Retailers Back Trade Preference Extensions

Trade groups representing the nation’s retailers are lending their support to legislation that will extend key trade preference programs that were due to expire on Dec. 31.

Rep. Jim McDermott, D-Wash., the sponsor of New Partnership for Trade Development Act, introduced the bill in the House on Wednesday. The legislation would reauthorize the General System of Preferences for 10 years.

The bill also expands the benefits and liberalizes rules of origin for poor sub-Saharan nations under the African Growth and Opportunity Act. Both laws allow underdeveloped countries to export goods to the United States duty free or for reduced duty.

The National Retail Federation said that extending GSP would be a major step forward for U.S. consumers, and promote economic development and job creation in the world’s poorest countries.

The Retail Industry Leaders Association said that it is committed “to promoting flexible and meaningful preference programs that assist in the development of the world’s poorest countries, and enhance the availability of a wide range of high quality products for American families.

Contact R.G. Edmonson at bedmonson@joc.com.