Morocco, recipient of US General System of Preferences expansion
Morocco-USA, Economics, 7/4/2003
Morocco is among the countries that will benefit from the expansion of the US GSP (generalized system of preferences) proclaimed Tuesday by US president George W. Bush, said a press statement by the bureau of US trade representative.
The program grants Bangladesh, Brazil, India, Morocco, Thailand and Uruguay waivers and re-designations for specific products.
The President's proclamation extends GSP benefits to approximately $900 million in imports from developing countries a year with the Philippines, Argentina and Turkey emerging as the largest beneficiary as a result of product requests approved by Bush.
Under the GSP, the imports of more than 140 developing countries enter the American territory duty-free. Last year, imports valued at more than $17.5 billion entered the US duty-free under the program.
GSP renewal evidences the US administration's commitment to offer developing countries business opportunities and encourage economic development, said US Trade Representative, Robert B. Zolellick.
GSP initiative, which was re-authorized last August as part of the Trade Act of 2002, was launched in 1976 by the United States and 19 other industrial countries.
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