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Financial News: ARGENTINA: U.S. Adds Country's Imports To Preferences Syst

ARGENTINA: U.S. Adds Country's Imports To Preferences System Again

03/26/2018 - 18:37:00 (RTTNews)

(RTTNews) - Argentina is back to the Generalized System of Preferences (GSP) for exports to the United States after the approval of the American Congress and the signing of U.S. President Donald Trump of the Consolidated Appropriations Act.

The legislation includes the renewal of the GSP until 2020. Also, it provides for the reimbursement of the duties charged from January 1 until the date of reinstatement.

From now on, a list of products from regional economies will be able to enter the North American market with a zero tariff.

"The GSP consists of the granting of duty preferences by developed countries to certain products exported from developing countries, which receive preferential treatment and significant tariff reductions," said the Argentinean Ministry of Production.

The United States granted a zero tariff to 538 Argentinean agricultural products until 2012 under the GSP. The main products covered were wines, confectionery without cocoa, meat, olive oil, cheeses, peanuts, and strawberries.

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