengths and weaknesses of the potential reauthorization of GSP and how the U.S. can reassert leadership in global trade, support economic growth in the developing world, and counter China’s growing global influence.
This event is made possible by the Coalition for GSP.
