The Retail Industry Leaders Association has urged Congress to renew the Generalized System of Preferences program prior to its scheduled expiration on July 31, 2013, and the subsequent August recess.
The trade association sent letters, signed by Stephanie Lester, vice president of international trade for RILA, to members of Congress, noting the benefits of the GSP program to the global economy, while also bringing attention to the consequences for American businesses if the program expires. The GSP program provides preferential duty-free entry for a variety of goods and inputs from designated developing countries.
“The expiration of the GSP program threatens to cut businesses off from their supply chains and the duty savings they count on to create American jobs,” said Bill Hughes, vice president of government relations at RILA, in a written statement. “The benefits of the GSP program have been widely recognized and we urge Congress to acknowledge the global importance of this program by renewing it before the August recess.”
Four members of the U.S. House Committee on Ways & Means have already introduced legislation to renew the program through September 2015.