LBR LBO Summit
LBR LBO Summit

US reauthorized GSP, Duty Free Entry for 5000 products from 122 countries and territories

July 3, 2015 (LBO) – Sri Lanka’s Department of Commerce says that the US President has restored US Generalized System of Preferences (GSP) with effect from 29.06.2015 with retroactive respect including Sri Lanka.

A statement said that the US President signed into law HR 1295 on June 29, 2015 re-authorizing the US GSP Programme until 31 December 2017 providing preferential duty free entry into US market for nearly 5000 products from 122 designated beneficiary countries and territories, including Sri Lanka.

US has imported 178 million US dollars’ worth of goods in 2014 under the GSP programme from Sri Lanka demonstrating 12.5 percent increase compared to 2013.

The US Congressional authorization for the GSP Programme expired on 31 July 2013 and the reauthorization will be effective from 29 July 2015.

With the re-authorization of the USGSP Programme, the US importers are eligible to claim the import duty paid by them for the eligible products under the USGSP Programme during the lapse in GSP coverage from 31 July 2013 with retrospective effect.

Accordingly, Sri Lankan exporters gain duty free access for eligible products under the US GSP programme.

Sri Lanka exports pneumatic rubber tires, plastic based packing materials, rubber gloves, activated carbon, coir products, certain porcelain/china ware, rubber floor coverings and etc under the GSP programe.